BE GOOD, OR ELSE
Students are being asked to sign contracts in which they promise to behave
themselves, work hard and turn up to lectures on time. Two universities,
Oxford and Chester, have already introduced the legally binding contracts,
with more expected to follow suit.
Chester’s contract says that students must work diligently and attend
lectures. In return, it will deliver the programme and provide access to
learning materials.
At Leeds, freshers are now asked to sign a partnership agreement, developed
with the help of the student union. Although not legally binding, it lays
out detailed terms including the right of students to meet tutors on a
one-to-one basis at least once a term. Professor Les Ebdon, chair of
Universities UK’s student experience policy committee, says that several
universities are looking into the idea: “You sign a contract when you start
a new job; many people find it helpful to know what hours they are meant to
work. It will be the same for university.”
The NUS is concerned that contracts could restrict a student’s right to
complain. A specialist education lawyer says that Chester’s contract could
stop students from taking legal action against the university. Lincoln is
currently facing compensation demands from animation graduates who feel let
down by the course. Wes Streeting, the NUS vice president, says: “The
contracts we have seen appear very one-sided, outlining a number of
requirements for students but vague on what is required of the university.”
PAYBACK TIME
Clare Francis says prioritise
To clear your debts
If you’re one of the thousands of people who graduated this summer, the
realisation that you are no longer a student will be starting to hit. Your
Young Person’s Railcard will give you cheaper train fares for another few
years, but many of your other student discounts will suddenly end.
The days of accumulating debt may be over, but they will be replaced by the
worry of how all that money will be paid back. The key is not to panic.
Instead, prioritise.
Forget about your student loans
The earliest you’ll have to start repaying your loan is the April after you
have graduated. But even then, you have to start paying the money back only
once you are earning £15,000 a year or more. You pay 9% of any earnings
above £15,000, and these payments are deducted automatically from your
salary. Additional repayments can be made to clear your debt more quickly,
but this may not be worth doing because the interest rate on student loans
is so low.
Clear your most expensive debts first
If you owe money on credit or store cards, prioritise them. The average
credit-card rate is 16%, compared with 2.4% for student loans. Store cards
are even more expensive, many charging more than 30%.
If you owe money on several cards, it may be worth taking out a personal loan
to pay them all off. Look for the most competitive loan rate possible.
However, many lenders will base the interest rate they offer you on your
credit score. If you had problems obtaining credit at university, or found
it difficult to manage your finances, you may not get the best deals. In
this case, you would be better off sticking with your existing cards but
transferring your other balances to the card with the lowest rate of
interest.
If you do not miss any payments, your credit score will improve over time.
After a year or so, you may be able to find a more competitive deal.
Take advantage of the generous current- account deals offered by banks
to graduates
Many offer interest-free overdrafts for up to three years after you’ve
finished your degree. You do not have to stay with the bank you had your
student account with. Most banks will welcome you — and your debts — with
open arms, because they see you as a potentially profitable customer for the
future. Compare the different deals on offer and snap up the most attractive.
GIVE YOURSELF A HELPING HAND
Benefits of volunteering
Volunteering sounds dull, right? Why give up your precious free time to help
other people? In fact, it could be one of your most rewarding experiences at
university — and boost your job prospects. “Volunteering has really improved
my communication and negotiation skills,” says Simon Ballans, 20, a
third-year law student at Reading University who works part-time at the
Citizens Advice Bureau. “I’ve learned how to listen and extract information
from clients. I’m a step ahead of other people on my course in applying what
I know in the real world.”
Rather than living in a campus bubble, doing voluntary work can connect you
with the local community and show you sides of life that students do not
often see.
Many employers look kindly on students who have gained skills in problem
solving, leadership and building relationships. “Volunteering offers the
ideal opportunity for students to really stretch and challenge themselves,”
says Keith Dugdale, director of recruitment and resourcing at KPMG UK.
“There is no doubt that employers like KPMG place great value on such
experience when selecting their new graduate recruits.”
Doing voluntary work can also boost your social life. Mary Leahy, who studied
English at Queen Mary, University of London, says:
“I worked with The Food Chain, a charity for people with HIV and Aids. There
were other students there from seven universities, a good mix of people.”
See www.studentvol.org.uk for opportunities in your area; www.volunteering.org.uk
lists UK agencies that send volunteers abroad and
www.idealist.org can put you in touch with 56,000 organisations in
165 countries
JAMES LEFT WITH A 2:2 AND A WEBSITE WORTH MILLIONS
Budding tycoon James Murray Wells mulled over a number of business ideas
before launching one that really took off — selling cheap prescription
glasses online.
Wells, 23, from Tetbury, sank his £1,000 student loan into the business,
recruiting a web designer through a student job shop, employing eight
friends to answer the phones and persuading his mother to work as the
“office canteen”. His marketing department consisted of two students
leafleting shoppers in Bristol.
After shrugging off a legal challenge from the rival Specsavers, the website,
Glassesdirect.co.uk, now boasts a multi-million pound turnover and claims to
sell a pair of glasses every eight minutes. Earlier this year, Wells was
awarded an Isambard Kingdom Brunel Young Companies Award for providing
“innovative solutions to benefit society”.
Not only students on business courses can become entrepreneurs, says Wells,
who studied English at the University of the West of England in Bristol. “I
got a 2:2, which isn’t great, but by the end of my course I was literally
running out of my exams to get back to work.”
Wells believes that university provides an ideal platform for setting up a
business. “You have a three-year period to come up with ideas and test
them,” he says. “University is like a microcosm of the real world, and you
have everything on your doorstep to help build a business. I found Mintel
business reports through the college intranet, which saved me thousands of
pounds.”
