Frequently asked questions about medical degree funding 

If you are a home student studying medicine, you may wonder how funding for the entire duration of your degree works. What do NHS bursaries cover, how might changes in circumstances affect your funding and are there any external sources of financial support available? If you are asking these questions, you may find the following article written by the Head of Money & Housing Advice at King’s College London helpful:

Photo by Hush Naidoo Jade Photography on Unsplash

This article responds to common questions from home students who are eligible for UK statutory funding. We are working on guidance for EU and international students which will be published in due course.  In the meantime, we recommend you consult the RMBF pages for international students, King’s International Hardship Fund if you are in financial difficulty, and Scholarship Hub for opportunities based on your personal circumstances, nationality and year of study. 

I am aware that from the 5th year of study my funding changes to NHS Bursaries, why is this and what is different? 

Yes, the medical degree has traditionally been funded by NHS towards the latter end of the programme, to help with the cost associated with becoming a medic.  This dates back prior to tuition fee charges and has evolved to reduce the burden of graduate debt, by covering the additional years of fees, due to the length of the programme.  It also provides means-tested financial support to those from a lower household income, who cannot rely on financial support from their families.  For many years critics of the scheme have highlighted that the means test does not reflect the true cost of study and real residual income of families, especially when based in the Southeast where living costs tend to be much higher than in other parts of the country.  Not to mention that by the 5th year of study most families who have not had to financially support their children at the beginning of the degree reasonably do not expect to have to start doing so several years into the programme. 

This switch to predominantly NHS funding occurs in most cases from the 5th year of study but there are some differences if you are on a graduate accelerated programme (see below). 

In years 1-4 you will receive funding from SFE (or your regional equivalent) which comprises of: 

  • SLC Tuition Fee loan which needs to be repaid with interest 
  • SLC means-tested Maintenance Loan which needs to be repaid with interest 
  • Additional allowances for dependants and children, means-tested by SFE and non-repayable 
  • King’s bursaries which form part of our access agreement with the Office for Students (Access to the Professions and King’s Living Bursary).  These are not repaid. 

In years 5 and onwards you will need to apply to the NHS for means-tested support and (if you are on an extended programme and/or intercalate) your funding will comprise of: 

  • NHS Tuition Fee bursary which is not repaid 
  • NHS non-means-tested Maintenance Grant £1000 which is not repaid 
  • NHS means-tested Living Cost Bursary (means tested) 
  • Additional allowances for dependants and children, means-tested by NHS Bursaries and non-repayable 
  • SLC non-means tested top-up student loan to be repaid with interest 

When will NHS funding start if I am not on the standard 5-year medical degree? 

If you are undertaking either: 

  • Standard 5-year MBBS  
  • Standard 5-year MBBS plus an intercalated year [6 years study] 
  • Extended medical degree programme [6 years study] 
  • Extended medical degree programme plus an intercalated year [7 years study] 

Your NHS funding will always start from the 5th year of study, consequently, students on the standard 5-year programme receive 1 year of NHS funding, students on EMDP and intercalating will receive 2-years of NHS funding and those on the EMDP programme who are also intercalating will receive 3-years of NHS funding. 

If you are on any of the graduate entry programmes you receive NHS funding from year 2 of the course and the first year is a mix of self-funding and some access to student loans (see below). 

Do re-sit years count? 

Repeat years of study do not count toward the number of years of study you do before NHS funding kicks in.  When funded by SFE, there is one additional year of funding provided you have not had previous study elsewhere.  If you did not progress from one academic year to the next due to Mitigating Circumstances, which SFE terms as Compelling Personal Reason (CPR), evidence of this can be provided to request additional years of funding on exceptional grounds. However, when funded primarily by NHS Bursaries, additional funding is only permitted for a maximum of 12 months whether there are CPRs or not. The only exemption is maternity allowance.  Students who are required to re-sit any part of their programme are advised to consult the Money & Housing Advice Service. 

What happens to my funding if I later decide to intercalate? 

In most cases the course is simply extended by an additional year, you would still receive funding from SFE for the first 4 years only; essentially you get an extra year of funding from the NHS.   

