This academic year, an estimated 1.8 million undergraduates will walk
across the stage to receive their bachelor’s degrees. Hiring is expected
to rise about 2 percent over last year, and the average starting salary
for Class of 2013 college graduates is likely to increase by 5 percent,
according to research from the National Association of Colleges and
Employers.
“The first few months after graduation offer an important opportunity to
build a professional network, begin a new career, and lay the foundation
for savvy financial habits,” says Patricia Nash Christel, vice
president, Sallie Mae. “This is a time to pay close attention to your
finances and make smart decisions that can translate into a higher
credit score and a solid financial future.”
Sallie Mae offers these timely tips for Class of 2013 graduates:
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Create a budget. Plan for your financial well-being by setting
up a monthly budget before you select an apartment or make large
purchases such as a car. Consider living at home or with roommates to
keep expenses low.
-
Pay bills before due dates. Making payments on time can help
build and maintain a good credit rating — and avoid the extra expense
of late fees. Consider having bill payments automatically deducted
from your bank account to ensure on time payments.
-
Stay a step ahead of student loans. If you borrowed money to
pay for college create
a list of your loans and notify your loan servicers of your new
address. Most federal loans and private loans provide six months of
transition time after graduation before your first full payment is
due. Consider starting payments a little early to pay less in the long
run.
-
Get cash back when you need to spend. Join Upromise
by Sallie Mae to earn cash back to help pay down eligible Sallie
Mae-serviced student loans. You can invite family and friends to join
Upromise and contribute to your account.
-
Think about your health. If you were covered by a student
health plan, make sure you maintain coverage as you leave school. Many
insurers now permit you to stay on your parent's health insurance plan
until age 26, and it is required by law starting in 2014. For those
who need a temporary solution, Sallie Mae offers short-term
medical insurance to bridge the gap between graduation and
employer-sponsored coverage.
-
Protect yourself from the unexpected. If you are moving to a
new apartment, renters
insurance is an affordable way to protect your personal belongings
while providing personal liability protections.
-
Don’t wait to start saving. Start building a rainy day fund in
case of unpredictable circumstances and aim to save $500-$1,000. Put
saving on autopilot with an automatic deduction and save in small
amounts each month which can add up to give you peace of mind. In
addition, while retirement may seem like a long way off, don’t put off
signing up for your employer’s 401(k) program, especially if you
qualify for a match.
Online resources designed to help new college graduates take control of
their financial futures are available on the personal finance site Wise
Bread at a “New
Graduate Help Center” sponsored by Sallie Mae and at CollegeAnswer.com.
Articles span a variety of topics that help recent college grads find
jobs, manage their finances, and pay off student loans.
Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services
company specializing in education. Celebrating 40 years of making a
difference, Sallie Mae continues to turn education dreams into reality
for American families, today serving 25 million customers. With products
and services that include 529 college savings plans, Upromise rewards,
scholarship search and planning tools, education loans, insurance, and
online banking, Sallie Mae offers solutions that help families save,
plan, and pay for college. Sallie Mae also provides financial services
to hundreds of college campuses as well as to federal and state
governments. Learn more at SallieMae.com. Commonly known as Sallie Mae,
SLM Corporation and its subsidiaries are not sponsored by or agencies of
the United States of America.
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