| Graduate
Advice : Managing Debt |
| |
It's a harsh fact
that getting through university is a costly business and the first thing to do
when you start working is to make sure you pay off your loans before the debt
starts to snowball. If you have a number
of loans, consolidate them by taking out a graduate loan, which has a lower interest
rate and easier repayment terms than a credit card or overdraft. The high street
banks offer tailored graduate deals. So
what are the main banks offering graduates? Lloyds
TSB: www.lloydstsb.com.
- Loans available: up to £10k
- Interest:
7.8 per cent
- Repayments can be stretched
over a five-year period
- Repayment holiday
(initial period during which you don't have to make any payments off the loan):
Four months.
HSBC: www.banking.hsbc.co.uk.
- Loans available: up to £10k
- Interest:
7.9 per cent
- Repayments: five years
- Repayment
holiday - not available
Barclays:
www.barclays.co.uk.
- Loans available: up to £10k
- Interest:
8.9 per cent
- Repayments: for loans
up to £5k, five years. For loans between £5-10k, ten years
- Repayment
holiday: three months.
Natwest:
www.natwest.co.uk.
- Loans available: up to £10k
- Interest:
7.5 per cent
- Repayments: for loans
up to £5k, five years. For loans between £5k and £10k, seven years
- Repayment
holiday: four months, but can be extended to a year if you're going travelling.
Royal
Bank of Scotland: www.rbs.co.uk.
- Loans available: up to £15k
- Interest:
7.9 per cent
- Repayments: seven years
- Repayment
holiday: nine months.
Earn
a quick buck After leaving university
try and get a temporary job to bring in some short-term cash while you are looking
for your main job. This will not only prevent you getting further into debt but
it could give you a stepping stone to your chosen career. It
may not be the job you want to do, but if it is in the industry in which you wish
to work it will look good to future employers. Or,
you can do something totally unrelated, just to give you a break from your degree
subject and bring in some money before you decide to jump into the world of work
Check out totaljobs' guide
to temporary jobs Get
your foot in the door Start looking
for jobs early - your fellow graduates might already be out there snapping up
the best positions. Graduate salaries range from £12-32k, according to the Institute
for Employment Studies (IES). The top end of this range includes the salaries
offered by law firms and finance and consulting organisations, some of which,
such as Accenture, also offer hefty signing on bonuses of up to £10k. Highest
paying sectors (Average graduate
salaries - source IES) - Legal
services: £21,250.
- Banking and
finance: £20k.
- Business services
(including consulting, software, IT and publications): £19,250.
- Electronics
and electrical engineering: £19,250.
- Chemical,
allied mineral and ore: £18, 825
But
before you rush into a job, it is important to consider your long-term career
goals. It is no use taking a well-paid job if it is not the industry or career
that you really want to pursue. Chances are you will want to leave after a few
months and that will look bad on your CV. Sign
up with different recruitment consultancies which deal specifically with the industry
you're looking to enter, and emphasise the type of job you want. Don't waste your
time with an agency that might send you to interviews for jobs you don't want,
as this can cost you precious time and money. Get
FREE Graduate career advice worth £40
Visit
total graduates - the totaljobs graduate community
See
the latest graduate vacancies Click
here to visit the Totaljobs website | 
