Graduation & Beyond

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student-discounts

Student Finance Repayments

It is worth considering how your student finance repayments will work after graduating from your undergraduate course. To check the exact repayment details on your type of loan, you can visit the Student Loan Repayment website.

Moving Overseas

If you go overseas for more than three months, you will be be subject to the repayment threshold for the country to which you have moved. These thresholds are based around the cost of living and you can view them on the Student Loan Repayment website.

Remember to always let the Student Loans Company know if you move abroad for more than three months.

Postgraduate Finance

Masters/MBA Study

You can see your financial options, including potential loans available, on the Edge Hill Money Matters webpages. The Postgraduate Loan is paid directly to you which means you would have to organise the payment of your tuition fees from this loan by liaising with the University. The loan might not be enough to cover all of your expenses, so you might want to think about other ways to supplement your income, such as a part-time job or other sources of funding.

Postgraduate Doctoral Loan

Starting in the 2018/19 academic year, both the English and Welsh governments will, for the first time, provide a ‘contribution of costs’ loan of up to £25,000 for eligible doctoral degree courses.

It is important to note that repayment arrangements for postgraduate loans are different to those of undergraduate courses. Find out more at studentloanrepayment.co.uk.

Council Tax

Households where everyone is a full-time student are exempt from Council Tax. You can find out more on the gov.uk website.

After you leave university, your Council Tax Exemption certificate will run out. This is usually on the official last day of your course, rather than on your graduation date.

If you live alone, you might be eligible for a Council Tax discount. To find out more and to see if you might be eligible for this and to apply, visit the gov.uk Council Tax discount webpages.

Income Tax

Money you earn from being employed or self-employed is classed as taxable income and may be high enough to attract income tax and National Insurance contributions. More information on tax codes can be found on the gov.uk website. You can also take a look at this guide from the Money Advice Service on how much tax and National Insurance you should be paying.

Some people might be classed as self-employed and you can find out more information on the tax implications of this in the Money Advice Service guide.

Workplace Pensions and Automatic Enrolment

Every employer in the UK that employs at least one person has a compulsory duty to automatically enrol eligible workers into a pension scheme. The employer must pay money into the scheme as well as the employee. You can find out more information about this from the Money Advice Service and the Pensions Advisory Service.

Benefits, Tax Credits, and Universal Credit

To find out your eligibility for state benefits, visit the Turn2Us webpages.

Car Finance

Car finance is a personal unsecured loan. Before committing to anything, it is worth shopping around and ensuring that you understand the terms and conditions. Take a look at the links below to help you make an informed decision.

Money Advice Service

Money Saving Expert

Which

Savings Accounts

Setting money aside for savings, no matter how small the amount, can help you build a foundation for the future. However, it is important to remember that repaying expensive debts before starting to save could well be a better option.

The links below offer objective guidance on the best saving options available.

Money Saving Expert – Savings Accounts

The Money Charity – Savings

Mortgages

You may be looking for a mortgage now or at some point in the future. There are many things to consider before taking on a mortgage, including savings, gathering a deposit, fees and credit reports.

There are some useful government-led initiatives for supporting first-time buyers with a potential 25% bonus when saving for deposit. The links below are useful places to start when thinking about this.

Money Advice Service – Help to Buy

Money Saving Expert – Lifetime ISAs

This Mortgage Guide for First Time Buyers from Money Saving Expert is helpful. It is also important to consider other costs when purchasing a property. The Money Advice Service has a useful guide on overall buying and moving costs.

Credit Reports

It is worth checking your credit report when applying for a mortgage, loan, or authorised overdraft as many lenders check credit reports. If needed, you could also look into potentially free and simple ways to boost your credit score.


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