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Average Medical Student Debt UK

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Scott Nelson

Managing Director

MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.

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Janine
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Janine Marsh

Financial Expert

Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.

Learn more about Janine
· Feb 7th, 2024
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For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

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average medical student debt uk

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

Are you keen to know about the average medical student debt in the UK? You’re in the right place. We understand your curiosity, as it’s a topic that affects many people.

Every month, our site guides over 170,000 visitors on debt-related matters. This article will provide answers to your questions, including:

  • The average medical student debt in the UK.
  • Ways to possibly reduce some of this debt.
  • Why medical school costs so much.
  • The average earnings of medical professionals.
  • What to do if your debt is too much to manage.

We understand the worry that comes with high debts, as many of us have been in similar situations. We’re here to help you understand what this means for medical students now and in the future.

Let’s learn more about medical student debt in the UK.

Could you legally write off some debt?

There are several debt solutions in the UK, choosing the right one for you could write off some of your unaffordable debt, but the wrong one may be expensive and drawn out.

Answer below to get started.

How much debt do you have?

This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.

What’s the average medical student debt in the UK?

In the UK, medical students will rack up between £50,000 and £90,000 of debt. This will vary depending on how long they were a student and where they studied. 

  • In 1997, the average student debt from medical school was only £6,758.
  • In 2013, before annual tuition fees increased from £3,290 to £9,250, the average debt of a medical student in the UK was £16,167.
  • In 2019, the average debt for a medical student rose to £43,700.
  • The average medical student is unlikely to ever repay their student loan debt in full.

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The high cost of medical school

There are significant extra costs for studying medicine as opposed to other fields. This is in part due to the longer length of courses, as well as the high cost of books and equipment. 

Average Medical Student Debt UK
Source: MSE Forum.

The intensity of the curriculum does not allow medical students the same amount of time to pursue part-time work as other students. These factors contribute to the average amount of student loan debt for medical school. 

  • In 2019, 70% of medical students in the UK said they couldn’t afford basic necessities.
  • In 2019, just under half of medical students said they would run out of money before the end of the year. 
  • 5.5% of medical students have considered leaving school due to financial concerns.
  • Two-thirds of medical students cut back on essentials, such as heating, food or professional clothes, to save money.
  • Applications for hardship funding are on the rise for medical students.

The average medical student is unlikely to ever repay their student loan debt in full.

How a debt solution could help

Some debt solutions can:

  1. Stop nasty calls from creditors
  2. Freeze interest and charges
  3. Reduce your monthly payments

A few debt solutions can even result in writing off some of your debt.

Here’s an example:


Situation

Monthly income £2,504
Monthly expenses £2,345
Total debt £32,049

Monthly debt repayments

Before £587
After £158

£429 reduction in monthly payments

If you want to learn what debt solutions are available to you, click the button below to get started.

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How much does the average medical professional earn?

High future wages can help offset students’ stress surrounding medical school debt.

Being able to earn a good income will naturally make the repayments easier, even for those with the highest levels of student debt. 

Within the NHS, wages naturally vary for different types of medical professionals. Additionally, wages typically increase as people move through their careers into more senior positions. 

The following figures are correct as of 2022.

  • In foundation training, doctors earn a basic annual salary of £29,384 to £34,012.
  • In specialist training, doctors earn a basic annual salary of £40,257 to £53,398.
  • Doctors working within a speciality earn a basic annual salary of £50,373 to £78,759.
  • Consultants earn a basic annual salary of £88,364 to £119,133.
  • Salaried GPs earn a basic annual salary of £65,070 to £98,194.
  • A general surgeon will earn a basic annual salary of at least £40,257.
  • A newly qualified nurse will earn a basic annual salary of £25,000. 

Salaried GPs earn a basic annual salary of £65,070 to £98,194.

Doctors who work in the private healthcare sector can expect to earn even higher salaries.

Many doctors choose to work for the NHS and engage in private practice, which can be a big boost to their salaries.

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Medical Student Debt FAQs

How long does it take doctors to repay student loans?
The data shows that there is a gender disparity in the the rate at which doctors pay back their student loans.

The average full-time male doctor repays £57,300 over 20 years, while the average female doctor earns less and repays £61,800 over 26 years. The different amounts have to do with the interest incurred by having a longer repayment period. Additionally, men’s salaries are often higher, meaning the debt is repaid faster.
When is medical student debt written off?
Student finance for medical school is through the same system as all other undergraduate and postgraduate funding in the UK. This means that medical student debt is written off the same as any other student debt. This is typically after 30 years from the point of graduation.
Do medical students get an NHS grant?
Some medical students in the UK are entitled to a non-repayable grant from the NHS. Eligibility depends on the course studied and whether a student meets certain personal criteria
Is becoming a doctor worth the debt?
Becoming a doctor or any other kind of healthcare professional will be financially advantageous, despite the high debt incurred during training.

Once you qualify as a doctor, you’ll be able to earn a great salary. This will allow you to gradually repay your loan debts and save for a comfortable retirement. It can also be a very rewarding and satisfying career as you get to help so many people.
Could you legally write off some debt?

Answer below to get started.

How much debt do you have?

This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.

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The authors
Scott Nelson Profile Picture
Author
MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.
Janine Marsh Profile Picture
Debt Expert
Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.