Something to be aware of is the impact on funding if you intercalate after Year 2 and do a Masters.  The Master’s year will count as Year 3 and when you return to the MBBS you will be in the 4th year of study and still subject to SFE rules.  As you now have a MA/MSc you could lose your SFE funding due to the ELQ rules.  There can also be problems if the term dates don’t match up as you cannot be registered on two courses at once.  It is a scenario that needs to be unpicked on a case-by-case basis but our advice is that if you want to do an intercalated Masters, time it for when NHS funding is due to when you return to the main programme.  We strongly advise that if you plan to do an intercalated Masters during your studies always seek funding advice from the Money & Housing Advice Service before committing to the intercalated programme. 

Any special rules for mature learners? 

Students over 25 are non-means tested by SFE from the September after they turn 25, NHS does not make the same distinctions. Unless the student can demonstrate that they have lived independently for 3 years prior to the start of their course or are living with a partner, they will need to submit evidence of their parent’s income.  If this is impacting your ability to claim funding consult the Money & Housing Advice Service for help. 

What can a graduate on the 5-year programme claim? 

The arrangements for graduate medical and dental students on a five-year course are different. In the first four years of the course, you are not eligible to receive a loan for tuition fees regardless of whether or not you previously received funding. However, students may be able to apply for a full, income-based, maintenance loan from Student Finance England and the targeted support for students with dependents if you meet all the other eligibility requirements. From year five of the training, graduate medical and dental students receive the same support as undergraduate medical and dental students (see above). 

Find out more about student finance (including Student Finance England) on the Gov.uk website 

And the Royal Medical Benevolent Fund guide to Medicine as a second degree if you live in England (they also have guides for the other regions).

What about graduate entry medicine and dentistry 

Graduate-entry students starting an accelerated 4-year course will have to self-fund the first £3,465 of their tuition fees in the first year. In the subsequent years of their course, the NHS Bursary scheme will pay up to £3,715 towards their tuition fees. 

In year one of the graduate programme, a loan of up to £5,785 will be available to students from Student Finance England to cover the difference between £3,465 and the tuition charges of their universities, to a maximum charge of £9,250 (in 2022/23). For years two to four of the programmes the available tuition fee loan will be up to £5,535 to make up the difference.  

All the discretionary hardship funds and grants listed are also open to graduates. 

I currently receive the King’s Living Bursary does this stop in NHS funded years? 

Yes, the King’s Living Bursary is not available to NHS-funded students as the criteria relies on students being means-tested by Student Finance England.  It also forms part of the agreement with the Office for Students, which permits the university to charge the maximum fees when undergraduate home students for which they will have to self-fund or take a loan.  As the NHS pays the fees on the student’s behalf the King’s Living Bursary is not available, however, there are other sources of help at King’s to help with this gap in funding and potential gaps in funding from NHS Bursaries in comparison to previous years if you cannot cover your costs.  

Overall, this looks like less money to live on, how will I cover all my costs? 

The main difference between NHS-funded years and SLC-funded years is that there is more cash available for living costs in the earlier part of the programme.  Whilst the reduction in overall debt may be welcomed by some, for other students, especially those who are paying rent throughout the course, this creates a financial burden at the most critical time of their studies.   

Some students can reduce their costs by securing free accommodation if their placement is outside London, consequently foregoing the need to pay rent throughout the year in London, which takes a large proportion of any student’s income. This however is not an option for students who do not have a family home they can return to or other temporary accommodation options when they are between placements and/or need to return to London for classes. 

There is help you can claim with the shortfall both in King’s and outside the university. 

What financial assistance can I claim from King’s? 

The King’s Medical & Dental Hardship Fund [KMDHF] was created to provide additional assistance to medics and dentists whose funding is not sufficient to cover their costs, at any stage of their degree, and their families are unable to assist with some or all of the shortfall. 

Whilst medics are eligible to apply to any of the hardship funds for home students, they are advised to apply to the KMDHF as the form is more tailored to the needs of medics and there is no cap on housing costs as there are in the standard hardship fund. This fund will also consider tuition fee costs if you are not eligible for fee loans, for example, graduate medics.  The fund is largely focused on living costs, especially in the latter years of the course but students can apply in any year if help is needed.  The maximum award is £5000 for living cost support. 

