Since the beginning of this academic year, universities can now charge a maximum of £3,000 per year for tuition.
While many students use loans to assist them financially through their period of study, those who have just finished university could benefit from a graduate loan to be used for a number of purposes arising at this life-changing time.
For graduates looking to compare loans, the Royal Bank of Scotland offers an amount from £1,000 to £15,000. The borrower can choose to defer repayments for up to 12 months and the loan has a typical annual percentage rate (APR) of 7.4 per cent.
Lloyds TSB currently offers borrowers from £1,000 to £10,000, which they can take up to five years to repay, with the option to pay nothing back for the first three months.
Alternatively, Barclays Bank could provide a graduate loan of up to £10,000 with a typical APR of 7.9 per cent. This loan has a fixed interest rate with equal monthly repayments.
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