After Graduation

Once you have graduated and you are no longer a student this can affect a number of finance related issues which you may not have thought about. Some things to think about are:

Repaying Debts to the University

If you have accrued any institutional debts such as unpaid accommodation costs, library fines or emergency loans you should seek to clear these debts before your graduation ceremony. You will need to contact the relevant service in order to discuss any outstanding monies. If you have accrued other debts with external organisations whilst you have been a student you might find it beneficial to seek specialist debt advice to help you manage these debts. The Student Advice Centre can assist you for up to one year after you have have graduate or you can consult an independent external agency such as National Debtline or Stepchange. These services are independent charities and should not charge you for the debt management advice they provide.

Repaying your student loan

If you have Student Loan you will usually be expected to start making repayments in the April after you graduate if you earn over the repayment threshold. The amount you repay will depend on your income and what you are earning as well as when you commenced your course. You will make your repayments through the tax system and this will be deducted from your pay; you should let your employer know that you have a student loan.

It is important to keep an eye on your own repayments so you know when you are due to finish repaying your loan and you can regularly check your account online on the Student Loan Company repayment portal

Interest-free Student Overdraft

As a student you may have held a student bank account which had a large and interest free overdraft attached to it. Prior to graduation you should check the terms and conditions of your overdraft and student bank account to find out what will happen to them after you have graduated as some banks may:

  • convert your student account into a ordinary current account thus removing your interest free overdraft
  • significantly reduce your overdraft facility
  • offer an interest free overdraft for a short period of time

Check with your bank well in advance of graduation so you are prepared as exceeding authorised overdraft limits can result in high penalty and over limit charges being applied to your account on a daily basis. You might want to compare the various graduate bank accounts available to see if you can get a better bank account with another bank.

Council Tax Exemption

Once you cease to be a student you will no longer be exempt from paying council tax. You will be liable to pay council tax until the end of your tenancy agreement, even if you move out of this property.

TV License Refund

If you are leaving your accommodation during the summer and will not use your license before it expires you can claim a refund for any unused quarter (three consecutive calendar months). For information on how to do this see TV Licensing - Students.

Tenancy Deposit

At the end of your tenancy, check whether you are leaving the property and its contents in the condition in which it was let to you and check that you have paid your rent and any other expenses. You should then agree with your landlord or agent how much of the deposit should be returned to you. If your deposit is in the Tenancy Deposit Protection Scheme this should be returned to you within 10 days. If you have any problems with your deposit being returned you can seek advice from your local Citizens Advice Bureau .

Benefits

Usually you cannot claim any benefits until after your official leaving date. Once eligible you should make an application as soon as possible as you will not be able to get backdated payments unless you can prove there was a good reason for not applying sooner. You can contact the Student Advice Centre for advice about benefit eligibility. You can seek assistance from the Student Advice Centre up to a year after you have left the University.

Further Study

If you are intending to undertake further study you should look carefully at the sources of funding you are eligible to apply for. If you are intending to undertake a second or subsequent undergraduate degree then you may have limited entitlement to statutory funding, you should not assume that you will receive a maintenance loan and tuition fee loan for each year of your course. If you are intending to undertake a postgraduate course you should start researching sources of funding about 12 to 18 months before the start of your course. No statutory funding package is available for postgraduate study (except for a PGCE). Funding can be obtained from a variety of sources such as Research Councils, bank loans and charities.

Employment

For further information and support about your options after graduation you can contact the Careers Service