Tariq's Case

Applied to Recognition Counts: October 2012

Education: Bachelor of Medicine and Bachelor of Surgery, Pakistan. Medical Licensure, Pakistan Medical and Dental Council

Experience/profession in his/her country: Practised as a physician for 1 year

Qualification Recognition Summary:
Tariq has successfully completed the Medical Council of Canada Evaluating Exam 1 and is registered for the 2013 Canadian Residency Matching Service program.

Background Sketch:

Tariq originally came to Canada when his family immigrated in 2005. He chose to return to Pakistan to complete his medical degree. After practicing for a short time, Tariq decided to rejoin his family in 2010 and continue his career in Canada. Tariq is working as a cleaner making minimum wage. He has completed several steps to obtaining his license to practise medicine in Canada but still needs to complete a final exam and residency training. The exams are very difficult and there are very few residency positions available to foreign-educated medical graduates.

Professional Goals:

Short Term: Tariq wants to obtain his license to practice medicine in Canada and obtain a residency in a Canadian hospital.
Long Term: Specialize in psychiatry which will involve much more study.

Financial Sketch:

Tariq is living with his family while he completes his licensing process. Although he has no debt, he used all his savings to complete his education in Pakistan and return to Canada. As he is single and living with his family, his living expenses are low, Tarig knows that the examination fees, books, professional clothes and transportation to various areas of Canada for residency interviews will be very expensive.

Recognition Counts Application:

Tariq applied for a $10,000 loan to be disbursed as follows:

1st disbursement (January 2013):

2nd disbursement (April 2013):

Career Action Plan Information:

Timeline
First disbursement: January 2013
End of the Career Action Plan: December 2013
Total amount of months: 12

Plan: Complete final exams and be accepted into a residency program by December 2013. Tariq has very good academic results in all his previous exams and expects he will pass the last exam with no difficulty. He has excellent references and once accepted into a residency, he will earn an average of $50,000 per year.

Backup Plan: If for any reason Tariq does not pass his exam he will write again at the next available sitting. He will need to contact SEED to review his Career Action Plan.

Case Outcome:

Tariq was approved for a $10,000 loan at the prevailing prime rate of 3% plus 2% (loan rate 5%). SEED staff reviewed the letters of recommendation and the outstanding exam results that Tariq had already obtained. SEED Staff felt obligated to caution Tariq that few foreign-educated medical graduates reach their goal of practicing medicine in Manitoba. The exams are very difficult and, even more difficult, is obtaining a residency position. While Tariq could not provide a precise date for the residency match, the residency will be in place by December 2013.

Payments:

First disbursement (January 2013) =$5,200
Interest payments from February 2013: approximately $21.67

Second disbursement (April 2013) =$4,800 (principal balance now $10,000)
Interest payments from May 2013: approximately $41.67 per month

Payments on principal are due 6 months after the 12 month interest only study period. Tariq will have used 18 months of the maximum the 5 years allowed to repay the loan and will have to repay the principal and interest in a maximum of 42 months. Tariq's payments will be approximately $260. Tariq can prepay the loan at any time with no penalty.