So I have heard that the average amount of debt for a medical student is £70000. If one were to become a GP in today's climate, is reasonable to suggest that the doctor will be able to pay all of this off over 30 years or will it get written off?
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Student finance debt repayments and medicine watch
- Thread Starter
- 14-09-2016 12:55
- 14-09-2016 13:45
Hmm, I'm not sure...
Obviously it would depend on how quickly you progress and how much loan you take out but I think the average would be a bit more than £70k?
Tuition Fees £9000 x 4 years = £36000
Maintenance Loan (outside London, away from home) £8200 x 4 years = £32800
Total = £68800 + few thousand for maintenance loan in final year. Round it up to £70k. But then there's the interest on the loan. So we're looking at just over £80k when we leave?
Then interest is charged on the balance after we graduate whilst working and paying it off as well...
I've looked at some calculators but it does all depend on how we progress and how much we're earning. From the estimations I've made, I think we'd pay off around about the whole loan and maybe a bit more but the excess (interest) will end up being written off as the remaining balance is written off in 30 years...
Then again, by the time we graduate, Mr Hunt will probably have reduced doctor salary to below the £21k threshold meaning we'll probably pay none of it and just have it all written off. :P
Anyone have any more information on this? Or done some calculations?
- Community Assistant
- 14-09-2016 18:27
There are so many variables here it makes the calculation impossible.
You will pay a lot. That's about all I can say!