In March 2024, the Canadian Veterinary Medical Association raised concerns over the veterinary shortage—revealing that a structural deficit in the supply of veterinarians is expected to persist in the labor market until 2031. Photo © Bigstock

Canada faces a significant shortage of medical professionals—including veterinarians—a critical challenge impacting animal health and welfare, public health, the economy, communities, and the well-being of medical professionals. TD’s new plan of an enhanced student line of credit aims to address the issue from the ground up by extending support to incoming students.

TD is simplifying access to financial resources for students. Most Canadian students enrolling in medical, dental, or veterinary schools will not need a co-signer for a TD Student Line of Credit. Additionally, TD has increased the credit limit to $250,000 for veterinary programs. Students may also benefit from a TD Student Line of Credit cash offer of up to $1,000 for expenses incurred at the start of the semester, provided they apply by Oct. 31, 2024.

Addressing this shortage involves not only supporting students financially but also helping them manage their finances post-graduation. TD offers continued credit access during residency and allows new graduates to make interest-only payments for up to two years. Additionally, TD will support graduates in setting up small business banking accounts and connects them with wealth professionals as they establish their careers.

“It would be devastating for students to work so hard to get into medical school and then they’re not able to go because they cannot find a co-signer or do not have the credit required to borrow,” says Jennifer Bishop, vice-president, personal lending products at TD. “So, we really leaned in to consider how we can help these customers make their dreams come true.”