After you graduate you’re biggest hurdle is finding a job that will get your career going. About 6 months down the line you’re likely to get a notice in the mail about your student loans. That’s right, the vacation is over and you now have to start repaying all the money you borrowed.
First off, stop panicking and start planning. Forbes has provided some great financial tips for new graduates. Here are some of the more notable ones.
- Pretend you’re still a student. While you might not go splurging on Filet Mignon, remember that your bills take top priority and if you end up blowing your money on happy hour you’ll soon find that your debt payments are barely getting made.
- Start saving for retirement. Once you score that fresh out-of-college job make sure you get a retirement savings plan started. It is never too early!
- Pay off your other debts. You may have racked up a little bit of credit card debt or financed some new furniture. Get rid of those debts as best as you can so you can concentrate on paying off your student loans.
- Find out what your student loan options are. If you’re not in the best financial situation you will need to figure out what your options are. Can you consolidate your loans? Is public service an option? Does your loan provider offer deferment or varying repayment plans? If you don’t know the answer you need to do some research and contact your lender if possible to discuss your options.
Check out some other tips on dealing with your finances after graduation. If you’re deep in debt whether it’s with loans or credit cards, credit counseling might be what you need to help you create a plan to get you to financial freedom.