From time-to-time other funds, prizes and bursaries become available due to kind donations from alumni or supporters of the King’s community.  Please check the hardship fund pages regularly for opportunities. 

Are there any external sources of support? 

Yes, there are other sources of support through NHS Bursaries and the medical community: 

NHS Bursary Hardship grant: this grant application is open to all students who have been assessed as eligible for a means-tested bursary and can demonstrate that the funding is not sufficient to cover their costs.  To apply, you must first apply to King’s for our hardship funds and request a letter from the funding office to confirm this, and that they support your application for a hardship grant from the NHS. Students who are finding it difficult to demonstrate their situation can receive support by applying from the Money & Housing Advice Service.  Awards are between £100 and £3000 depending on your needs. 

Royal Medical Benevolent Fund also offers financial support to medical students in the final two years of their course who are unable to fully cover the cost of their studies.  To be eligible for support you must be able to answer ‘Yes’ to all of the following: 

  • Are you currently studying medicine as a registered student on a course at a university in the UK which meets the eligibility requirements for GMC registration? 
  • Are you in the final two years of your training (i.e. expecting Provisional Registration within two years)? 
  • Are you in exceptional and unexpected financial hardship due to a change in circumstances caused by ill health, disability or bereavement? 
  • Are you at serious risk of failing to qualify as a result of the financial pressures you face? 
  • Do you intend to work in the UK after qualification? 

The award is based on individual needs, and although it states that it cannot provide help with a shortfall in parental assistance, it will look at this in exceptional circumstances. 

This sounds like a lot of hoops to jump through, why isn’t it more straightforward? 

The simple answer is historic policies, that have had several statutory instruments tacked on to them over time. As a result, this potential mishmash of funding feels a lot more complicated than your funding package in years 1-4, and although this requires you to apply for top-up funding from several additional sources, your overall debt for these additional years of study will be significantly less than you have accrued year 1-4.  I appreciate that this comes as little comfort when you are undertaking an incredibly demanding degree, possibly holding down a part-time job and caring responsibilities. Where is the time to chase after funding that you need to continue on your course?  Why would you need less money to live on when your study is increasing in intensity? 

There is no denying that the current policy of statutory funding for medical students needs a full review, similar to what happened for nurses, midwives, physios and other allied health professional courses a few years ago, which saw the introduction of a £5k training grant on top of student finance.  Regrettably, this has not been on the government’s agenda, but campaigns have gained some traction this year on the back of the backlash about junior doctor pay.  Consequently, the Doctors Association and other pressure groups are pushing for reform under the banner of A Liveable Bursary for Medical Students, change will not come without students sharing their experiences so consider if you can get involved. 

In the meantime, it is in your interest to apply for all the additional discretionary funding we have listed, and the Money & Housing Team is here to assist you with your application should you need us.  We have drop-ins every Wednesday afternoon at Guy’s campus and an adviceline runs through the week too.  If you are away from London and would prefer to meet online, we can also arrange appointments via Teams. 

Researched and written by Gretta Gavin, Head of Money & Housing Advice at King’s College London.  If you have any feedback about this article or need advice, please email advice@kcl.ac.uk. 

Please note that the Money & Housing Advice Service is not responsible for the drafting and delivery of statutory or university policies related to student funding.  We endeavour to provide impartial and detailed advice to students who approach our service for help.  Our services are confidential and non-judgemental.  Our goal is to empower the student community to thrive at King’s and overcome the financial burdens that may cause barriers to their success. 

Further information and support 

The Money & Housing Advice Service at King’s 

NHS Bursaries for medical and dental students 

Health Careers – financial support for medical and dental students 

Which bank accounts are best for students?  

Photo by Steve Johnson on Unsplash

It can be hard as a student to know where to put your money – there are so many options! But don’t worry, I have put together the key types of accounts and points to consider when you open a bank account to make the process easier. 

Student current accounts 

It is always a good idea to use a student’s current account for your immediate spending money as these offer generous overdrafts for hard times and often come with benefits specifically for students. These can include rail cards (my personal favourite), free cash when joining or cashback when you spend in shops. Pick the perks that suit you the most – a bigger 0% overdraft if you tend to overspend at the end of the month or a Tastecard for those who love to eat out! 

