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Barbara

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May grads, you knew this was coming. It's almost time to start repaying those student loans. Your six-month grace period on Federal Stafford loans is dwindling — it's time to think about the details of repayment, if you haven't already.

To help you out, here are some items to check off your list of repayment to-dos.

1. Make a plan. Calculate how much your monthly student loan payments will be (be sure to calculate any private student loan payments as well). Make sure you have at least this amount in your budget. Can you allocate a bit more to your loans? Remember paying a little more each month can mean paying less over time. Does it look like your monthly obligations are going to be tough? Then check out the next to-do.
2. Explore your repayment options. There are tons of repayment options for Federal Stafford loans. You can stay on a standard payment plan, extend your repayment if you have a certain amount of federal student loan debt, have your payments based on income if you qualify, combine your loans into one new loan or delay your payments in some circumstances.

Take some time to learn about all your options starting with these:

• Standard, extended, graduated and income-sensitive repayment plans
• Income Based Repayment
• Federal student loan consolidation private student loan consolidation
• Deferments and forbearances

As you explore your options, remember just because you can delay your repayment doesn't mean you should.

3. Know how to contact your lenders. Staying in touch with your lender is a vital part of repayment. Keeping the lines of communication open will help your repayment go as smoothly as possible. Plus, if you hit a bump on your repayment road, talking with your lender about your options can help you get through the situation together.
4. Decide how you'll make your payments. In this technological age, there are more options for payments than the traditional check through the mail. You may be able to manage your loan online. Check with your lender to see if they offer the option to make payments automatically or through your bank's online bill pay service. Making on-time payments is super important, so find the payment option that works for you to ensure your payments arrive to your lender on time.
5. Keep your cosigner informed. I threw this one on the to-do list for those of you with private student loans. Chances are your private loan also has a cosigner whose credit is tied to the good repayment of that loan. Talk through your repayment plan with them to ease their mind a bit. After all, they did put their credit on the line for you.

So let us know: Are there any other items on your repayment to-do list?

Barbara

After a three-year relationship with my gym, it's time for a switch. My new gym is in a closer location, has great classes and is significantly lower in cost. It's in my basement, consists of my favorite exercise DVDs and only costs the electricity to run a television and overhead lights during an hour workout.

The gym is an expense I have previously justified several ways — because of my health, because it was a location just for working out, and because I liked pampering myself in the steam room post-workout.

But as I look to tighten my belt a little to increase savings, I can't justify the expense any longer.

Perhaps this has been one of my splurge items over the past few years. But a girl can only have so many splurge items before she's living above her means, right? Paying a premium for membership at one of the top gyms in town means paying for all the added services — even ones I wasn't using, like fitness classes. Since I wasn't getting my money's worth at the gym, it was splurge I could cut.

However, I'm having a hard time letting go. I keep trying to tell myself that, given the right motivation, I'll still maintain a fitness routine. Here's why (I hope) life sans gym is going to be just as good for my fitness and much better for my pocketbook:

• My house is mere blocks from a local park and bike trail, so when the basement gym gets boring I can mix it up.
• I love rearranging my furniture. Lift with the knees and you have both a workout and a decorating opportunity!
• The outdoors rock — I can do tons of exercises while enjoying the fresh air. Just think of the sweat I'll work up shoveling my driveway this winter.
• With YouTube at my disposal, they'll be ways to vary my workout routines without spending money on new videos and equipment.

Have any of you ended a relationship with a costly routine? Did you have a tough time cutting yourself off? Any ideas for coping are greatly appreciated!

Delenie

Well, my summer internship at Wells Fargo has come to an end, and I'm headed back to college. With graduation just a year away, I am putting on my entrepreneur cap and creating a plan B just in case my bachelor's degree isn't enough to get me where I want to be given the current economic environment.

Last semester, I took a class in urban land economics.  To my surprise, I developed an interest in Real Estate. Even though the housing market isn't doing so well right now, I am looking ahead to its future recovery and preparing for it by studying for my salesperson license.  I mean, things have to get better eventually!

Meanwhile, my friend who just recently graduated is preparing for her CFA exam  to be a Chartered Financial Analyst.  Although this sounds strenuous on a summer afternoon, it really isn't so terrible when we motivate each other and meet at cafes for short study sessions.

Plus, summer is really the best time to try new things!

Another one of my friends is working hard creating a marketing plan for his company, 1-800-TAXI-USA , which he founded a few years back. Now he's getting partnership offers across the nation!Or, if you have an interest in medicine, you could consider getting certified as an Emergency Medical Technician (EMT).  My friend got certified in just two weeks and is now taking full advantage of working at concerts. Getting to watch your favorite artists perform live (for free) while also being at the ready to save a life? Amazing!

These are all great ways to get ahead. I figured that even if I never end up using my Real Estate license, it's still practical knowledge to have — especially when I'm ready to buy a house!

In the meantime, let us know what sorts of things you envision when you put on your own entrepreneur cap. And remember: With some motivation and entrepreneurial spirit, you might just find a new and rewarding career!

Editor's note: Delenie has departed for her senior year at UC Berkeley. We thank her for the many conversations she has generated over the past three months, and we'll be stepping in to answer any questions for her going forward. Good luck, Delenie!

Caroline

If you're starting grad school  this fall, you probably have a million things on your mind, but I'm guessing health insurance isn't one of them — that is, unless you're studying public policy and have been following the health care reform debate  in Washington!

If you've been covered under your parents' health insurance policy while you were an undergrad, be sure to have them send in the proper paperwork to ensure that you're still covered this fall.

My stepdaughter is starting graduate school in a few weeks, and my health insurance company needs a fall transcript to keep her on our policy. You definitely don't want that to lapse!

