Financial Telegraph

Much has been written recently about the cost of university, and the increasing number of young people put off by higher education due to the thought of so much debt after graduation. However, as the new term kicks off this month, it is clear that the recession has made the application process even more competitive as more mature students enrol, at the same time as jobs are cut, pay is frozen and more people find themselves without work. So what are the other options after college or sixth form?

Of course, a gap year has long been an acceptable way to spend time after secondary school in order to build up your ‘life experience’ and to enjoy some well-deserved freedom. But with so much concern about debt, can you really afford one? The easy answer is probably yes, but you must plan and budget carefully.

Whether you decide to volunteer close to home, or want to fly to the east coast of Australia, it is likely that you will need to save up some money for the experience. Of course, earning is one thing, but saving is quite another and it is important that you are taking enough money from your monthly pay and putting it somewhere safe. The more research you can do on this at the moment the better as the best savings accounts available tend to be fixed term – meaning you are more likely to get good returns if you leave your savings alone for a certain amount of time.

Another positive boon to your funding could come from tax. If you are only working for a few months before leaving and not working for the rest of the year, you may be eligible for tax back. If you earn

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