employment 4 students - The UK's most visited student jobsite


Graduates still struggling with debt

16 Oct 2008

Graduates still struggling with debt Ministers have admitted a third of former university students are not earning enough money to pay back their student loans – seven years after graduating.

Figures released by the government show 40,000 graduates are earning less than the 15,000 per year needed before student loan repayments can start being taken from their wages.

Stephen Williams, the Liberal Democrat shadow secretary for innovation, universities, and skills, said: "As the financial crisis worsens the burden on new graduates is going to be even greater."

In 2010, the average student will leave university with £20,000 worth of debt, according to the National Union of Students (NUS).

Wes Streeting, president of the NUS, has called on the government to replace the current student loan system with something simpler and more centralised as the current scheme is "broken".

The Guardian claims thousands of students have part-time jobs, during term-time and the holidays, to help reduce the burden of debt when they graduate.

Meanwhile, the news provider states there are dozens of bank accounts offering interest-free overdrafts and cheap credit cards available, but students should be fully aware of the terms and conditions of these before they sign up.

To find and apply for the latest graduate jobs in London see our dedicated London graduate jobs section.

Find your perfect job now!

Register now to let employers find you and be notified about the latest relevant jobs