Savings accounts 

These are good accounts if you have a reliable amount to spare each month which you don’t necessarily need to access for a while. Often, they come linked to your current account so consider this when you pick a bank. You have to put a certain amount into the account each month in return for interest. Savings accounts which let you take money out at any time will have lower interest rates than those that hold your money for a fixed term so consider your saving goals. You won’t necessarily gain a lot of money from these accounts, but they are a reliable way to make a little extra income. 

ISAs 

ISAs are great accounts for saving money for the longer term. You gain interest with no taxation (although this generally wouldn’t affect students) and have a limit of putting £20,000 per year into any ISAs you own. They also come as a fixed term or easy access, again with lower rates on the easy access accounts. I like to use different fixed-term ISAs based on when I think I need to access the money. If I won’t need to use that money for 2 years, then I maximize my interest with a 2-year fixed ISA! Some ISAs have specific terms, for example, the Lifetime ISA is used to save up for your first house or pension. Other ISAs invest in stocks and shares, which may give better rewards but could also lose money depending on the investment performance. 

Premium bonds 

Another popular place to put ‘spare’ cash is in NS&I’s premium bonds. It works by buying ‘bonds’ for £1 each which are entered into a prize draw every month. Prizes range from £25 to £1 million but the average premium bonds user could expect an interest rate of 1.4% currently. Of course, the more bonds you have the higher the chances of you winning but there is a maximum of £50,000 worth of bonds per person at any time. It is not the most reliable method of making money but offers the chance to enter a lottery every month without spending anything. I’m still hoping to get that million! 

Other current accounts 

Whilst student accounts are a good choice, you can also open other current accounts at the same time. These can be good for other reasons – interest rates, fee-free overseas spending, cashback at certain places, and better online banking. It is also worth considering any switch offers, i.e., perks you get for switching to their bank account. I picked an account which allowed me to use my card abroad while I went on my summer exchange programme and got a £100 voucher for switching to the account! 

With any bank account, consider whether it meets your needs: easy access to cash to spend day to day, good interest rates for saving up for big goals in the future or no-fee spending abroad if you are an international student or love to travel. Check whether you need to put a certain amount of money in the account each month to receive the interest or other benefits. And lastly, review your bank accounts every so often so you can choose the best deals which align with your money goals – I like to do this every year at least. 

I like to use which.com and moneysavingexpert to find the latest information on bank accounts as they summarise all the information I need about each account type into one page. I hope this can help you get started with picking the best bank accounts for you! 

Rebecca Lam
King’s Student Money Mentor
Part of Money & Housing Advice

The King’s Student Money Mentors blog shares our students’ personal experiences and thoughts on money-related topics. Any reference, opinions or recommendations on a particular company/brand are only the views of the student(s) who wrote the blog post. King’s College London, the Money & Housing Advice service and the Money Mentor project do not share the views in the blogs nor endorse any of the companies mentioned. Readers should conduct their own research before using any companies mentioned in our blog posts. 

Savvy Spending!

Photo by Bruno Kelzer on Unsplash

Living in London can be very expensive, so it is quite important to know how to be a savvy spender. I’m going to share some of my tips and advice on spending consciously, including mindful spending, zero spend days and different methods I’ve noticed companies use to trap customers. Hopefully, after reading this blog post, you will feel a lot more confident when thinking about your finances and will come to realise that spending and budgeting isn’t as daunting as you might think! 

A savvy spender is someone who spends their money wisely. Rather than just sticking to their budget by avoiding spending on anything else, a savvy spender will make sure that what they do spend money on is worth it and is the best deal. It’s always a good idea to implement some savvy spending habits into your lifestyle because it allows you to truly make the most of your money. A savvy spender won’t get caught out by sneaky marketing tricks designed to make us spend more. Instead, they’ll be switched on to make sure there’s no wasted spend, meaning the money they have can go further.  

To be a savvy spender, you need to make sure everything you purchase is a conscious decision. When you’re acting consciously, you’re able to stop and ask yourself a few questions before you buy, which will make sure you’re a) not buying something you don’t really want or need or b) spending too much money when you could get the same thing for less. In today’s day and age, we are inundated with deals, offers and cleverly curated shops/online stores that are all designed to make us shop emotionally rather than consciously. The key to being a savvy spender is to understand that and be wise to their tricks. 

