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Undertaking a medical degree is likely to be a big financial commitment, particularly if you intend to also study a foundation year
or an intercalated degree course.
Medical students have been shown to incur a debt of around £25,000 and this could rise to the predicted average of debt of
£67,000 by the time you graduate following the lifting of caps on tuition fees. It is also important to remember that there
are different rules for funding depending on your nationality.
Expenses
Your expenses are likely to be:-
- Tuition fees of up to £3,225 per year depending on the course and the university;
- Living expenses for up to 6 years;
- Books and equipment for your studies;
- Electives if you choose to go abroad.
It is important to remember, however, that there are many forms of financial support available to you and also that you will be entering
a well-paid and secure career.
It is important to remember that there are different rules for funding depending on your nationality - even if you are English, Scottish,
Irish or Welsh.
Fee Loan
In this type of funding, you will get a "fee loan" during your time at university to cover tuition fees and you will have to pay this
back gradually once you start earning over a certain amount (i.e. tuition fees don't have to be paid for until after you graduate).
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 you live / study and your personal circumstances.
All student loans must be repaid at a rate of 9% of all income over £15,000 per year (you do not start repayments until you are
earning 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 £2,906 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 individual university websites for these.
Other Sources of Income
Other sources if income to fund your studies include:-
- 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.
Additional Information
A selection of additional sources of information on funding:-
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