Come this summer 400,000 students will graduate from university. It will be a major milestone in their careers, and a moment to savour after fighting through the tortuous process that is exams season. The days of zombified revision will be over, while the sun induced fun days of drinking pimms and indulging in strawberries would have arrived. Ok, the last part is a slight exaggeration, unless of course you are heading to Wimbledon, but you get the point. Freedom will have beckoned and the hopes and dreams of bright new graduates will have begun. Without any question, this is a scenario we would all like to see. Unfortunately though, this summer’s prospects for graduates are gloomier than ever. The dreary rain that always seems to arrive in time for Wimbledon, appears to have also cast its dark spell for our incoming graduates.
We are currently going through one of the worst financial crises in human history; banks have collapsed, they’ve been rescued, businesses have failed, jobs have been lost, and credit has dried up. This has all compounded the dire state of the economy, to create one of the worst environments possible for new graduates to enter into. That’s the bad news.
The good news is that many graduates will land the job they are looking for and find employment. The government is also preparing to launch a national business internship scheme which will provide invaluable industry experience and a productive purpose for bored gradates. But not everyone will get a decent job, or want to enrol on the internship scheme. New opportunities and avenues have to be created in order to fill this void. Britain’s long-term prosperity and global economic strength depends on it.
There are three main things we can do. Firstly, the government could introduce a ‘Graduate for Community’ grant, where a non-repayable grant of up to £5000 is given to new graduates in return for a dedicated commitment to community service. A grant for cash strapped and ‘top-up fee-d’ graduates would provide a major financial boost, allowing them flexibility in making individual career decisions, i.e. taking up an unpaid internship or work placement not included in the government scheme. Highly qualified and talented graduates would also be of great value in the voluntary sector, particularly at a time when people are finding it financially difficult to volunteer. Interlinking disadvantaged communities with capable and intelligent graduates will only serve to strengthen the social ladders of opportunity that are a pre-requisite for any progressive society.
The second option, and arguably the most practical, is to introduce a government funded, graduate loan. This would simply be an extension of the current arrangements under the Student Loans Company (SLC). The only difference would be that graduates for one year will be able to draw out the same level of funding they had access to while a student. This would allow graduates to have access to much needed funding when banks have severely restricted finance. But crucially, this policy would be ‘revenue neutral’, as the loan made available would eventually have to be repaid back in line with current arrangements under the SLC.
Another measure that could be adopted is to make available up to £3000 to all newly qualified graduates who undertake postgraduate qualifications or extra training. This would keep graduates in education and away from idleness. Postgraduate studying is a fantastic way for our graduates to gain extra skills and qualifications, and will only serve to strengthen our economy in the long run. How many graduates come out of university wishing they had pushed themselves a little further, or specialised in a particular discipline, or even simply gained better computer skills? This financial help will give them the chance to do just that. The knock on benefit of all this is that it would help mitigate the effects of the large numbers of unemployed graduates there will be in the summer, if there isn’t already.
This summer will mark the inaugural year of the new removable roof on Centre Court at Wimbledon. Gone are the days of rain stopping play, and spectators sitting numb while the world moves on. One of sports greatest tournaments is now shielded from the worst the weather can throw. If we invest in our incoming graduates and future leaders of tomorrow society too, like Wimbledon, can weather the storm and ride out stronger when it passes.