My Future

How To Leave Uni With Minimal Debt And Maximum Prospects

Want your fees paid, a grad salary, and a guaranteed job when you finish uni? We've teamed up with the Australian Defence Force to bring you tips and tricks to leaving job with minimal debt and maximum opportunities.

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Want your fees paid, a salary and a guaranteed job after uni? Thought so, that’s why we’ve teamed up with Australian Defence Force to give you tips on how to set yourself up for success.

When you start out, uni seems like it will go on forever; an eternal progression of tutes, late nights and procrastination. Blink and suddenly you’re in your final year, the precipice of graduation rushing toward you like a waterfall.

Leaving the comfort of tertiary education can be confronting. What do you do now? What kind of positions are you ready for? How do you handle all those student loans? Do you even life, bro?

To help you answer all these questions and more, we’ve scoured our minds and Google’s to bring you this guide to a smooth, painless transition into what our parents like to call “real life”.

Start your job search now

This doesn’t necessarily mean applying for jobs that are out of your league. But scoping out the first rung on your dream career ladder will help you identify what you need to get your first leg up.

You’ll want to look at what type of internships could benefit you, what skills and interests will impress employers, and what qualifications best align with your ideal path. A friendly LinkedIn stalk or two will also help you work out how people came to that dream role and the experience you need to gather.

Get your name out there

Networking isn’t just for salesmen. It’s something that can hugely benefit your career, no matter your field. You can’t get headhunted if no one knows what you look like.

Seek out industry events and LinkedIn groups to get a sense of what’s happening in the space and who the movers and shakers are. It might also be a good time to scope out the kinds of companies you could work for one day. Who are the people you’ll need to impress?

Be sure to make the most of your uni connections too. While your marketing lecturer might look like he’s been put out to pasture, remember he’s an expert in his field and his contacts could get you your first job interview.

(It’s also not a bad idea to Google yourself, just to see what pops up. Embarrassing blog articles from your angry teen years can make a job interview super awkward.)

Watch your credit

Debt is like negative savings – the longer you have it, the bigger it gets. And no savings account is better for your financial health than being debt-free. Not only that, but having large amounts of debt can affect your credit score, making it harder for you to secure a bank loan for a house or car.

Credit card debt in particular usually carries a lot of interest, so make paying it off your first priority. If you think you have the discipline to own a credit card – and not use it – doing so can improve your credit score. If you do end up using that slick shard of financial convenience, just make sure you can afford to pay off the balance at the end of the month.

Your education shouldn’t end with uni

With the end of your course in sight – or at any stage in your education, really – it’s a good idea to look into what training you can jump into after graduation (and a well-deserved break, of course).

Researching post-graduate courses available to someone with your degree can help you decide what you want to specialise in. If you want to upskill, there are also non-uni options, such as TAFE short courses, job-ready programs, and even jobs available in the Australian Defence Force that allow you to constantly improve your education. Any of these pathways can provide you with valuable experience and/or qualifications that will make you an even more attractive candidate for employment.

Learn about FEE-HECS-HELP and how you could leave uni debt free

Government sponsorship programs – unlike bank loans or credit card debt – do not incur interest.

For FEE/HECS debt, repayments are compulsory once your income reaches a certain threshold. For the 2015-16 financial year, that threshold is $54,126. The threshold is changed (indexed) each year to reflect cost-of-living factors. Repayments start at 4 per cent of your annual income, and go up in brackets (listed here).

Until January 1 2017, making any voluntary payments of $500 or more will get you a bonus reduction of 5 per cent off your loan (that is, 5 per cent of your payment, not 5 per cent of the loan). So, if you decide to pay off $1000, an extra $50 will be deducted from your loan.

Thinking about your post uni options? It’s go time! Learn more about The Defence University Sponsorship here.

Business major, journalism minor and sometime voice-actor, Joel Svensson pretends to be smart at La Trobe University in Melbourne.