Post Graduate Panic

Article Written By: BrookeWebb

The introduction of top up fees in 2006 has pushed student debt levels to unprecedented heights. It is now not uncommon, in fact it is safe to say it is quite plausibly the norm, for students to leave university with between fifteen and twenty-five thousand pounds of debt.

British students are graduating from university with unprecedented amounts of debt. 2009 witnesses the graduation of the first generation of top up fee payers. For these unlucky graduates, not only do they have more debt than any of their predecessors, but they have also graduated right into the middle of an enormous financial crisis. No wonder they are suddenly panicking about how to clear their debt.

The full consequences of this are yet to be discovered, but doubtless it will affect many services and industries within society, and not least the property market. In spite of these debt issues and the increasing competition for graduate jobs, the government is still determined to increase the number of students going to university every year. One wonders whether it is truly worth accumulating thousands of pounds of debt and adding to the financial pressure on the government itself to obtain a degree in hairdressing, but this is not important to their statistics.

Many of the companies who have in previous years offered a large number of graduate job placements have been forced to cut back on recruitment as they try to limit their own losses in the face of the financial recession, adding to graduate pressure.

Furthermore, if students have been somewhat irresponsible with their finances throughout their degrees - something which is certainly not unheard of - they may have accumulated more than the standard student debt. If they were struggling at some point, perhaps they were tempted to take out store cards with individual shops and businesses, adding to their total personal debt.

These graduates are mostly at an age where one would like to assume that they are starting to rely less and less on their parents, particularly where matters of personal finance are concerned. In this case one prudent suggestion is that they should 4 take matters in hand themselves and face the issue directly by consulting a debt management company, who could offer financial advice and help to set them on the right track.

Of course, these issues of personal debt will not be solved with one half hour consultation, but the formulation of a plan of action to work positively in the reduction of debt, might at least afford a little peace of mind.

About the Author

Kristan Brangers has recently been looking into debt help offered by Baines and Ernst and is now creating a debt management plan.

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