Undertaking a medical degree is likely to be a big financial commitment, particularly if applicants intend to also study a foundation year or an intercalated degree course. Medical students have been shown to incur a debt of around £6,000 in their first year to over £20,000 by their 5th or 6th year.

Expenses are likely to be:

• Tuition fees of up to £3,000 per year depending on the course and the university
• Living expenses for up to 6 years
• Books and equipment

It is important to remember, however, that there are many forms of financial support available to applicants and also that applicants will be entering a well-paid and secure career.

There are different rules for funding depending upon nationality – even if the applicant is English, Scottish, Irish or Welsh.

Fee Loan

In this type of funding, applicants will receive a “fee loan” during their time at university to cover tuition fees and applicants will have to pay this back gradually once they start earning over a certain amount (i.e. tuition fees don’t have to be paid for until after graduation).

Student Loan

These are available to all students to cover living costs and are administered by the Student Loans Company (www.slc.co.uk). These are partly means tested and vary according to where applicants live/study and personal circumstances. All student loans must be repaid at a rate of 9% of all income over £15,000 per year (repayments do not start until the applicant is earning above this amount).

Maintenance Grant

From 2006, a new maintenance grant is being introduced for students from lower income households (dependent on parental income). This can provide an extra £2,700 of funding. Those students eligible for all or part of this grant, however, will not receive the full student loan entitlement. Essentially a part of the maximum student loan is converted into a grant and so doesn’t have to be paid back.

NHS Bursaries

The NHS pays the tuition fees and provides bursaries to students in years 5 and 6 of non-graduate entry medical courses and in years 2-4 of graduate entry courses. Again eligibility and entitlement criteria are complex and vary according to personal circumstances.

Scholarships

Many universities offer grants and bursaries especially to students under severe financial hardship. There are a number of scholarships that can be applied for, but often these are specifically for graduate students. Check university websites for these.

Other sources of income:

• Part-time work (time may be limited on a medical degree)
• Parental contribution
• Local charities
• Access to Learning fund
• Bank overdrafts (graduate accounts)
• Professional study loans / Professional trainee loan schemes

Links:

www.money4medstudents.org
www.studentmoney.org/
www.slc.co.uk/
www.aimhigher.ac.uk/student_finance/