Medical Student Debts at Large

According to the British Medical Association (BMA), the cost of studying medicine in the UK is growing heavier and heavier. On average the debt for a fifth-year medical student has risen 16% within the past year and is now more than £21,000; about £1,000 more than the basic annual salary of a first year doctor, which is around £20,741.

Medical students’ debts are so high because unlike other areas of study they stay in University for two to three years longer. Also, students with medical as a second degree have to pay funds upfront at the beginning of the year.

The BMA conducted a study of around 2,000 students about their expenses and acquired debt. From this study they conducted that the average debt for a medical student rose about £792 to £21,755 this past year. The study also showed that 13% of students had debts higher than £25,000 and more than 100 owed over £30,000.

As for loans taken out, about 60% attained an overdraft on student loans and 17% on bank loans. Let alone the credit card debt which grew to over £1,000 for over 60% of students.

The outlook for these students’ debts is grim while University’s can now charge up to £3,000 a year in fees single-handedly. The cost of schooling is creating unevenness in the social scheme for students; some students from poorer income families are obliged to take time away from training in the medical field because prices are so high.

The government does have a maintenance grant for students coming from families with or less than a £17,500 yearly income. These students will get £2,700 financial aid and a minimum of £300 taken out of their yearly fees. Partial grants are also offered for families with higher financial standings.

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