Medical School Finance

You need to carefully consider the following sources of income and expenditure before you start your journey through UK medical school. You will have to carefully balance the following:

Income:

• Student loans.
• Parental/family contributions.
• Employment.
• Savings.

Expenditure:

• Tuition fees.
• Living expenses.

The student support you are entitled to depends on a number of factors: where you live, whether you have previously been supported in higher education, whether you have any dependents and the duration of your course. Home students are those who are normally resident in the UK/EU or Switzerland. Overseas students are those from elsewhere.

1. Home students on the standard 5-year course who have NOT previously attended a higher education course:

• In each of the first four years of the course these students are entitled to full support from the Student Loans Company. This support is in the form of a loan covering both living expenses and tuition fees.
  
• In the final year these students are entitled to a non-repayable NHS bursary and a reduced loan from the Student Loans Company to cover their living expenses. The NHS will also pay their tuition fees.
  

2. Home students on the accelerated 4-year graduate entry course:

• In the first year these students are entitled to partial support from the Student Loans Company. They are entitled to the living expenses component only and will have to fund their own tuition fees.
• In each of the remaining three years these students are entitled to a non-repayable NHS bursary and a reduced loan from the Student Loans Company to cover their living expenses. The NHS will also pay their tuition fees.

3. Home students on the standard 5-year course who HAVE previously attended a higher education course:

• In each of the first four years of the course these students are entitled to partial support from the Student Loans Company. They are entitled to the living expenses component only and will have to fund their own tuition fees.
• In the final year these students are entitled to a non-repayable NHS bursary and a reduced loan from the Student Loans Company to cover their living expenses. The NHS will also pay their tuition fees.

4. Overseas students on the standard 5-year course:

• These students are liable to pay their own tuition fees and living expenses.

5. Overseas students on the accelerated 4-year graduate entry course:

• At the moment overseas students are ineligible for the graduate entry course.
  

The new system of Government student loans (from the Student Loans Company) provide enough support for most home students to survive comfortably. The interest on these loans is linked to the rate of inflation, meaning graduates pay back only what they've borrowed in real terms. Further information can be found on the Student Loans Company website.