As I mentioned in an earlier post, most insurance companies like to be reminded every semester that you're still in school. I'll be sending in transcripts every August and January for the next couple years — so remind your parents to do the same.

Delenie

As the recession continues to push our economy in a challenging direction, students across the nation are holding on tight to their degrees, hoping their education will earn them a salary  that's at least enough to pay off their bills. Given these tough conditions, is it time for students like us to shift our focus and study in a more progressive field?

As President Obama  begins to steer our nation in the "green" direction, the renewable energy industry will be facing tremendous growth in the coming years, with an abundance of opportunities  waiting for college students graduating in 2010-2013. Now might not be such a bad time to start taking a few courses on energy efficiency! Or if you have the skills and interest, you might consider a technical job in engineering , information technology , or construction management. 

Although many students may be inclined to major in energy-related fields because that is where the market is heading, you might not necessarily have to if you work hard. Salary increases come with experience and increase the most in the first ten years. Even if you're not making much with an entry-level position after graduating, you have the potential to catch up to your colleagues. Let's compare an English major with an Economics and Electrical Engineering major: 

• As an English major, entry-level jobs average about $31,976 while an Economics major averages $41,704 and an Electrical Engineering major averages $48,883.
• However, just after 5-9 years of experience, English majors will be earning $51,972 while Economics majors average $68,924 and Electrical Engineering majors average $71,824.
• Even though all salaries have increased, there has been the most growth for English and Economics majors with 62.53% and 65.27%, respectively. Meanwhile, salaries have only increased by 46.93% for Electrical Engineering majors.

I'm an Economics major, so this bodes well for me!

My fellow students, how are you guiding your academic careers? Are you basing them on your interest in the subject or on future salaries, or a combination? And what do you think your prospects are for finding a career in this economy?

Barbara

Does your current (or future) federal student loan payment seem a bit daunting? As of July 1, there's a new repayment option for federal student loans that may help.

Income Based Repayment  (IBR) is designed to help borrowers who find that their current income makes the required payments with a standard repayment term difficult to afford.

Here's how it works:

Loan eligibility: IBR is available for the Federal Stafford Loans, Federal PLUS Loans for graduate and professional students, and Federal Consolidation Loans, either with Direct Loans or a private lender like Wells Fargo through the Federal Family Education Loan Program (FFELP). However, there are a couple of exceptions: The loan cannot be in default, and IBR is not available for Federal PLUS Loans for parents or Federal Consolidation Loans that repaid a Federal PLUS Loan for parents.

Payment calculation: Through IBR, borrowers' monthly payments are calculated by taking into consideration their adjusted gross income , family size, and the state where they reside. If the IBR payment is less than the payment under a 10-year standard repayment plan, then the borrower is eligible for IBR. To see if you may qualify, calculate the payment with Income Based Repayment  and compare the payment with Standard Repayment.

How to apply: If you find that your payment with IBR may be lower than with a standard repayment period, you can apply for IBR directly through your lender. If your loan is with Wells Fargo, you can call 1-800-658-3567.

Now that you know how it works, here are some considerations for you:

Added benefits: A more manageable student loan payment is a big deal, but there are a couple other benefits of IBR. If you make qualifying payments on your loan under Income Based Repayment for 25 years, you may be able to have any remaining balance discharged. Also, if you have a subsidized loan and your IBR payment doesn't cover the monthly interest your loan accrues, that unpaid interest will be subsidized by the government for up to three consecutive years from when you first enter IBR repayment.

Possible drawbacks: Remember to consider the cons of IBR as well. A reduced payment through IBR usually means you're taking more time to pay off your loan, which can mean paying more interest over the life of the loan. Borrowers must also submit necessary paperwork each year to continue with IBR. And if you are no longer eligible for IBR, any unpaid interest that has accrued on your loan is capitalized (added to the principal balance) and will be charged interest.

Anyone have additional questions on Income Based Repayment? Leave them here!

Caroline

Garage sales are one of the things I love about summer — right up there with swimming, sweet corn and sandals.

If you're in the process of collecting supplies for your dorm room, or you're a recent college grad looking to outfit your first apartment, be sure to check out your local garage sales. While they may seem quaint in the days of eBay , Craigslist  and Freecycle , I still think hunting for bargains at garage sales is tons of fun, if you do it right.

So, allow me to illuminate for you the Art of the Garage Sale in five simple steps:

1. Keep a list of what you need. Know exactly what you're looking for at garage sales. Don't go shopping willy-nilly or you might be lulled into buying random stuff just because of its cheapness.
2. Check out garage sale listings in your local paper's online classifieds. Plan to visit only those sales that list a category of stuff you need (like "household items"). My newspaper's website  lets me automatically map the sale locations as well. Easy!
3. Look over the merchandise carefully. Once you find something you want to buy, check it out carefully: plug it in, make sure it works, etc. I once bought a brand new little bike for my son at a garage sale. Still in the box! Cool, right? Well, I didn't take it out of the box until I got it home, and realized there were no handlebars. What a birthday bust that was!
4. Don't overlook potential. Particularly if you're buying furniture, like dressers and tables, don't underestimate what a simple coat of paint or new hardware can do. If you need some inspiration, check out this DIY website.  What this woman can do with spray paint completely blows me away.
5. Bargain? Up to you. I usually pay the asking price for whatever I'm buying. Sometimes if I'm buying a whole bunch of stuff (like back when I would buy lots of baby gear) I might ask them to knock $5 off the total. I've definitely had people offer me a lower price without my even asking, but maybe that's just Iowans being nice. If you're good at bargaining, by all means, go for it.

Are you a secondhand bargain-hunter? Let us in on your strategy!