Recently in After College Category

If college graduation is nearing for you, you’re probably busy studying for finals, packing and sending out resumes. That’s a full plate for anyone, but you should also take a few minutes to gather a few things before leaving school.

Student loan information: as you’re packing up, take a look through any student loan paperwork you’ve saved. Make sure you know what loans you borrowed during school, what your total repayment amount will be and when repayment begins for each loan. If you have questions about any of these things, contact your financial aid office.

Financial aid office contact information: take note of your financial aid office’s address, phone number, and email if they offer it. It’s probably available on your school’s website, just be sure you know where to find it. You may want to contact your financial aid office down the road if you have questions about your student loans.

Professors/employers/mentors: did you have a professor, employer or mentor during college? If so, be sure you have their contact information before you leave school. You may want to get in touch with them in the future for advice, a job reference, or just to keep in touch.

Record your addresses: you might be surprised how quickly you forget the address of the place you lived for two years. But you may need that information when you rent your next place—you often need to give a few years’ worth of past addresses when you rent a new apartment.

Copy of your transcripts: you may need these for future employment. If you don’t get an actual copy, at least take note of the office that provides them, so you don’t have to hunt it down when it’s time to send them.

For those of you who have recently graduated, is there any other helpful information you wish you’d taken with you when you left college?

As May approaches, senior across the country are getting ready to graduate from college and move into the next stage of their lives. As exciting as this sounds the realization of “being a grown up” starts to creep in. For those of you who borrowed money, you will also start getting information about what student loans you have outstanding and when your first payments are due. This can be very overwhelming and adds to the anxiety you may already be feeling. Here are some quick tips to help you make an easier transition into loan repayment.

• Be responsive. Open all of your mail and read it! As crazy as it sounds, this is a big one. Much of this correspondence will give you pertinent information about where your loans are, when the first payment is due and any additional steps you need to take. Not knowing you had a payment due, because you did not open your mail, is not an excuse.
• Ask for help. Take all the information you receive and make an appointment with your financial aid officer. They can compare your documentation to what they have on record to make sure there are no mistakes…or more importantly to make sure you are not missing anything. It is common for loans to be sold to other agencies and fall through the cracks. It is your responsibility to stay on top of where your loans are. Also, if you are going back to school, currently unemployed, transitioning to a new city for work, etc. they can give you information on how to best manage your loans.
• Reach out. Get in touch with your lender to make sure your contact information is correct. Many times students use their local address and school email on their loan applications. After they graduate and move, the mail is not forwarded or the email address is cancelled. Again, it is your responsibility and in your best interest to stay in contact. As issues occur, your lender can’t provide assistance if they can’t get in touch with you. Not to mention, they can’t help if you do not ask for it. There are options available for both federal and private loans to help you through the tough spots. The earlier a lender knows about your situation, the easier they may be able to help.
• Look for opportunities to save. Take some time and research opportunities to get a portion of your federal loan forgiven in-trade for things like teaching science in underserved communities. There are several of these programs, and it never hurts to see if you qualify and are interested in participating in the program. You can also contact your financial aid counselor for additional guidance.
• Plan ahead. Most student loan programs come with a grace period after graduating that can range from 3-9 months depending on the loan. During this period you are not required to make payments on your loans. Use this time wisely to make your loan repayment easier. As stated before, make contact with your lender, make sure you know where all of your loans are located, make sure your contact information is current and accurate, etc. It is better to handle any issues and get everything straight during the grace period than it can be once you enter into repayment. Create a budget that includes your student loan payment and start managing your money towards this budget now. This will get you in the habit of making the payment earlier so when the actual first date comes around you are better prepared for it.

You are responsible for repaying your student loans based on the agreement between you and whomever you borrowed the money from. The more proactive you are about contacting your lender, the easier this stage of your life will be.

Tips for a Smooth Transition:

Making the jump from class to cube? Make sure that you start your career on the right foot. After all, you never get a second chance to make a first impression, and there are so many things that can derail your interview for the perfect job before it even starts. Here are some tips to make sure that you don’t commit a faux pas prior to getting your foot in the door.

