Graduates Should Shop Around For Best Loans
For the past three or even four years, their degree has been the focus of their entire attention, in many cases with little thought being given to what happens after they complete it. But now the latest batch of students have pretty much all graduated and need to start thinking about what they do now.
Some may have a job already lined up, others will be staying in higher education to obtain a post graduate degree, but with jobs and careers in short supply at the moment, many graduates will be struggling with what they will do next.
The one thing which most of this year’s graduates will have in common, is their level of debt on student loans, credit cards and possibly personal loans, which they have built up during their studies. The typical graduate will leave university with more than £20,000 worth of student loan and other loan debt and now it is time to start thinking about how they intend to repay their loans.
Although many will be tempted to remain with the bank account they have had since starting university, high street banks see graduates as high potential future customers and are therefore keen to attract them with cheap loans and overdrafts on graduate accounts.
For those graduates who are now entering work, it is important that they should shop around for the best deals on bank accounts and graduate loans, as well as using the expertise of the bank to help them repay their existing loans and other debts.
Michelle Slade of Moneyfacts.co.uk said “Graduates shouldn’t bury their heads in the sand over their debt. By working out exactly how much they owe, they can set themselves a monthly budget and decide how much they can afford to repay.”
“Graduates are keen targets for banks, as many will go on to well paid jobs and will likely buy other financial products such as mortgages from them in the future. Most banks offer specialist advice for graduates, which will offer invaluable advice for anyone struggling with student debt.”
