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Graduate Loans – funding the next step

Graduate Loans – funding the next step

Category: Students

Finding the money to finance a postgraduate degree or professional diploma can be a difficult prospect after 3-4 years of university costs.

What are graduate loans?

Graduate Loans are typically available to those people who have recently graduated from university. The majority of lenders insist that you hold a current account with them in order to borrow money.

Graduate loans are good for recent graduates as lenders tend to offer lower interest rates in order to ease the pressure while you get your feet on the ground.

What can I use the loan for?

A loan could help you to continue your studies or set up your own business, a graduate loan in a sense could be your ticket to the next stage of your career.

Where can I find a graduate loan?

Some high street banks and lenders will offer some kind of graduate loan package. It is very important to do some research and learn all you can about each element of the different types of packages before you sign up for a deal.

Graduate Loan Schemes (information correct as of 15.8.11)

Remember that a Representative APR may not be the rate that you pay. The rate that you are offered will be dependent on your credit rating and status.

Company Representative APR Min/Max Loan Open To Repayment Period
Bank of Ireland (NI) 18.1% £1k - £1,999 Graduates in employment who have graduated within the last 2 years Fixed rate for up to 5 years, repayments deferred for up to 1 month
Bank of Ireland (NI) 18.9% £2k- £3,499 Graduates in employment who have graduated within the last 2 years Fixed rate for up to 5 years, repayments deferred for up to 1 month
Bank of Ireland (NI) 15.5% £3.5k - £4,999 Graduates in employment who have graduated within the last 2 years Fixed rate for up to 5 years, repayments deferred for up to 1 month
Bank of Ireland (NI) 7.4% £5k-£7,499 Graduates in employment who have graduated within the last 2 years Fixed rate for up to 5 years, repayments deferred for up to 1 month
Bank of Ireland (NI) 7.7% £7.5k - £14,999 Graduates in employment who have graduated within the last 2 years Fixed rate for up to 5 years, repayments deferred for up to 1 month
Bank of Ireland (NI) 8.9% £15-£25k Graduates in employment who have graduated within the last 2 years Fixed rate for up to 5 years, repayments deferred for up to 1 month
Barclays Bank 12.9% £500-£4.9k Account with lender required to repay loan. Graduates up to 2 years after graduation (up to 25 June in the second year following graduation) who are currently in employment and do not wish to continue full time study. Fixed rate for up to 5 years, repayments deferred for up to 3 months
Barclays Bank 12.9% £5k- £10k Account with lender required to repay loan. Graduates up to 2 years after graduation (up to 25 June in the second year following graduation) who are currently in employment and do not wish to continue full time study. Fixed rate for up to 7 years, repayments deferred for up to 3 months
HSBC 12.9% £1k - £4,990 Account with lender required to repay loan. Graduates who have graduated in last 5 years. Rates for existing customers or those opening a current account. Fixed rate for up to 5 years, repayments deferred for up to 1 month
HSBC 7.5% £5K - £25k Account with lender required to repay loan. Graduates who have graduated in last 5 years. Rates for existing customers or those opening a current account. Fixed rate for up to 8 years, repayments deferred for up to 1 month
Lloyds TSB 11.9% £1k - £4.9k Account with lender required to repay loan Fixed rate for up to 5 years, repayments deferred for up to 3 months
Lloyds TSB 9.9% £5k -£10k Account with lender required to repay loan Fixed rate for up to 5 years, repayments deferred for up to 3 months

Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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