Figures from the BMA's annual medical student finance survey show that students in the fifth year of medical school have an average debt of ВЈ20,172, and those in the final year of a six year course owe ВЈ22,365 - 17% more than last year.
The findings are based on questionnaires completed by 1,877 UK medical students between May and September 2005. Nearly all (92%) had a student loan, and around six in ten (59%) had an overdraft. One in five (19%) had a bank loan, the average size of which was ВЈ8,580 - up 12% on last year. Over two thirds (67%) had at least one credit card.
One respondent owed ВЈ55,000, over a hundred owed more than ВЈ30,000, and one in ten had debts in excess of ВЈ25,000.
The high debt levels are explained by the fact that medical students study for two or three years longer than those on other courses, have fewer opportunities to work part-time, and face additional expenses for books, travel to hospitals, and equipment such as stethoscopes.
The BMA is campaigning for the NHS bursaries currently available to some students at the end of their courses to be extended to all years. It has raised concerns that from next year students taking medicine as a second degree will have to pay top-up fees upfront.
Commenting on the survey results, Kirsty Lloyd, chair of the BMA's Medical Students Committee, said: "Making the grade as a doctor should be about talent, compassion and commitment, not on how much money you're prepared to borrow. On top of studying hard for five or six years, medical students are expected to take on these massive debts, and from next year those who have a first degree are also going to have to pay upfront top-up fees. The case for greater financial help for medical students is very clear."
The BMA believes that the high cost of studying medicine is one reason for the social imbalance among medical students - only one in eight (13%) of those surveyed came from a family where the main source of income was a blue collar job.
Andrew Pearson, deputy chair of the BMA's Medical Students Committee, said: "The average sixth year medical student now owes more than the basic annual salary of a newly qualified doctor. This is particularly worrying when you consider that junior doctors' take-home pay is falling and that medical unemployment is increasingly common. There's a lot of anxiety among medical students at the moment, and with top-up fees on the horizon, their financial pressures are going to get worse."
Click here to see the full survey.
THE BRITISH MEDICAL ASSOCIATION
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