Now that your college years are behind you, it’s time to begin another chapter in your life. While you may have been juggling school work, a part time job and a social life all at once, post-graduation brings a whole new meaning to “adulting.” In the next few years you may be looking to purchase a home or start a family, but for now, let’s look at a few things you should try to accomplish your first year after college.
You may soon realize that it can be difficult to find free time to travel when you start working a 9-to-5 job. Therefore, consider traveling the summer after graduation. It’s a great chance to see places you may not be able to see when you begin working full-time. Traveling can help clear your mind and relieve the stress of those last few college finals. It’s understandable to find it hard to even think of traveling with your student loan payments looming large, but you may regret not doing so when you begin working. Consider making an allowance in your budget for travel and remember not to add on any more debt! (Pro tip: A travel rewards credit card is a great way to help pay for your travel, and if properly managed, can also help you build your credit.)
2. Land A Job
Of course, the reason why you went to college to begin with was to establish a career. Chances are your first job won’t be your last. Now is a good time to start a job where you can learn new skills that can be used later in your career. Don’t be afraid to take a job that doesn’t directly align with your college major. You can learn something new in every job, and remember you are building skills and your career is a path.
3. Learn to Network
While networking may not sound so thrilling, learning to engage with other professionals and sell yourself is an important life skill. Learning to network is a stepping-stone to enhancing your career. It helps to improve your communication, build relationships, generate ideas and lets you stay current on trends related to your major.
4. Get Your Finances in Order
Graduation is a great time to revisit your finances and make necessary adjustments. Now that you’re out of college, your expenses and income will be different. This means making changes to your budget, taking into account any new expenses such as rent, travel costs for work and, unfortunately, those pesky student loans. Knowing exactly where your money is going can help free up some cash flow, which you can use to help pay down student loan debt.
Make sure you gather all your information regarding your student loans. You will soon be responsible for the repayment of these loans, so the more you know and understand about them, the better off you will be.
5. Open a Savings Account
For those who don’t have a savings account, now is the time to open one. If you’re working, consider opening an employee-sponsored retirement plan such as a 401K or an individual retirement account (IRA). While you may find it difficult to contribute when you have student loans, the earlier you begin savings in these accounts the better. Starting early will give your money more time to grow. Even saving a bit in your first year out of college will make a difference in the long run.
6. Accept Change
After college, you may be faced with a few changes you’re not quite used too. Whether it be starting a new career or moving to a new city, expect some challenging transitions in your first year out of college. This is not to scare you: Change can be a good thing, and when you embrace it, you can make the best of these changes.
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Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 5.87%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|