Student Support spotlight: supporting our clinical medical students
Medical students from low-income families face a particularly tough time, as they are faced with a huge drop-off in funding in their fifth and sixth years.
Coming from a low-income family in Ripley, Dylan received the full Maintenance Loan from Student Finance England (SFE) for the first four years of his studies. For year 2023/24 this maximum is £9,978. However, for years five and six, medical students only qualify for a reduced SFE Maintenance Loan which is capped at £2,605. The NHS Bursary scheme then provides medical students with a non-means tested grant of £1,000 and a means-tested award to a maximum of £2,643 per year. Whilst this is intended to cover the shortfall, in reality this only totals support of up to £6,248. For students like Dylan, this drop-off in funding can be as much as £3,730 per year. This reduction in financial support has the most significant impact on students from the lowest income families.
Add on top of this, the rising living costs caused by the current economic crisis, and it is no surprise that most of Churchill’s clinical medical undergraduates need additional support from the College. Visit our Student Stories page to read Harry's story.
It is only thanks to the generosity of donors to the Student Support Fund that the College is able to help its medical students during their fifth and sixth years.
Dylan used to take part in clinical trials to earn money but is no longer eligible. Without receiving bursary support from Churchill College, he would have had no choice but to sell his car which he needs to get to hospital placements across the region. You can read Dylan’s story here.
Changes to Student Finance that will impact all new Home students
This year has seen the biggest changes to student finance in England for a generation of students. Seismic changes to English university funding (for 2023 matriculants onwards) will, for most students, substantially increase the amount that they pay for their higher education, not whilst they are at university but once they leave university. Many students under the new system will end up paying double what they would have paid under the previous system.
Of every £1 in funding for higher education for an individual student through the loan system, the student used to pay 56p back and the government paid 44p. From this year, of every £1, students will pay 81p back and the government will repay 19p.
Students will also start repaying at a lower income level and will repay more at every level. Current graduates repay 9% on everything they earn over £27,295 whereas 2023 starters will have to repay 9% on everything they earn over £25,000 after graduation.
Under the previous system, graduates repay their loan until it is repaid in full or for thirty years, whichever comes first. This has changed to when the loan is cleared or for forty years, so students are likely to be repaying their loan for all their working lives until they hit retirement. Under the old system, 23% of graduates were likely to pay off their loan in full but with the new system, 52% will be likely to have to clear their loan in full.
Students will need to avoid incurring any additional debt now more than ever before because of these changes to Student Finance. This is why the Student Support Fund is so important.
Donations to this fund mean that the College is able to award bursaries so that students from all backgrounds can thrive at Churchill during their studies, not just those from high-income families.
Thank you for choosing to support the students of today and tomorrow
When making your gift, you will be given the option to select either the Student Support Fund which is directed to our undergraduate students, or the Graduate Studentship Endowment Fund which supports our postgraduate community.
The changes to Student Finance may mean that even fewer students feel able to go on to study for Masters and PhDs because of the pressure of needing to pay back a higher percentage of their loan, from sooner and for longer. By providing Graduate Studentships, the College is able to alleviate the financial pressure for postgraduate students so that they can continue their academic journey. This is only possible with your donations.
"Funding can really make a whole lot of difference especially for early career researchers like me that are just beginning their journey into research and are exploring new opportunities. Having the adequate support is really crucial, to first of all have research that is robust and that can help you to lay the first step for your later stages of your career, but also to feel confident in the work that you are doing, and having and establishing a network."
Luisa Fassi (G21)
You can read Luisa's story here.