Gap Year ? Fianances
Good Idea or Bad Idea
After University many students have student loans that need to be taken care of quickly. The best approach is to consolidate these loans & debts and find yourself a job to work on getting them reduced. Consolidating (collecting them together, and paying off 1 company) allows you to pay them off as soon as possible, and reduce interest on payments.
The Gap YearTaking a year break can look bad on your CV, it can show that you are not interested in getting stuck into a job once you have graduated. Many companies recruit final year students directly at the Universities in January and February, and even hold interviews on campus even before that. The theory that you need a break from your studies is a valid one, but taking 12 months to go around the world is just too long. It leads you to having to wait until major companies start their recruitment process the next year, looking for graduates. Our advice is to start looking for jobs as soon as possible.
Consoldate your Loans
Our advice would be before you go anywhere, have an idea on how much your gap year is going to cost you, and how much you can afford. It is possible that when you consolidate your loans the finance company will offer you the option of getting a cash payment. This is normally offered at a much lower rate.
New Graduate Starting Deals
It may be possible to discuss a starting time for 4 or 5 months after you graduate. This should be more than enough time to travel and see a bit of the world. Most people will have student loans bearing down on them, and taking out further student loans can be expensive. Often times new graduates will receive a signing bonus (especially if you sign many months in advance), this lump sum could be a big help you cover the cost of some schooling.
Gap Year Advice
Our tips would be as follows, take sometime off before you start your career, find a company who will consolidate your loans todate, take the extra cash back offer, travel for 4/5 months and then start your career and begin to pay everyone back.