Students Leaving University or
Completing Undergraduate study

The aim of this information is to provide advice and guidance about coping with some of the financial  issues which may arise after you have graduated or left your course.

We hope that you have enjoyed your time at the University of Essex and that you find this information of use. If you need advice or assistance after leaving the University of Essex you will find your local Citizens Advice Bureau will be able to assist you.

Don’t forget to keep in touch with all your friends and former classmates! For more details contact the Alumni and Development Office on 01206 873372.

Repaying your Student Loan
Debt
Student Bank Accounts and Overdrafts
Starting Work
Benefits
Funding your Postgraduate Studies
Graduates with a Disability
 

Repaying your Student Loan

• You will be liable to make Student Loan repayments from the April following the date you completed or left your course and once your income has reached a certain level
   
• If you are unemployed, continuing in education, or your income is less than this repayments will not be taken.

For more information contact the Student Loans Company, Tel: 0845 026 2019
Website: Student Loans Company

Debt

If you have built up debts, for example, store cards and credit cards, and are worried about how you are going to repay the debt and manage financially, please seek advice as soon as possible from your local Citizens Advice Bureau.

Please do not apply for consolidating loans and similar products without seeking advice as you can sometimes make your situation worse. If offers seem 'too good to be true' they often are!

You can find more details about the CAB online.

Student Bank Accounts and Overdrafts

The schedule for payment of your overdraft will depend on who you bank with and the size of your overdraft, but your bank will usually have contacted you during your final year to try to establish whether you have any definite plans following your graduation.

• If you are not continuing in education you should discuss accounts available to you with your bank and what the implications are for your existing overdraft.
   
• If you choose to continue your studies you should be able to convert your account to a Graduate Account and may be able to have an overdraft but there may be charges so check the terms and conditions carefully.
   
• Remember - You don’t have to remain with the same bank, you may get a better deal elsewhere, even if you are overdrawn.
   
• Be careful - if you are considering taking out a loan to pay off your overdraft seek independent advice and check terms and conditions carefully.

The following information will apply if your account is with one of the banks operating at the Colchester campus:

Barclays Bank
On completion of both undergraduate or postgraduate studies, Student Accounts will be converted to a Graduate Account.
Barclays also have a Graduate Loan package that you can apply for once you begin full time permanent employment.
For more information visit your branch.
Website: Barclays Bank

Lloyds TSB
Lloyds TSB have a Graduate Service and they offer Graduate Loans. For more information visit your branch.
Website: Lloyds TSB Bank

Starting Work

• You will be liable to pay Income Tax and National Insurance, although the amount you will pay depends on how much you earn.
   
• If you are employed these are deducted from your wages by your employer.

For information on National Insurance and Income Tax rates and allowances please see the Inland Revenue website.

For advice on careers please contact the Careers Centre, University of Essex.

Graduates with a Disability

Specific help for graduates with disabilities can be found at the National Bureau for Students with Disabilities, which provides lists of useful leads and help with making applications.
Disabled postgraduate students can apply for Disabled Students Allowance.

Further Information:
Contact Student Support
Citizens Advice Bureau