UK Medical School Debt is about £184.5k over 30 years
If you have a starting salary of £30,000, with an 8% annual pay rise, and you’re only contributing the minimum repayments, your student loan figures will look something like this:
Year Debt Total Interest Total Paid
1 £70,000 £2,192 £308
10 £91,131 £38,479 £15,196
20 £90,422 £91,836 £75,722
28 £12,994 £114,546 £184,546
Figures are estimates only
You’ll clear your debt after 28 years, having paid a total of £184,546. £70,000 of that was your initial loan principle and £114,546 was interest.
https://medicalschoolexpert.co.uk/medical-school-debt/#:~:text=The%20average%20amount%20of%20debt%20a%20UK%20medical,studying%20medicine%20as%20an%20undergraduate%20or%20a%20postgraduate.
Year Debt Total Interest Total Paid
1 £70,000 £2,192 £308
10 £91,131 £38,479 £15,196
20 £90,422 £91,836 £75,722
28 £12,994 £114,546 £184,546
Figures are estimates only
You’ll clear your debt after 28 years, having paid a total of £184,546. £70,000 of that was your initial loan principle and £114,546 was interest.
https://medicalschoolexpert.co.uk/medical-school-debt/#:~:text=The%20average%20amount%20of%20debt%20a%20UK%20medical,studying%20medicine%20as%20an%20undergraduate%20or%20a%20postgraduate.
(edited 1 year ago)
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You mean it costs money to go to university and that money isn’t free? Shocking.
Original post by ROTL94 3
. . .
Stop spamming.
The average doctor will have no problem paying back that debt and could more than likely reduce the interest by paying back more than the minimum monthly required. Other graduates will have similar levels of debt without the same salaries and without the possibility of paying a larger capital repayment earlier on to reduce the interest burden. It’s not ideal but education costs and someone has to pay for it. Doctors are very rarely on the bread line so it’s normal that they give back what was advanced to them.
Original post by Euapp
The average doctor will have no problem paying back that debt and could more than likely reduce the interest by paying back more than the minimum monthly required. Other graduates will have similar levels of debt without the same salaries and without the possibility of paying a larger capital repayment earlier on to reduce the interest burden. It’s not ideal but education costs and someone has to pay for it. Doctors are very rarely on the bread line so it’s normal that they give back what was advanced to them.
That is if they choose to repay the debt sooner. No everyone will be in that position, whilst paying for a mortgage or rent, having children, owning a car etc.
Original post by StarLinyx
That is if they choose to repay the debt sooner. No everyone will be in that position, whilst paying for a mortgage or rent, having children, owning a car etc.
Agreed, but those are lifestyle choices and doctors generally have less difficulty assuming the costs of mortgages , cars or rent than many other graduates. If they choose a luxury mansion or car then they assume the consequences.Interest is paid on the capital involved in the mortgage and no one complains because it’s viewed as an investment. The length of the mortgage to some extent is chosen as well. Education is also an investment and whether a doctor decides to prioritise paying it off before investing in other things is his or her affair but like a mortgage, the longer it’s left, the more interest has to be paid.
Other students doing long courses will have 100K of debt when leaving Uni and although they have reasonable earnings potential, on average they will not be getting a doctors salary but will nonetheless pay back what they owe.It’s a choice you make and society shouldn’t have to underwrite it.
(edited 1 year ago)
Original post by Euapp
Agreed, but those are lifestyle choices and doctors generally have less difficulty assuming the costs of mortgages , cars or rent than many other graduates. If they choose a luxury mansion or car then they assume the consequences.Interest is paid on the capital involved in the mortgage and no one complains because it’s viewed as an investment. The length of the mortgage to some extent is chosen as well. Education is also an investment and whether a doctor decides to prioritise paying it off before investing in other things is his or her affair but like a mortgage, the longer it’s left, the more interest has to be paid.
Other students doing long courses will have 100K of debt when leaving Uni and although they have reasonable earnings potential, on average they will not be getting a doctors salary but will nonetheless pay back what they owe.It’s a choice you make and society shouldn’t have to underwrite it.
Other students doing long courses will have 100K of debt when leaving Uni and although they have reasonable earnings potential, on average they will not be getting a doctors salary but will nonetheless pay back what they owe.It’s a choice you make and society shouldn’t have to underwrite it.
One of my uni friends from the past was extremely gifted (even by Medicine standards), and went into Investment Banking, easily earning 100k plus by the age of 30.
Original post by StarLinyx
One of my uni friends from the past was extremely gifted (even by Medicine standards), and went into Investment Banking, easily earning 100k plus by the age of 30.
It happens…. And ?? They pay their loan off as they should. What point were you trying to make? I said on AVERAGE most graduates make less money than doctors. There are always the exceptions and as you say your friend was incredibly gifted.
(edited 1 year ago)
Original post by Euapp
It happens…. And ?? They pay their loan off as they should. What point were you trying to make? I said on AVERAGE most graduates make less money than doctors. There are always the exceptions and as you say your friend was incredibly gifted.
So are a lot of students who chose medicine.
Original post by StarLinyx
Stop spamming.
That’s a bit rich from someone who started 2 threads on this topic in 2 forums.
Your OP is just a copy and paste from another website stating facts - what do you actually want to debate?
Original post by StarLinyx
So are a lot of students who chose medicine.
