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Caculating Repayments of A100 5 Year Course

There wasn't much specific infomation regarding the 'true' cost of a medical degree so I looked into it myself, and thought I might as well post it here in case anyone is interested :smile:

So, this is based on the presumption of the 5 year A100 course (no intercalating) and no 'grants' given.

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Tuition fee cost: £36,000

For medical students, you will be paying it back straight away from F1.

More tution fee infomation:

Spoiler

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Maintenance Loans - Varying amounts:

Spoiler

Take for example:

If your household income is relatively high & you are studying outside of London, you can (& quite possibly need to) borrow £3,564 a year:

£36,000 in tuition fees

£3,564 every year, for 5 years.
£17,820 in maintenance loans.

= An initial borrowing of £53,820

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However, that is just the start of the story...

The expected interest rate for student finance loans for 2013 is 6.3%

Each month you pay back 9% of any income over £21,000.

F1 - Debt increases to £57,064
F2 - Debt increases to £60,022

Maths part of the above:

Spoiler

It's hard at this point to estimate future years due to differences in pay depending on specialities. But, in general, if you were to earn £60,000 / year:

9% on £39,000 = A repayment of £3510. However, you have loans at this point of £60,022 with a 6.3% interest, therefore your debt still increases to £60293.

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To cut a long story short, the loans expire after 30 years from graduation. It's going to take nearly as many years? to repay the loan presuming you pay the 9% above £21,000.

Of course, medicine is awesome :biggrin:

I was just trying to find out the "true" cost of the degree for myself & since I couldn't find much infomation on the internet regarding this degree in particular, I ended up turning it into a thread.

Notes:

Spoiler

(edited 10 years ago)

Reply 1

Lionheartat20

I tried to highlight the most important parts as to not bore anyone too much :biggrin:

The figures of course vary if you have grants, household income, live with parents, are based in London & also inflation.

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I guess this is why there is no in-depth analysis for medicine in particular (at least that I could find!) since there are so many variables.

Reply 2

999medicine

Hi Lionheart, that is so useful, thank you. One question though; I plan to intercalate at another University during my medicine degree - does the NHS pay the full fees for that? I've looked everywhere but can't really work it out!

Reply 3

carcinoma

Original post by 999medicine

If it is after your 4th year then yes, otherwise no. But if you intercalate between your 2nd and 3rd year then you will not have to pay tuition fees for year 4 and 5.

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**** me

Original post by carcinoma

If it is after your 4th year then yes, otherwise no. But if you intercalate between your 2nd and 3rd year then you will not have to pay tuition fees for year 4 and 5.

Posted from TSR Mobile

Ah...I'm planning to intercalate after my third year, so what does that mean? (I'm going to BSMS and that's the only time they allow you to intercalate).

Reply 6

345rty

Original post by 999medicine

Ah...I'm planning to intercalate after my third year, so what does that mean? (I'm going to BSMS and that's the only time they allow you to intercalate).

So far as I understand it that means you either have to try and deal with student finance for a loan, or pay up yourself. If its a Masters then Student Finance won't be interested.

Reply 7

carcinoma

Original post by 999medicine

Ah...I'm planning to intercalate after my third year, so what does that mean? (I'm going to BSMS and that's the only time they allow you to intercalate).

So you will pay your tuition fees for first, second, third and your intercalated year.

Then the NHS will pay for your fourth year and fifth year of the BSMS Course, as these will essentially be your 5th and 6th years.

If its a BSc student finance will find your IBSc tuition fees if its an MSc you will be unable to get them to fund it.

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(edited 10 years ago)

Reply 8

carcinoma