Graduation is over and your degree is now in hand. The semester has ended, finally a break from classes and homework! It’s summer and for some that means more free time, so let’s use it to get educated and prepare for WHAT IS NEXT.
Financials – Student Loans:
Whether you just walked across the stage or are ramping up for the next semester, financial budgeting is a critical part of your NEXT step. If you have not already incorporated budgeting into your life, KLJ Way suggests becoming very familiar with the concept. Just graduated? You’re expected to start paying back your student loans 6 months after your graduation date. But in the words of French Montana, “Don’t Panic”, you have options!
Forbearance:
If you are unable to pay them, there is FORBEARANCE, which allows you to, well, forbear your payment and put it off until a later date. BUT know that does not mean you are sailing free of charge, interest still accrues on your loans. Moral of the story, if you are able to afford the higher amount, pay it, so in 10 years. . . BYE BYE loans.
Repayment Plans:
There are a variety of options when it comes to choosing a repayment plan. You can choose the plan that works best for you and your income, whether it is income contingent, pay as you earn, or a fixed rate. To learn more about your options visit FederalAid.
PSLF:
Also known as Public Service Loan Forgiveness. Yes, your loans can be FORGIVEN! If you work for a non-profit organization or in any public service position, you may be eligible for this. All that is needed, once enrolled, is 120 applicable payments, and in 10 years, your remaining loan balance is forgiven. Thank us later!
But whether you have loans to pay or not, budgeting and financial consciousness are important to be financially successful. It is encouraged to do the following:
- Make a budget, laying out monthly expenses and remain committed to it.
- Revisit your budget periodically to update it and ensure it is realistic.
- Spend intentionally and on things that are personally fulfilling to you.
- SAVE! Whether you are putting $5 or $500 a week to the side, just SAVE.
- Make a mental note that transactions from the weekend splurge will not post until Tuesday.
- Credit cards are your friend, BUT only when used and managed responsibly.
- As a tip from us to you, you are entitled to a free credit report every year that includes info from each of the three reporting agencies. You can learn more HERE.
In this tech friendly world, there are many phone apps to assist you with budgeting, whether you are a novice or seasoned budgeteer. A popular app is Mint, commonly known for mirroring your bank account and credit card statements to help you track your monthly expenses all in one place. Mint also provides you with your TransUnion VantageScore credit score. Additional apps are Wallaby and Simple, which can also be found in Android and Apple app stores. Happy Budgeting!
Academics:
Continuing on your educational journey? To avoid additional loans, look into grants, scholarships, and paid fellowships at your institution of choice to alleviate the cost. It is also suggested to make a stop to your friendly college/university financial aid office to learn about how loans work and your best options to avoid penalties and next of kin having to bear your loans in the event something happens to you. To learn more about your general options you can visit Sallie Mae’s website.
Personal/Professional Goals:
You just completed a major accomplishment on your life’s journey. Now you’re deciding which company to apply to first, which college do I choose to get my next degree, or maybe you’re wondering if you majored in a program that will help you achieve your professional goals. Regardless, there are NEW GOALS to be set. Without personal goals it can be easy to feel uninspired or lost. So begin by writing your goals down, keeping in mind SMART:
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- Specific
- Measurable
- Attainable
- Relevant
- Time-bound
Use creative freedom to lay out your goals in the best way for you, whether it is writing it down in your favorite notebook, on a vision board, electronic device, mirror, or the wall! Just be sure it is some place you can revisit to check back on your progress. When you crush a goal, celebrate, and then move on to the next!