Small changes in either of these two sets of assumptions could have huge implications for medical graduates’ actual lifetime repayments over the next 30 years. The analysis in this study is based on the assumption that the pay scales of medical graduates will rise in line with price inflation and that there will be no changes to the terms of the student loans. However, if the amount borrowed is less than about £50 000, those on the average female graduate salary repay more than their male counterparts as they accrue more interest charges.
If the amount borrowed is more than about £50 000, someone on an average female medical graduate salary will typically repay less than her male counterpart because she earns less and repayments are mainly based on the level of earnings. Once loans for living costs are factored in, medical graduates are unlikely to repay their debt in full before it is written off at the end of the 30th year after graduation.
This study reports the lifetime cost to medical graduates of repaying the Student Loans Company under the new £9000 annual fees regime.
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