Table of Contents
- 1. What does first year cost – and how should you budget for it?
- 2. What should you know about grants and student lines of credit?
- Where the money comes from
- Making it last
- 3. How do you settle into living on your own?
- 4. How do you find a study approach that works for you?
- 5. How do you build a routine around a schedule you don’t control?
- 6. How do you stay well when the pressure is on?
- 7. What role can your classmates play?
TLDR
- Build a four-year budget. School costs involve more than just tuition and aren’t evenly spaced year to year. A realistic budget will span your whole program.
- Your student line of credit limit is meant to support you beyond year one. Drawing against your budget keeps your borrowing tied to what you actually need.
- Study in the gaps. Long, uninterrupted blocks of time are rare, so a study method that capitalizes on short windows of time may serve you better.
- The people in your class are your first professional network. Study groups, near-peer advice and student associations pay off well past first year.
Getting into medical or dental school took grit, preparation and countless study hours. Now that you’re here, you may have some questions about what comes next, how best to study and how to make the most of the experience ahead of you.
Many first-year students say that they are unprepared for the volume and pace of work – rather than the complexity. Taking some time up front to set up systems for managing your personal, professional and financial priorities can set you up for success. These might include a budget, a routine, a study approach and a network of people you can turn to.
As you start this next chapter of your studies, here are seven questions to answer early on.
1. What does first year cost – and how should you budget for it?
The short answer, it depends on your school. The cost of medical and dental school involves more than tuition – and often it’s more than students estimate. Having a good idea of your expenses – and how you’ll cover them – can reduce money stress later in the year. Keep in mind, too, that if you’re studying abroad, your costs will be higher than if you remain in Canada.
As costs are front-loaded, particularly for dental students, it’s a good idea to build a budget that considers your whole program. Then, as life events happen and costs shift, you can revisit it annually.
| Cost category | What it covers | Worth knowing |
|---|---|---|
| Tuition & fees | Program fees, student association, facility fees | Usually known at acceptance |
| Equipment & instruments | Stethoscope, loupes, scrubs, instrument kits, lab supplies, textbooks | Dental students experience particularly heavy year-one costs |
| Exams & memberships | Licensing exam fees, association dues | Commonly missed in first-year budgets |
| Housing | Rent, utilities, insurance, deposits | Often the largest line item after tuition |
| Daily living | Groceries, transit, phone, personal care, eating out, everyday spending | Watch the time-crunch premium – delivery, eating out, rideshares |
| Travel | Trips home, conferences, electives | Small items can compound over the year |
The RBC Student Budget Calculator can walk you through the common costs of student life.
2. What should you know about grants and student lines of credit?
Medical and dental students may be eligible for government assistance programs, and many will apply for a student line of credit for additional funds to pay for their education and living costs. Managing money effectively comes down to what you use, when you use it and how it affects your finances down the road.
Where the money comes from
- Government assistance programs: You may be eligible for federal or provincial grants or student loans. Eligibility and funding amounts depend on factors such as financial need and your province or territory.
- Student lines of credit: Many students use this alongside other sources of funding. These lines of credit are designed with the higher costs and unique financial needs of medical and dental programs in mind.
Making it last
Your line of credit limit reflects the cost of your full program and your future earning potential – not what this year costs. Drawing against your budget rather than your available balance keeps your borrowing tied to what you actually need. Remember, every dollar you don’t use is a dollar you don’t repay with interest later. Many lines of credit release funds in annual allotments, which makes it easier to manage your spending year by year.
A few habits to start building early:
- Withdraw monthly rather than in large sums, so your balance reflects your spending
- Keep a small buffer for surprises
- Check your balance on a set schedule – don’t avoid it (this can cause stress later)
3. How do you settle into living on your own?
For many students, medical or dental school means a new city, a first lease and a new set of household decisions – all happening at the same time.
If you’re studying abroad, you’re adding banking, phone plans, health coverage and time zones to the list. Sorting out the practical pieces of daily life before classes ramp up means fewer distractions when the workload gets heavier.
To help you get set up, read our guide, How to Budget for Medical or Dental School Abroad, which walks through what Canadian medical and dental students should plan for. Our Financial Checklist covers what students need to sort out before heading abroad.
4. How do you find a study approach that works for you?
There’s no single study method that works for everyone, and part of first year is figuring out what works best for you. Many students find that their undergrad study tactics don’t necessarily hold up at this volume. Cramming in particular tends to stop working.
Here are a few things students consistently find useful:
- Experiment with different study approaches in the first few weeks and commit to the one that works best for you (versus following the crowd).
- Testing yourself tends to work better than re-reading. It’s a good idea to start practice questions early, so you’re learning how to apply information.
- Creating a regular study schedule and breaking out complex topics into smaller sections beats revisiting material only before exams. These approaches can help with retention and reduce the anxiety of getting started.
Your school’s learning specialists and academic advisors can help you build an approach suited to your program, and upper-year students are usually glad to share what worked for them.
5. How do you build a routine around a schedule you don’t control?
Your school sets your timetable, and your days will be long. Lectures, labs and clinical placements can run into the evening, so a tidy nine-to-five routine isn’t realistic.
What you can control is the time around your fixed commitments. Rather than waiting for a long, uninterrupted block of time that may never come, get comfortable with studying in shorter windows. Use gaps in your day – between sessions, before a lab, during a break – to your advantage.
It can be helpful to map out your week: lay out your scheduled hours first, then sleep, meals and groceries, then study time in what’s left. Giving each study session a finish line – such as a set number of practice questions or one topic covered – may work better than studying until you’re tired.
6. How do you stay well when the pressure is on?
Feeling behind is almost universal in the first year, but it doesn’t reflect how you’re actually doing. Many students entering medical or dental school report impostor feelings – you may have been at the top of your undergraduate class and now feel middle of the pack.
Burnout is also common among health professionals in training. The Canadian Medical Association’s 2021 National Physician Health Survey found that more than half of physicians and medical learners reported a high level of burnout.
Sleep, movement and meals belong in your calendar along with everything else – be sure to schedule them in, rather than leave them for when there’s time. And small, consistent habits tend to outlast ambitious plans. For dental students, posture and ergonomics are worth paying attention to from the outset.
If you’re struggling, your school’s student wellness office, learning specialists and faculty are there explicitly for this purpose. Provincial physician and dentist health programs also offer confidential support to students.
7. What role can your classmates play?
The people in your class are your study support, safety net and eventually your referral network. Treat them as colleagues rather than competitors
Everyone in your class was a top student – those are the admissions criteria. There is no leaderboard to watch. Comparing grades and study hours can be demoralizing without telling you anything useful, and most Canadian medical schools have moved to pass/fail grading, partly to encourage collaboration over competition.
It’s also worth connecting with second-year students. After all, they were in your position just twelve months ago and have valuable experience and perspectives to offer. What’s more, student associations, interest groups and community volunteering can be modest time commitments that pay off well beyond first year – and the connections you make now can follow you into residency and practice.
Your first months in medical or dental school are about building systems: a budget, a routine, a study approach and a network of people you can lean on.
Remember to be flexible – the methods and schedules you use in September may not be the same ones you’re using in April, but that’s all part of the process. The habits you put in place now will pay off in later years.
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This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.