And?? I think that you are going off topic here. You were making a comment about the level of debt and the interest on that debt for doctors, and somehow you’ve deviated to talking about whether the holder of the debt is gifted or not. It makes no difference. They owe the money and that’s all there is to it. In fact doctors are relatively better off than other students doing long courses as the NHS will pick up part of the bill. Their earnings potential is on average higher than other graduates and so they should in theory take less time to pay their loans off and therefore incur less interest.
The system in the UK may not be perfect but on the whole it functions. Most young adults, whatever their backgrounds or family fortunes can study which is far from the case elsewhere.
You could not go to university?
Original post by StarLinyx
If you have a starting salary of £30,000, with an 8% annual pay rise, and you’re only contributing the minimum repayments, your student loan figures will look something like this:
Year Debt Total Interest Total Paid
1 £70,000 £2,192 £308
10 £91,131 £38,479 £15,196
20 £90,422 £91,836 £75,722
28 £12,994 £114,546 £184,546
Figures are estimates only
You’ll clear your debt after 28 years, having paid a total of £184,546. £70,000 of that was your initial loan principle and £114,546 was interest.
https://medicalschoolexpert.co.uk/medical-school-debt/#:~:text=The%20average%20amount%20of%20debt%20a%20UK%20medical,studying%20medicine%20as%20an%20undergraduate%20or%20a%20postgraduate.
Year Debt Total Interest Total Paid
1 £70,000 £2,192 £308
10 £91,131 £38,479 £15,196
20 £90,422 £91,836 £75,722
28 £12,994 £114,546 £184,546
Figures are estimates only
You’ll clear your debt after 28 years, having paid a total of £184,546. £70,000 of that was your initial loan principle and £114,546 was interest.
https://medicalschoolexpert.co.uk/medical-school-debt/#:~:text=The%20average%20amount%20of%20debt%20a%20UK%20medical,studying%20medicine%20as%20an%20undergraduate%20or%20a%20postgraduate.
This has not put off the thousands of students wanting to pursue medicine, including my son, who will graduate this year. They are all very aware of what they will earn. What is your point? And why is anyone who makes a valid point and disagrees with you spamming?
They only have to pay back the same as other students, irrespective of course and in the fifth year the nhs pays everything for you, so you do not have tuition fees for that year. You could equally be complaining at how much, say an archeology student would need to pay back.
(edited 1 year ago)
due to the nature of student loan debt it's really not a big deal. going to uni can be an extremely positive experience for you and your career and this is the tradeoff...
Original post by Oxford Mum
This has not put off the thousands of students wanting to pursue medicine, including my son, who will graduate this year. They are all very aware of what they will earn. What is your point? And why is anyone who makes a valid point and disagrees with you spamming?
They only have to pay back the same as other students, irrespective of course and in the fifth year the nhs pays everything for you, so you do not have tuition fees for that year. You could equally be complaining at how much, say an archeology student would need to pay back.
They only have to pay back the same as other students, irrespective of course and in the fifth year the nhs pays everything for you, so you do not have tuition fees for that year. You could equally be complaining at how much, say an archeology student would need to pay back.
The student debt for some goes all the way back from the private school fees throughout secondary school. For them the cost of that education plus student loan debt could mean a career in Medicine costing them (and their family) £300k plus.
Original post by StarLinyx
The student debt for some goes all the way back from the private school fees throughout secondary school. For them the cost of that education plus student loan debt could mean a career in Medicine costing them (and their family) £300k plus.
Your point being...?
Original post by StarLinyx
The student debt for some goes all the way back from the private school fees throughout secondary school. For them the cost of that education plus student loan debt could mean a career in Medicine costing them (and their family) £300k plus.
As it does for privately educated students studying engineering, history, vet med, or any other subject and who will most probably earn less than doctors!! What is your gripe exactly? Why should doctors have a preferential treatment?
(edited 1 year ago)
For a lot of people who don't expect to earn a large amount of money, it's best to only pay back what you're required to pay. For people who expect to be earning more, it's generally best to make extra payments from early on (this is just from what I've heard, if anyone more educated on the subject has any counter arguments to this I'm interested). I think information regarding student loan interest should be more accessible to teenagers, because many people going to university don't really know how it works. I also personally believe that anyone pursuing medicine should not be doing it for the money.
Original post by StarLinyx
That is if they choose to repay the debt sooner. No everyone will be in that position, whilst paying for a mortgage or rent, having children, owning a car etc.
Not everyone will be in that position? This is nonsense. EVERYONE has those expenses, with a far lower salary than a GP or NHS consultant. Being British Indian I know quite a few doctors and they are all filthy rich from the age of 35 onwards, and they own massive houses, second and third rental properties, and drive Mercs and BMWs.
The cuts mean they will take a couple of years longer to get filthy rich. Pretending they will have difficulty paying back their student loan is truly laughable. If you could pass that off as true, then the rest of the country must be literally starving, and I'm seeing ordinary people flush with cash, buying new cars, expensive gadgets, fine liquor and TV/sound systems. And of course dogs, which incur a lot of expenditure.
The ONLY reason we should pay doctors more is because Australia is forcing our hand. I say from now on, any pay hike must include a ban on NHS doctors from moving abroad to work as a doctor, in whatever way that can be brought about. (Possibly by a treaty.)
The NHS is a job market, not a charity for people who want to drive Maseratis. If you want more pay, go into a different field of work. Investment banks take in only the cream of the crop, not 9000 grads per year! And they are private companies, not dependent on the taxpayer.
(edited 10 months ago)
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