Levitate Student: Finals, Benefits & Beyond

Many final year Higher Education students will be delighted to be in the home straits this month. Studying hard for exams, submitting dissertations and looking longingly to the bright light at the end of the tunnel.

Hopefully in the near distance will be exciting job opportunities and a rewarding future. Of course your journey may not be as simple as finishing your course and straight into work. You may need to consider applying for welfare benefits as you hunt for work.

Most full time Higher Education students are not eligible for welfare benefits so this may be your first time considering it as an option. This blog post is a signpost to information for Job Seekers and other matters that you may want to consider as you finish your course.

Welfare Benefits

Once your course come to an end then you will no longer be regarded as in full-time education. Check your university or college academic calendar to establish the last day or check with your institution Student Registry service. Just because your exams are done doesn't mean you are no longer registered as a student.

There are a lot of changes taking place in the world of welfare benefits at the moment, so what benefit you may be able to apply for while looking for work will depend on at what stage of the welfare reform the area you live in has reached.

As your circumstances are changing you may consider seeking specialist welfare benefit advice to make sure you and your household are receiving all the benefits to which you are entitled. (See our Know where to Look page).

If you are actively seeking work then you should consider applying for

Job Seekers Allowance

or if you live in certain Jobcentre areas 

Universal Credit

Depending on your circumstances you should also consider 

Housing Benefit
Council Tax Support 

Completing a sub-degree and topping up in September 

If you are completing a sub degree such as a HND and intend to return to top that course up to degree level in September 2016 you should be able to apply for welfare benefits between the two course.

All the normal eligibility requirement for those benefits will apply.

National Minimum Wage

If you haven't been too busy swotting then you may have heard that there have been changes to the National Minimum Wage . Check the details to ensure any job you already have or take up, is paying at least the minimum required.

National Insurance and Tax

You may want to understand why we pay National Insurance and how it affects entitlement to certain welfare benefits including the State Pension. Signing on for welfare benefits such as Universal Credit or Job Seekers Allowance (if eligible) will mean that a National Insurance contribution is made. Gaps in your contribution over a lifetime can be problematic.

As you find work, change employers or the number of hours worked, you may benefit from better understanding your Tax Code and Payslips .

Graduate Bank Accounts

If you have a student bank account with an interest free overdraft you may want to explore alternative bank accounts. As you are no longer a student then it is likely taht the bank will look to charge interest on your overdraft. If you have a residual overdraft that you will not be able to pay off then explore a Gradate Account which will allow you a period of time to pay back the overdraft interest free. If you don't have an overdraft - well done! Look for an account that best suits your consumer needs going forward, whether that be one that offers high credits interest, low overdraft interest etc. Shop around, no need to stick with the provider you are with now.

www.moneysavingexpert.com and www.moneyadviceservice.org.uk offers useful guidance

Repaying your Student Loan

If you have taken a Student Loan from the Student Loan Company in order to fund your course you will become eligible to start repaying in the April following completing your course. 

Whether you have to pay anything back will depend on your earnings and when you started your course.

Visit The Student Loans Company Repayment Site for information.


Postgraduate Study and funding options

The government is introducing student loans for postgraduate study from 1st August 2016.                                                              

Other useful information can be found on www.gov.uk and www.prospects.ac.uk  

Other types of Government funded postgraduate study

NHS postgraduate courses and Social Work Courses www.nhsbsa.nhs.uk/Students  see link to Student Bursaries. 

Postgraduate Certificate in Education (PGCE) Courses  www.gov.uk/teacher-training-funding

Professional and Career Development Loans - bank loans where the government pays the interest while student is studying and coordinated by the National Careers Service www.gov.uk/career-development-loans 

Other funders

Research Councils www.rcuk.ac.uk  

Scholarships  www.scholarship-search.org.uk 

Charities  www.family-action.org.uk  www.turn2us.org.uk