We have warned ministers that sweeping reform to the terms of Plan 2 Loans are urgently required. Without real change we risk leaving a generation drowning in debt that will never be repaid, which will only fuel the exodus from the NHS.
In an open letter to Education Secretary Bridget Phillipson and Health and Social Care Secretary Wes Streeting we have spelled out that with average earnings at £65,000, young dentists – who already graduate with among the highest level of debt in the UK – face a perfect storm, paying the maximum interest rate but not earning enough to pay it off quickly. These dedicated health professionals will be left paying 9% of most of their incomes for 30 years. we have spelled out that with average earnings at £65,000, young dentists – who already graduate with among the highest level of debt in the UK – face a perfect storm, paying the maximum interest rate but not earning enough to pay it off quickly. These dedicated health professionals will be left paying 9% of most of their incomes for 30 years.
We estimate that with an average debt of £52,000 a dental graduate in 2017 will repay double what was borrowed. Ultimately, many will be left writing off unpaid debt of over £100,000.
What we need are concrete solutions. We’ve done that maths, and reform of repayment thresholds rather than just interest rates, is the only way to make a material difference to a typical dentist’s debt repayments.
We continue to campaign for a fairer and more sustainable solution for graduates, no matter where they choose to build a career. Cosignatory and Young Dentist Committee Chair Jeremy Boyles has published research in the BDJ on how student debt effects dental students and their stress levels.