LIFE AFTER COLLEGE
Reality bites. And it hits swiftly after graduation. Prepare yourself for the post-grad world ahead of time.
say, don't you look smart
You spent a lot of money on school, so prove that education worked! Understanding how to manage your student loans is the key to not falling behind. Don't get buried under what you don't know before you get the chance to show off what you do.
financial rules of thumb
Making sure you have emergency funds (3-6 months of living expenses, suggested) and take measures to set aside a percentage of your monthly income. See the PDF below for more detailed information on savings goals and maintaining a manageable debt ratios.
Economic support from mom and dad
- Independent financial survival after college is a harsher reality compared to those who graduated during the 60s, 70s, 80s and even 90s - it's ok to get temporary help
- Parents and kids should keep lines of communication open and set realistic expectations with each other
- A plan to gradually wean down (and eventually be off) of receiving financial help to be outlined
CREATE SEPARATE BANK ACCOUNTS
Divide up your savings for additional goals like saving for a down payment on a house, buying a car, or other large purchases
Make the transition from leasing property to buying property
Use financial rules of thumb to determine when timing is right and the purchase is economically feasible
Consult with experts - mortgage officer, banker, financial planner, or other trusted advisor
Participants should strive to contribute at least up to the
PRIVATE STUDENT DEBT
Prioritize applying extra payments to private loans, as they generally carry higher interest rates than federal loans
FEDERAL STUDENT DEBT
Understanding repayment and refinancing options will help keep you on track once payments kick in.