Menu
07/01/2005
BMA concerned at rise in medical students' debts
Medical student debt is soaring, according to the British Medical Association's annual student finance survey.
The latest figures have revealed that the level of debt for the average fifth year student is £19,248 – an increase of 16% from last year – and they may eventually end up owing as much as £30,000.
This is the first year that all students surveyed began their course after the introduction of tuition fees and the scrapping of grants in England, which was the main reason for the dramatic rise in student debt. Almost all (98.3%) of the 1314 students who completed the BMA's survey were in debt, with the average amount reaching £13,301 – an increase of 18% from last year.
In addition, the survey also found that most students (94%) had a student loan, with 65% also having an overdraft, with an average size of £1462. A third of all fifth and sixth year students also had a bank loan.
Students also face the prospect of earning less when they finish their degrees and start work. The BMA says that changes to the NHS working patterns mean that first year doctors generally earn less than they did a few years ago, which means it will take students much longer to pay off their increasingly large debts.
Medicine has always been one of the most expensive degree courses, mainly because it is longer and more intensive than other subjects. Students rarely get the opportunity to work part-time or during the holidays to raise additional cash, but are required to pay for essential equipment such as stethoscopes, as well as transport to hospitals.
The BMA says that the figures raise the possibility that medicine may become an 'elitist' profession. The new survey shows that only 8% of medical students come from a 'blue collar' background, while 62% came from families where the main source of income was from a managerial or professional occupation.
Leigh Bissett, Chair of the BMA's Medical Student Committee, said: "This is further evidence of the huge financial problems facing medical students, particularly those from low income families. There s clearly a major problem and with the introduction of top-up fees it is set to become even worse. If the government is serous about opening up medical careers to students from all backgrounds, it needs to tackle the financial incentives to studying medicine. If we fail to take the problem seriously we will deny many talented students fair access to careers in the NHS and deny patients the chance to benefit from their skills."
(KMcA/SP)
The latest figures have revealed that the level of debt for the average fifth year student is £19,248 – an increase of 16% from last year – and they may eventually end up owing as much as £30,000.
This is the first year that all students surveyed began their course after the introduction of tuition fees and the scrapping of grants in England, which was the main reason for the dramatic rise in student debt. Almost all (98.3%) of the 1314 students who completed the BMA's survey were in debt, with the average amount reaching £13,301 – an increase of 18% from last year.
In addition, the survey also found that most students (94%) had a student loan, with 65% also having an overdraft, with an average size of £1462. A third of all fifth and sixth year students also had a bank loan.
Students also face the prospect of earning less when they finish their degrees and start work. The BMA says that changes to the NHS working patterns mean that first year doctors generally earn less than they did a few years ago, which means it will take students much longer to pay off their increasingly large debts.
Medicine has always been one of the most expensive degree courses, mainly because it is longer and more intensive than other subjects. Students rarely get the opportunity to work part-time or during the holidays to raise additional cash, but are required to pay for essential equipment such as stethoscopes, as well as transport to hospitals.
The BMA says that the figures raise the possibility that medicine may become an 'elitist' profession. The new survey shows that only 8% of medical students come from a 'blue collar' background, while 62% came from families where the main source of income was from a managerial or professional occupation.
Leigh Bissett, Chair of the BMA's Medical Student Committee, said: "This is further evidence of the huge financial problems facing medical students, particularly those from low income families. There s clearly a major problem and with the introduction of top-up fees it is set to become even worse. If the government is serous about opening up medical careers to students from all backgrounds, it needs to tackle the financial incentives to studying medicine. If we fail to take the problem seriously we will deny many talented students fair access to careers in the NHS and deny patients the chance to benefit from their skills."
(KMcA/SP)
Related Northern Ireland Recruitment News Stories
Click here for the latest headlines.
19 June 2015
UU Announce Job Loses After Funding Cuts
More than two hundred jobs are to be cut by the Ulster University, along with the reduction of 1,200 student places. The university said it had taken the decision following a funding cut of £8.6m by the Department of Employment and Learning (DEL).
UU Announce Job Loses After Funding Cuts
More than two hundred jobs are to be cut by the Ulster University, along with the reduction of 1,200 student places. The university said it had taken the decision following a funding cut of £8.6m by the Department of Employment and Learning (DEL).
07 February 2006
New Student Finance Package Unveiled
Students hoping to move into higher education can now work out exactly how tuition fees and new student support arrangements will affect them.
New Student Finance Package Unveiled
Students hoping to move into higher education can now work out exactly how tuition fees and new student support arrangements will affect them.
03 February 2003
Harmac announce 150 Jobs for Castlerea
Medical devices manufacturer, Harmac Medical Products, has announced an expansion in the company's operation in Castlerea, Co Roscommon. Involving an investment of €1.7 million, this IDA-backed expansion by Harmac is set to create 150 new jobs over the next three years which will bring total employment to 250 on completion.
Harmac announce 150 Jobs for Castlerea
Medical devices manufacturer, Harmac Medical Products, has announced an expansion in the company's operation in Castlerea, Co Roscommon. Involving an investment of €1.7 million, this IDA-backed expansion by Harmac is set to create 150 new jobs over the next three years which will bring total employment to 250 on completion.
-
Northern Ireland WeatherThis Evening and Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
