Money Advice for Graduating Students
Financial advice and information for graduates including if you move to further study or on to a career.
Once you graduate
Firstly, we would like to say congratulations on completing your degree and that Student Money Advice is here to help as you plan for the future. Whether this involves further study, graduate employment, an internship, moving back home, travelling or simply taking time out. What you decide to do after you graduate will have financial implications and we have drafted this web page to help you make informed decisions.
Continuing study is a popular option for graduates and whilst there is statutory funding for home UK students wishing to undertake a masters or doctoral course, we strongly advise you to complete a budget to ensure that you have enough money to cover both your tuition fees and core living costs such as food, rent, utility bills and travel before you start your studies. This is because unlike the undergraduate student loans, the postgraduate loans do not cover the cost of both tuition fees and living costs.
Moving to a career
The University’s Career Service can support you in making the move into a career and can advise you if you are not sure what you are doing next or even if you have a clear plan.
Things to consider when moving to a new job are: to ensure that you are on the correct tax code, opting into a pension scheme even though retirement is a long way off and write a new budget to reflect your new circumstances. When attending a job interview, please check the company’s policy on claiming expenses as some companies will reimburse you.
Repaying your student loans
If you have taken out any tuition fee or maintenance loans, then repayment of your loans will begin in the April following your graduation but only if you are earning above the income threshold. There is also help and support if you are concerned about debt.
Once you have completed your studies you may be able to get your student bank account changed to a graduate bank account. Most high street banks offer accounts specifically aimed at graduates. Annual limits vary and tend to reduce each year to encourage you to pay off your overdraft.
If you are out of work or on a low income you may be entitled to welfare benefits to assist with your living costs and this can include the time from when you have completed your course until you start your new career. Remember to report any changes in your circumstances otherwise you may face penalties.
Final to do check list
Before moving on there are several practical steps you need to take to help ensure a smooth transition.
- take final readings for your utilities and then pay any final bills and ask for your name to be taken off the account.
- make sure that the house is in the same condition as when you moved in and that all your items are removed, then claim your deposit back from the landlord. Take pictures of your room and communal spaces to verify the condition of the property.
- contact your bank and phone provider alongside other organisations to let them know you have moved address.
- get your post redirected to your home address or to another suitable address.
- if you have any University Library books, please return them.
- ensure you are on the electoral register of the new place you are moving to.
Finally, we would like to wish you the very best of luck with your future plans whatever they may be.
- Money Advice Service
- Benefits calculator
- Alternative Guide to Postgraduate Funding
- Smart Works Free Clothes & Job Interview Training
Please note that we are not responsible for the content of non-Student Services web pages.