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Money Advice Service youth expert comments on Student Loans PDF Print E-mail
Thursday, 06 July 2017
Money Advice Service youth and student expert, Michael Royce comments on IFS findings: Higher education funding in England: Past, present and options for the future: “There are many challenges facing students as they leave university or college to embark on life and career plans. While student loan repayments are mostly repaid through graduates’ monthly pay once they are earning enough, there may be a range of other pressures on graduates’ bank balances as they transition to a new life stage. These can include settling bills as they leave student life, and incurring new costs with no student finance to fall back on as they change living arrangements and seek and start new jobs.  

“Each graduate will have a different experience, some are able to hit the ground running and find their way relatively easily, whereas others may need to compromise to tackle financial pressures along the way. With some graduates faced with making repayments on student loans in excess of £57,000 for up to 30 years during their working lives, it’s vital that they use this time to take stock and make a realistic plan to reach their financial goals, whether repaying debts or saving for the future. Information about how to get on top of finances after graduation can be found on The Money Advice Service website.”

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