The Society is calling for a simplified financial system to encourage more people into a career in healthcare and better support those currently training.
In a new jointly published report, Student Experience - the case for change, the SoR and seven other unions and professional organisations representing healthcare students' unions highlight the many challenges facing health students today.
The document provides a blueprint for ensuring that those studying are kept out of poverty.
Further financial recommendations include standardising funding for students on diploma and degree courses, and looking at the issue of student loans as a whole.
The unions and professional organisations have also pointed out that many students have to rely on their families to provide childcare.
Providing a £2000 parental allowance grant towards the cost of childcare would provide a greater pool of childcare options.
Paul Bromley, London regional officer, said: "The Society believes that overhaul is long overdue. Addressing the concerns in the report and implementing its recommendations will encourage high quality students into healthcare. This in turn means high quality care for patients."
Click here to download a copy of the report.
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