This can't be correct. Can it?
Some very rough calculations using figures from the on line guides listed below.
Student loans are usually used to finance 4 years of a medical degree with the 5th funded by an NHS bursary (at present). So that's 4 x £9,250 tuition fees and for those students requiring the maximum award for maintenance that's 4 x £8,700 (more if studying away from home in London). So newly qualified Doctors will leave medical school with a debt of £71,800.
https://www.nhsbsa.nhs.uk/sites/default/files/2017-06/nhs-bursary-and-tuition-fee-payments.pdfhttps://www.gov.uk/student-finance/new-fulltime-studentsSomeone earning a salary of £50,000 would pay back their loan at a rate of £217/month. £2,604/year. After one year they would owe £71,800 - £2,604 = £69,196. As they are earning above £41,000/year interest at a rate of inflation plus 3% will be added to their remaining loan. At present inflation is calculated by student finance to be 3% so a total of 6% interest will be added to the remaining loan.
ie £69,196 + £4,151.76 = £73,347.76. So after paying student finance for a year their overall debt has increased by £1,547.76.
If they continue to pay back their loan at the same rate in the next year (£2,604/year) . £73,347.76 - £2,604 = £70,743.76 + £4,244.62 (6%) = £74,988.38. So after 2 years their debt has increased by £3,188.38.
I wonder how much the average Doctor will end up paying back to Student Finance.