For this week’s guest blog from an LJMU colleague, James Forshaw, Senior Student Funding Officer from LJMU’s Student Advice and Wellbeing Services, offers some useful advice for all 2020 graduates on some key financial decisions depending on your chosen next steps. Over to you, James!

“Firstly, allow me to say congratulations to all of you graduating students of the Class of 2020 from everyone at the Money Advice Team here at LJMU.  We remain here, despite the current circumstances, and are determined  to keep working with you as you plan your road ahead, whether you decide to go straight into employment, further study, seek internships, or decide to take time out to travel.  Whichever path you choose to take, there will be financial decisions you need to make and we are only too happy to support you in this.”

Postgraduate Study
For those of you who elect to move into a postgraduate course, you should be aware that for Home and EU students, there is currently a statutory support package from the Government that will help you to fund this. This package differs depending on where in the UK you normally live. If you go straight to postgrad study from undergrad study, then you will normally be funded by whoever funded your undergrad course. For more information about this, make sure you have a look on the Government website and you can look on the LJMU website too.

REMEMBER, as an LJMU graduate, if you study your PG Course at LJMU, you may be eligible for a 20% discount on your tuition costs thanks to the LJMU Alumni Bursary. For more information on all of this, have a look at our website or give the Money Advice Team a call on 0151 231 3153.

Repayment of your student loans
For students who have taken out student loans and have graduated in May 2020, the start date for your repayment will be April 2021. That is of course if you are earning above the income threshold of £26,575 if you are from England or Wales, or less if you are from Northern Ireland where that threshold is at £19,203. More information can be found on the Gov.uk website.

Remember student loans are not like other debts, so don’t think of them in that way. They won’t go on your credit file or affect your ability to get a mortgage etc. If you are concerned about other debts, then make sure you talk to someone; advice and support is available at the Money Advice Service.

Bank Accounts
Now you have graduated, your student bank account may be switched to a graduate bank account. The key thing to think about here is whether your interest-free overdraft is going to continue, so speak to your bank. Lots of High Street banks will offer accounts specifically aimed at graduates, but remember to look past the enticements and get the bank account that is right for you.

Benefits
If you should find yourself out of work or on a low income, or are just waiting for a start date of your job or further study, then you may be entitled to welfare benefits to assist with your living costs. For more information, have a look on the Government website.

Final moving on to-do list
• Take a final meter reading and give this to your utility company. Pay your final bill, and remove your name from the account.
• Make sure the house is in the same condition as when you moved in and that you have claimed your deposit back. It’s always useful to take pictures to verify the condition of a property when handing it back.
• Change your billing address with any third parties, but especially your bank. It may be worth putting a temporary redirection on post through Royal Mail until companies have had a chance to change your address on their systems.
• Library books should all be back in the library – if not, make sure you return them.
• Get yourself on the Electoral Roll of the new address, as this can impact on your credit-rating.

The Money Advice Team at LJMU would like to wish you the very best of luck with your future plans!