This blog is aimed at parents whose child is leaving home for university. The trials. The tribulations. The bloody, endless exams!
We are preparing for our daughter to go to university next year.
However, fast forward three years and our son is back. Somehow, September 2015 has been and gone. I talked about him coming home in a previous blog
Where are thoughts are – What Happens Next?
First of all, just because he has left university doesn’t mean that is the end. Your graduate is now an alumni – in other words a former student! I am sure I am right in saying that every university has a career advisory service. This includes working for their alumni.
There are many graduate schemes out there. Your university can source these schemes. You can also investigate graduate schemes yourself. I have found this really interesting and hope you or your adult child will have a look as well. It covers most aspects – including if the result is a 2:2. I could plagiarise it, but it’s written better here
Graduate Bank Accounts
Now I don’t want to know how much my son’s student loan has accrued. He has an overdraft but it isn’t bad. He worked quite a bit of Year 1 and 2, so didn’t have time to go out in between studies.
However, the student overdraft is expected to be paid. This is where transferring to a graduate bank account could help as 0% overdrafts can be arranged. By keeping a student account, your adult child could be charged for overdraft.
A graduate account works something like this:
A bank will give you a set overdraft limit, which is interest free. This can incorporate your original student overdraft and this gives a length of time to be able to pay off this overdraft.
Many graduate bank accounts will allow up to three years to pay off the overdraft
What needs to be ensured is that the overdraft limit is not exceeded other wise the bank will charge a punitive amount
If after three years the overdraft still has not been completely paid off, try to pay off as much as possible. Once the graduate account comes to an end, you will be able to choose a current bank account. The best thing is to find the most attractive overdraft account to accommodate any outstanding balance.
There are many sites out there to check out the best available accounts – both graduate and current
It’s so important that your adult, graduated child is still motivated. There is no reason to feel the pressure of ‘what to do next’. The first job role doesn’t have to be the best. Finding a job shows resourcefulness. It doesn’t matter if it’s not quite the ‘dream’ or the ‘right’ job straight away. You need to ask your adult, graduate child why did they choose their decision? Because they loved the subject and gave them inspiration! Now this thought space can be used in considering a new working role. The invisible thread continues…..