Graduated! Now what?

Lesson 3 of 12 in our free Life Events guide: a 5-minute money game with the key points below.

Shown for England. Some rules here are different in Scotland, Wales and Northern Ireland: the lesson shows your nation's version.

This lesson is in the full version.

Free with a code from your uni, college, council, landlord or employer (worth £600/year). Lesson 1 of Life Events is free for everyone.

Questions you'll answer

Mo, from England, is on Plan 5 (threshold £25,000, rate 9%). Mo earns £30,000. Roughly how much does Mo repay a year?

Mo's graduate overdraft is £1,500 and will start charging interest in a year. Best plan?

Fact: “If you don't earn over the threshold, you don't repay anything.” — Repayments depend on income, not the size of the debt.
Myth: “Student loan debt shows on your credit file like a credit card.” — Student loans from the Student Loans Company don't appear on your credit file — though lenders may ask about repayments.
Fact: “Your student bank account may switch to a graduate account, and the overdraft may shrink over time.” — Check your bank's plan for your overdraft so it doesn't surprise you.
Fact: “England's Plan 5 loans are written off after 40 years.” — Any balance left after 40 years is cancelled.