3 Tips for New College Grads

So, you’re finally graduating – ready for the real world? If you’re like most twenty-somethings, you’re probably feeling a sense of accomplishment mixed with uncertainty. After all, you are approaching several major life decisions! So what's next for you after college? Here's are some critical decisions you’ll be making in the near future and some tips to help you navigate your way through life after graduation:

Your Next Career Decision: Job vs. Grad School

Your Next Place to Live: Apartment vs. Moving Back in with Mom and Dad

Your Next Budgeting Decision: Paying Off Student Loans

Job vs. Grad School

Going to graduate school is a huge commitment of time and money. It requires years of intense work and research. If you are uncertain whether you should go to graduate school consider the following:

Why do you want a graduate degree? To reach a specific career goal? To earn a higher salary? If you don’t have a clear goal in mind, you will most likely waste a lot of time and money. Instead of going to graduate school as a default move–or to avoid getting a job–consider waiting a few years to gain some work/life experience first.

Do you want to go straight to graduate school? Many students wonder if it is better to attend graduate school right after getting a bachelor's degree, or to wait a few years. There are advantages to both:

    Advantages to going straight to graduate school:
     - your study skills will be fresh
     - you won’t have as many obligations to worry about
     - some careers require an advanced degree

    Advantages to waiting a few years:
     - you can work in your career field and figure out if you like it
     - some graduate programs require work experience
     - many employers will help you pay for graduate school
     - you can get financially stable before taking on more debt

Can you afford graduate school? The financial demands of a graduate degree are great. It is critical that you to look at the cost and determine if attending graduate school is feasible. Many of the same types of financial aid offered at the undergraduate level are also available at the graduate level, including Stafford loans. Also, beginning in Fall of 2006, new Grad PLUS loans are available.

Find more great tips on going to graduate school in our FREE Graduate Survival Guide.

Apartment vs. Moving Back in with Mom and Dad

Today’s college graduates are facing many challenges. It may seem easier to move back in with mom and dad. You’ll have little or no rent to pay, home-cooked meals, laundry service and free utilities. But - before you ask you parents to get your old room ready - remember they may want to set rules and a curfew. So, are you ready to bring your date back to your parent’s house for the evening?

Living in an apartment will give you more freedom and privacy, but also more responsibility. You’ll have to pay bills like rent, phone, cable, utilities as well as do your own cooking and laundry. However, you can always find a roommate to split the bills with. For more great tips on getting your first apartment get a copy of our FREE Graduate Survival Guide.

Paying Off Student Loans

You’ve got your education – now you have to pay for it. It may seem like a daunting task, but the following information will make paying back those student loans a little easier:

Grace Periods
Many college students don't get jobs right after graduation. Luckily, student loans come with a “grace period” so you don’t have to start paying them back right away. Stafford loans come with a six-month grace period and Perkins loans come with a nine-month grace period.

Student Loan Consolidation
Student loan consolidation can help you lower your monthly payments and may actually lower the total amount you pay on your loans. Student Lending Works can offer you consolidation discounts to lower your interest rate or the amount you owe. Student loan consolidation will also combine all of your loan payments into one convenient payment, so you have fewer bills to worry about.