Sat, February 16, 2019 - 01:37

Exams over? What next?

May 21, 2018


Becoming a functioning member of society…

When graduating there are whole heaps of responsibility that you have to think about. One in particular is taxes that you are expected to pay now.

Council Tax

Once graduated you will no longer have an exemption from this tax. Your local council will start charging form the day your student card expires; this is even if you have plans to carry on in HE. From the day you graduate from your undergrad to the initial start date of a postgrad the council can and will charge you for this no matter your status (e.g. home, international or EU). If you are living away from your parents still then you will receive a notice from your local council, however, if you plan to return to your parents’ house then this should have no effect on their council tax.

National Insurance Contribution

Since 6th April 2017 the minimum weekly threshold of earnings is £157 for when you start receiving a charge. The amount you pay is a certain percentage of your wage; the tax code you are on dictates the rate of which you pay. If you think you are paying too little or something is wrong then our best advice is to speak to payroll at your place of work. Alternatively, you can call HMRC themselves: 0300 200 3300

SFE Repayments

How much you pay back all depends on the loan plan you are on and your earnings. Currently there is a plan 1 and plan 2 system in place, we expect that the majority of you will be on plan 2 so will speak about this mainly. There has been major changes to the repayment scheme since the 6th April 2018; the threshold for repayment is increasing from £21,000 to £25,000. Therefore, from this date on you will pay back 9% of everything above £25,000 and if you want to read more about this here is a great website:

In addition, if you need to figure out which plan you’re on first or want specific information about plan 1 head over to the Student Loans site:

I’m not ready for the real world yet…

You’re staying on to do a Masters? That’s great news! There are a number of things on offer now to help you with this and we’ve done the majority of the research for you too:

Student Finance England

You can now apply for up to £10, 609 if your course starts after 1st August 2018, you don’t necessarily have to take the full amount if you don’t want to. This amount is for both tuition fees and living costs so please bear in mind there is little else you can access after this. It may be wise idea to see how much you would have left over if you know what your tuition fee will be so you can budget for other expenses like rent.

If you want more detailed info about all this click the following link:

Alternatively, you can come ask you SFE experts over at the Advice Centre.

What do I do if I am venturing into the ‘real’ world?!

There is probably a whole heap of things on your ‘to-do’ list now that exams are over, and money and jobs are probably going to be high on there! For those who are still trying to figure it out, we have some info on that

Job Seekers Allowance 

We get that there is a bit of a stigma about this one, but if you don’t have any cash it can be a lifesaver! There are conditions though that you need to meet in order to be eligible for it:

  • Not working full-time (less than 16hrs a week)
  • Available to work full-time
  • Actively looking for full-time work
  • Not in full-time education
  • Not claiming income support

The amount you get is also dependent on your age, if you’re between 18-24 years you will receive £57.90 a week while over 25’s get £73.10 per week. There are also other conditions too that will be taken into consideration, for example if you do work part-time you may get a little less. In addition, if you have savings that amount to over £6000 then you will not be eligible for this benefit too.

This benefit comes under the Department for Work and Pensions (DWP) and in order to have an assessment you need to call them on the following number: 0800 055 6688

We do know that some students are lone parents and these figures don’t quite add up for your circumstances. In this case, come to the Advice Centre and we can do a complete benefit check for you.

Careers Service

Don’t forget, that once you graduate you have LIFETIME access to the careers services here at Hull. You can speak to them for help with your CV, interview skills, and job hunting skills or if you fancy a complete career change, this service will be the best one to access. You can get a hold of them by emailing [email protected] or calling 01482 462222.  

Need more information or some help? Contact the Advice Centre here.

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