My eight year old daughter says she wants to become a doctor, a paediatrician to be exact. What’s the price tag to make my little girl’s dream come true?
It’s 2024 and I’ve come to the conclusion I have about ten years to finance my daughter’s doctorate dream if she’s to avoid student debt.
I did some extensive research on the costs associated with becoming a paediatrician in the UK. God knows what the cost will be in 10 years from now but let’s take a look at today’s numbers.
My daughter’s dream will require some hard work and focused studying from the moment she starts secondary school. She will need at least 5 GCSE’s grades 9 to 7 (A* or A) 3 A levels, or equivalent, including biology and chemistry.
Once she completes her 6 year medical degree, she’ll need to join a paid two-year foundation programme where she’ll work in six placements in different settings. From there, she’ll then apply for a paid speciality training to become a paediatrician.
This training will take a minimum of eight years. That’s a total of 16 years from start to completion.
This educational investment will return an average salary of £92,326 for a paediatrician in London, UK. So, what will the price tag be beforehand to get to that potential salary? (Note she will get a salary after completing her 6 years of medical school once she joins the two-year foundation programme)
The average UK medical student pays up to £9250 per year just in tuition fees.
Let’s not forget living expenses which vary depending on the city or type of accommodation you go for. This could add up to be a range between £1000 to £2000 per month. This is a sum of £55,500 for tuition fees and £72,000 to £144,000 in living expenses. Opting for the lower end of expenses that’s a grand total of £127,000.
Looking at these numbers ideally i’d want to cut down her living expenses down to zero by asking her to stay at home while she’s studying. On the other hand this all depends on the university being nearby and the fact she’ll want to be Miss independent.
The use scholarships, bursaries and part-time work can lower the burden of cost.
Financing my daughter’s dream can be accomplished with a solid 10 year plan and a broken down budget. Traditionally most parents encourage or have no option but to let their kids take out a student loan. As of April 2024 these loans charge an incredible interest rate of 7.8% which could be a squeeze on most people’s monthly expenses.
Whether or not my daughter is being serious about becoming a doctor only time can tell. As a parent I ought to stay savvy with my money regardless. This will ensure whatever my children will want assistance with in the future a degree, car, wedding or a home I’ll be financially ready.
