A staggering 60% of students expect to have to deal with in excess of £10,000 of debt once they have completed their studies – and according to recent research by the Institute of Fiscal studies, over half of graduates will still be paying off their student loans in their 50s.
The research also reveals that 56% of graduates will qualify to have their loans written off after 30 years, when they will be at least fifty-one years old.
In the current job market, most graduates are grateful to land any sort of paid employment. However, with the huge amount of debt that has been stacking up over the past few years, the higher paid the job, the better. With well-paid jobs, you can demolish your student debt much quicker than if you settle for the first job you are offered – an admittedly risky move but one that could pay off in the future.
Instead of shouldering the burden of debt on a long-term basis while you edge your way up the career ladder, aim for a debt-busting first job:
Salesperson - Perfect for extroverts, graduates who undertake commissioned sales jobs can see your salary rocket sky-high – nothing less than you deserve after three years of hard work. The one downside is that many sales jobs do not have a base salary – but successful salespeople can easily pocket six-figure salaries working at car dealerships, electronics stores and investment banks.
I.T. professional - The demand for computer skills has climbed steadily since the 90s and with jaw-dropping new technology being launched regularly; this is not likely to change any time soon.
Accountant - Rifling through a mass of numbers in a small cubicle in the corner of an office has branded accountancy as a somewhat stiff and boring career path to pursue. However, the average salary after training clocks in at between £30,000 and £50,000 while the most experienced can rake in far more. Still sound boring?
Bin man - Spending £9k on a degree and then becoming a bin man/woman doesn’t exactly seem logical, but with an average starting salary often in excess of £30,000, making a living by chucking a few bin bags into the back of a truck makes perfect financial sense! With only your parents (and possibly your pride) standing in your way, the token “somebody’s got to do it” job is looking more and more appealing.
Are you currently looking for well-paid graduate jobs? Would you consider changing your chosen career path to blitz your debt?