As the latest generation of proud graduates enters the job market with a degree in hand and a debt burden totalling around £10,000, making careful financial calculations on the basis of past debt accrued is a crucial first step.

Drawing up a comprehensive budget which covers everything from essentials such as rent and weekly shopping to luxuries such as nights out will protect you from unexpected shocks, advised Robin Amlot, spokesperson for the money site.

Loans from the Student Loan Company, parents and credit card companies should be factored in, helping graduates calculate what they will need to earn and how to manage spending.

But student debt should be pushed down the list of repayments, due to cheap interest rates, he urged, in addition to the fact that it only becomes payable when graduates earn over £15,000 a year.

On the other hand, credit card debt repayment should take precedence, Mr Amlot advised.

Last week, the incoming universities minister John Denham announced that more flexibility would soon be introduced into student loan repayments.

Find out more about student loan consolidation

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