Mindful spending is not allowing emotions to lead your spending decisions. Taking the time to consider whether you want or need something can add up to hundreds of pounds in savings. Telling yourself ‘No’ when it comes to purchases isn’t boring or tedious, it’s powerful. It isn’t about cutting out all of your spend either. By being mindful about your spending, you can decide what’s important to you. If you enjoy your morning coffee from your local coffee shop, we’re not saying don’t buy it. But by asking yourself ‘Do I need this? Maybe if I woke up 5 minutes earlier, I could make and bring my own’. You’ll start to find that you’ll cut out some unnecessary spending. 

Zero spend days are a challenge to not spend anything for one day. Imagine this, you’ve done your food shop for the week, but you’re tempted for a takeaway after a long day. If you commit to not spending on that day, you might just fight off the urge to splurge on a takeaway. It sounds simple but it’s an effective way to take a step back and appreciate the things that you’ve already paid for and save money. Once you get into the habit of maybe one no-spend-day a week, you’ll realise how easy and rewarding it is. Then you can take it as far as you like. People do no spend weeks, months and sometimes even a whole year where they just spend on essentials. Maybe that could be you but set milestones that work for you. 

There are a variety of different ways brands use scarcity marketing to rush you into a purchase. Some examples include: 

  • Counting down how many hours and minutes you have left to get next day delivery  
  • Alerting you when stocks are low or showing how many of an item are left in stock  
  • Holiday sites telling you how many people ‘favourite’ a hotel 
  • Flash sales and time-limited offers 
  • Limited edition collectibles  

There are lots of ways that supermarkets try to maximise your spend in-store. Look out for these examples on your next trip:  

  • Essential items: Think bread, milk, eggs – these are often stocked further away from the entrance and apart from each other so you need to walk through more of the store to get there and hopefully pick up items you didn’t come in for along the way.  
  • Expensive items: The most profitable or most expensive items often sit in the middle of the shelf directly in your line of sight and popular combinations will be stocked together to encourage you to buy both.  
  • Impulse buys: One you may already know – tills are littered with small purchases to encourage ‘essential’ last minute purchases.  
  • End aisles: We might be used to seeing cheaper deals at the end of aisles but its important to make sure you’re actually bagging yourself a bargain and haven’t just been conditioned to think you will. People are 30% more likely to buy items at the end of an aisle than in the middle! 
  • Sensory overload: Shops use sight, smell, sound and taste against you in a bid to get you to part with your cash. Smells like freshly baked bread can trigger hunger, causing you to pick up more than you came in for and free samples can encourage a purchase you hadn’t intended. slow music can be used to slow you down and encourage more time in store.  

When you’re shopping in store, I would recommend making a shopping list and having a clear budget in mind – and avoid shopping when hungry! 

The same goes for online sites, which have their own ways to encourage spending. Sites will offer free shipping if you spend a certain amount, encouraging you to keep shopping and buy more. Amazon Prime and ASOS Premier delivery can be a great way to save on shipping costs, but these products are designed to keep you shopping more often and can sometimes work out to be more expensive than other places. So always shop around and be careful they don’t end up costing more in the long run. It’s common practice now for sites to offer savings on your first order if you subscribe to their email list. There’s no harm in saving yourself some cash using these in the short term but beware – your inbox will soon fill up with deals and sales which can be hard to say no to. These emails are a double-edged sword. They could save you money if you see a sale or discount code for an item you were already going to buy but they can encourage more spending too. It could be worth unsubscribing when you’ve made your saving to avoid falling into the trap. 

I hope by lifting the curtain on some of these tips and tricks, you’ll feel empowered enough to make informed decisions about your spending – good luck! 

Amani Parvaiz
King’s Student Money Mentor
Part of Money & Housing Advice

The King’s Student Money Mentors blog shares our students’ personal experiences and thoughts on money-related topics. Any reference, opinions or recommendations on a particular company/brand are only the views of the student(s) who wrote the blog post. King’s College London, the Money & Housing Advice service and the Money Mentor project do not share the views in the blogs nor endorse any of the companies mentioned. Readers should conduct their own research before using any companies mentioned in our blog posts.