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Graduates 'shouldn't worry' about loan rates

Published: Monday, 03 March 2008   Category: Life after graduation

Graduates should not be overly concerned about the effects of the credit crunch affecting their ability to secure a loan, an expert has said.

Moneyfacts has stated that graduates should not worry about getting credit or high loan rates as lenders see graduates as customers who are worth attracting despite the likelihood that they will have student debt.

Samantha Owens, head of credit cards and loans at the site, pointed out that graduates tend to benefit from high borrowing and low rates on loans and that this is unlikely to change in the coming year.

"[Graduate loans] aren't like the standard market… [There are] different risk factors that they're looking at, because they're trying to get the graduates in, they're tying to attract them with rates that are slightly more preferential than they're going to give to other people," she said.

She added that her organisation does not foresee any "market contraction" for graduates and they should not worry about obtaining credit.

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