The lifetime cost to English students of borrowing to invest in a medical degree: a gender comparison using data from the Office for National Statistics

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@article{a9f8ae4236534b579d723bdc89c3f217,
title = "The lifetime cost to English students of borrowing to invest in a medical degree: a gender comparison using data from the Office for National Statistics",
abstract = "Objective: To evaluate this impact on male and female English medical graduates by estimating the total time and amount repaid on loans taken out with the UK{\textquoteright}s Student Loans Company (SLC). Setting: UK.Participants: 4286 respondents with a medical degree in the Labour Force Surveys administered by the Office for National Statistics (ONS) between 1997 and 2014.Outcomes: Age-salary profiles were generated to estimate the repayment profiles for different levels of initial graduate debt.Results: 2195 female and 2149 male medical graduates were interviewed by the ONS. Those working full-time (73.1% females and 96.1% males) were analysed in greater depth. Following standardisation to 2014 prices, average full-time male graduates earned up to 35% more than females by the age of 55. The initial graduate debt from tuition fees alone amounts to £39 945.69. Owing to interest charges on this debt the average full-time male graduate repays £57 303 over 20 years, while the average female earns less and so repays £61 809 over 26 years. When additional SLC loans are required for maintenance, the initial graduate debt can be as high as £81 916 and, as SLC debt is written off 30 years after graduation, the average female repays £75 786 while the average male repays £110 644.Conclusions: Medical graduates on an average salary are unlikely to repay their SLC debt in full. This is a consequence of higher university fees and as SLC debt is written off 30 years after graduation. This results in the average female graduate repaying more when debt is low, but a lower amount when debt is high compared to male graduates.",
keywords = "journalism, MEDICAL EDUCATION & TRAINING",
author = "Ercolani, {M. G.} and Vohra, {R. S.} and F. Carmichael and K. Mangat and D. Alderson",
year = "2015",
month = apr,
day = "21",
doi = "10.1136/bmjopen-2014-007335",
language = "English",
volume = "5",
journal = "BMJ open",
issn = "2044-6055",
publisher = "BMJ Publishing Group",
number = "4",

}

RIS

TY - JOUR

T1 - The lifetime cost to English students of borrowing to invest in a medical degree

T2 - a gender comparison using data from the Office for National Statistics

AU - Ercolani, M. G.

AU - Vohra, R. S.

AU - Carmichael, F.

AU - Mangat, K.

AU - Alderson, D.

PY - 2015/4/21

Y1 - 2015/4/21

N2 - Objective: To evaluate this impact on male and female English medical graduates by estimating the total time and amount repaid on loans taken out with the UK’s Student Loans Company (SLC). Setting: UK.Participants: 4286 respondents with a medical degree in the Labour Force Surveys administered by the Office for National Statistics (ONS) between 1997 and 2014.Outcomes: Age-salary profiles were generated to estimate the repayment profiles for different levels of initial graduate debt.Results: 2195 female and 2149 male medical graduates were interviewed by the ONS. Those working full-time (73.1% females and 96.1% males) were analysed in greater depth. Following standardisation to 2014 prices, average full-time male graduates earned up to 35% more than females by the age of 55. The initial graduate debt from tuition fees alone amounts to £39 945.69. Owing to interest charges on this debt the average full-time male graduate repays £57 303 over 20 years, while the average female earns less and so repays £61 809 over 26 years. When additional SLC loans are required for maintenance, the initial graduate debt can be as high as £81 916 and, as SLC debt is written off 30 years after graduation, the average female repays £75 786 while the average male repays £110 644.Conclusions: Medical graduates on an average salary are unlikely to repay their SLC debt in full. This is a consequence of higher university fees and as SLC debt is written off 30 years after graduation. This results in the average female graduate repaying more when debt is low, but a lower amount when debt is high compared to male graduates.

AB - Objective: To evaluate this impact on male and female English medical graduates by estimating the total time and amount repaid on loans taken out with the UK’s Student Loans Company (SLC). Setting: UK.Participants: 4286 respondents with a medical degree in the Labour Force Surveys administered by the Office for National Statistics (ONS) between 1997 and 2014.Outcomes: Age-salary profiles were generated to estimate the repayment profiles for different levels of initial graduate debt.Results: 2195 female and 2149 male medical graduates were interviewed by the ONS. Those working full-time (73.1% females and 96.1% males) were analysed in greater depth. Following standardisation to 2014 prices, average full-time male graduates earned up to 35% more than females by the age of 55. The initial graduate debt from tuition fees alone amounts to £39 945.69. Owing to interest charges on this debt the average full-time male graduate repays £57 303 over 20 years, while the average female earns less and so repays £61 809 over 26 years. When additional SLC loans are required for maintenance, the initial graduate debt can be as high as £81 916 and, as SLC debt is written off 30 years after graduation, the average female repays £75 786 while the average male repays £110 644.Conclusions: Medical graduates on an average salary are unlikely to repay their SLC debt in full. This is a consequence of higher university fees and as SLC debt is written off 30 years after graduation. This results in the average female graduate repaying more when debt is low, but a lower amount when debt is high compared to male graduates.

KW - journalism

KW - MEDICAL EDUCATION & TRAINING

U2 - 10.1136/bmjopen-2014-007335

DO - 10.1136/bmjopen-2014-007335

M3 - Article

C2 - 25900463

VL - 5

JO - BMJ open

JF - BMJ open

SN - 2044-6055

IS - 4

M1 - e007335

ER -