Surviving before 1st paycheque - Graduate Loan?

MrProper

Hi All,
I'm due to graduate in 2 weeks, and have been lucky enough to secure a place on a graduate scheme for a well known IT company, starting at the beginning of July.

My problem is, I won't be paid for another month after this date, and will need money to live on, which will include petrol if commuting from home, or rent if I find a room to stay in, and my overdraft is nearing the limit.

What is the best way to solve this problem? I've seen Natwest offer graduate loans at quite fair rates to graduates, however I stumbled at the first hurdle - the application! I know my gross yearly salary, but as I have not yet been paid, and want the money before the first paycheque, I don't know my 'net monthly salary'. I also do not know how big the student loan contributions will be from my pay! Finally, I don't know if my job counts as 'professional' or 'minor professional' for the form.

As this is all required information, filling out the form is a bit tricky. Does anyone have any suggestions? Thanks in advance!!

Lokolo

Ask your employer if they can forward a payment.

MrProper

Thanks for your help! Unfortunately, I don't think this will be an option...

fleagle21

Try this: http://www.thesalarycalculator.co.uk/salary.php

Put in your gross, and check the student loan deductions box, and it'll give you your net with amount of student loan deduction

melancholly

could you ask your parents to fill up the car for you until the end of the month? easier than asking for money? for money for a month, i'd say the first port of call would be family.... i know not ideal but by the time you fill out the forms and get the money from the loan, it will be a few weeks. can you ask for your overdraft to be extended? they may not make it all linterest free but might add a little more money if you explain the situation (can't hurt to ask!).

for short term cash, but not huge amounts, maybe time for a clear out at a boot sale or ebay? maybe you could make a bit of money selling text books you won't need any more to the year below?

Blacksheep1979

You've got three weeks - bar work?

MrProper

Thanks for your help guys! Think it will be a matter of extending my overdraft to the full £2000, selling as many books as I can, and maybe getting a loan from the bank/family in case I run out, looks like the net earnings calculated using that website should do the trick for the bank! The interest is very low, so it may almost be worth doing it anyway, especially if I'll need to be paying deposits on flats or the like.

Stubert

fleagle21 wrote: »

Try this: http://www.thesalarycalculator.co.uk/salary.php

Put in your gross, and check the student loan deductions box, and it'll give you your net with amount of student loan deduction

http://www.listentotaxman.com/ is another really good calculator and is slightly easier to read!

ceh209

If you're only just graduating, then you won't be paying back student loan till next April.

MrProper

Thanks ceh, I wasn't aware that this was the case.