Graduates advised to shop around
Graduates were today advised to ensure they shop around for the best deal before taking out a loan.
A number of banks offer specialist loan products to recent graduates, who often already owe thousands of pounds after paying for their tuition fees and living expenses while at university.
Many of these loans have benefited from lower interest rates in the past, but the latest round of rate rises by banks means this is no longer always the case, according to Samantha Owens, head of personal finance at Moneyfacts.co.uk.
Recent graduates looking to borrow money may now find mainstream loan products are a better option for them, Ms Owens recommended.
She explained: "Graduates should not assume that these specialist deals will offer them the best rate. With significantly lower rates to be found in the market it's worth shopping around."
The latest Push Student Debt Survey showed that the average 2007 graduate left university having accumulated a little under £13,000 of borrowing.
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