This week’s #fridayfive presents five key facts about the Government’s reforms to nursing bursaries.
- Replacing bursaries with normal student loans will leave students with an additional £15,194 of debt over a three year degree. Overall, students could leave the course with £49,000 worth of debts.
- London Economics argue that education has a low elasticity of demand, estimated to be 0.09%. Using this calculation, a 71% price increase could result in a 6.2% reduction in demand for nursing degrees.
- The average age of a nursing graduate is 31.
- 50% of nursing degrees are spent in clinical placements performing non-salaried work.
- As student loans are written off 30 years after graduates become eligible to repay them, around 25% of the nominal loan for nursing degrees is currently written off. London Economics calculates that this write-off rate will rise to 68-86% as debts increase.