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Graduating this year?

Repaying your student loan

You will be due to commence repaying your student loan the April after you graduate, so long as you are earning more than £15,795 per year. Deductions are made automatically from your salary, at a rate of 9% per year for any amount above £15,795.

For example, Joe graduates and takes a job earning £20,795. He will therefore be required to pay £37.50 per month:

1. £20,795 - £15,795 = £5,000
2. £5,000 x 9% = £450
3. £450/12 = £37.50

Further information on how to repay your loan can be found from the DirectGov website.

Remember too that your student loan is increasingly taken into consideration when taking out any other kind of loans.

Our advice for life after uni

• Start thinking about a pension scheme as early as you can. It's a good idea to take independent financial advice before entering into any plan.
• Once you get your first paycheck, take things slowly - you will have a lot more cash than you've had before, but don't overcommit to things and take advice before entering into such things as car loans and mortgages
• Use the Yellow Pages to find financial advisers in your area. The majority of good independent financial advisers will not take a fee for their services. (they get commission from any product sold.) If you are being asked to pay a hefty fee for a service, reconsider!
• Visit your bank to discuss which kind of account is right for you. You won't be able to keep a student account forever.
• Seek assistance if you run into financial difficulties. The Citizens' Advice Bureau as well as the Citizens Advice Direct contactable on 0844 848 9600
are a great source of support and are available across the UK.

The UK Tax System

When you start working as a non-student, you might see a difference in the levels of income tax and national insurance which you are paying. If there are things on your payslip that you don't understand, give your salary office a call and they should be able to explain it to you.

Find out more information about UK taxes and tax credits