Online Profile
I know you’ve heard of the importance of keeping your information private online. Now is the time to look through your Google high SEO posts, pictures, blogs and comments with a fine tooth comb. The importance of an online presence is increasing, so more and more recruiters are looking to the internet as a source of information about you. According to do Zuckerburg’s Law , the amount of online data about you doubles each year. Become the curator of your online life – turn up the privacy settings, cut the fat, and make sure your LinkedIn picture isn’t a selfie.

Visit a Tailor
Time to retire the high school softball hoodie. Jeans will most likely be relegated to the weekends. If your closet only consists of the one suit you picked up the day before your first interview, you need to follow my advice. Walk over to your nearest trusted tailor and have your suit and any dress pants you own, tailored to really fit you. A $30 dollar adjustment will make you look like a million bucks. Trust me.

Become the Career Center Mayor
One of your best resources is your school’s career center. The counselors are armed with tons of knowledge about life in and out of college. Take special advantage of the amenities you’ll have to pay for in real life: resume review, interview skills and practice, info on first year alum at companies that interest you, etc. CCs also may offer discounts for professional clothing outlets and trade associations.

Dotting Your I’s
You’re prepped to make the best possible first impression, so ensure you’re leaving a lasting one. Pick up solid resume paper, preferably a high percentage of cotton and 32lb weight. Find good Thank You cards, classic white or ivory will convey the correct message. Remove the ringback song on your phone (no more LMAO while they wait) and ensure your voicemail message is clear and professional. Fine, keep your OG coolguy1992@yahoo.com email address, but create a new one with your first and last name to use for professional purposes.

Take a deep breath and get ready for your next big step!

Graduating college seniors, you probably have a lot on your mind as this final semester of your college career winds down.

No doubt you’ve got finals looming and you’re probably deep in job-hunting mode, not to mention the fact that you probably have to pack up and move in the next few weeks. And there’s one more pesky item that should be on your to-do list if you have a federal student loan: complete your exit counseling session.

If you have a federal student loan, completing your exit counseling session is a requirement. If you have private student loans, it depends on the lender and/or your school as to whether it’s required. I had federal student loans, and when I was a graduating senior, students had to attend these exit sessions in person. This was B.I., of course (Before Internet).

Today, you can sit in the comfort of your dorm or apartment and whiz through your exit counseling session online while in your jammies. And in an effort to cross one more thing off your list, you may be tempted to get it done quickly, without paying much attention to the content.

But please don’t.

Trust me, there will come a day, maybe only a few months down the road when you’ll wish you knew a little more about your student loan. Repaying your student loan is a big responsibility—this time it’s critical to pay attention to the details.

But the exit session is not just about what you have to do. You also have rights as a borrower, and it’s important that you understand them. What if you need to postpone your payments and want a deferment or forbearance on your federal student loan at some point? Is loan consolidation right for you? (Remember that you may not be able to get the same repayment plans, deferment options, loan forgiveness, etc. with private student loans as you do with federal student loans.)

These are just some of the questions that exit counseling can answer for you. So take the time to walk through it carefully and pay close attention. It’s information that you’ll want to know.

As we say goodbye to 2012 and hello to 2013, it is time to set the goals we will try to achieve in the New Year. The dreaded New Year’s Resolution! I say dreaded because most people never stick to these agreements for more than a few months. Common resolutions like quit smoking, lose weight, eat better, or go to church are positive changes a person can make, but rarely are they maintained. For many, these goals are not specific, not realistic and are made with the goal of becoming a happier person.

It seems to me one of the problems with resolutions is the idea of fixing something that is wrong. Do we ever sit down and list the things that are going right for us? For this year, I want to make resolutions based on what made me happy in 2012. The list will include, traveling with friends, spending time with family, exploring new areas of New York, live music, pub crawls, outdoor movies, rooftop cookouts, cultural diverse activities, volunteering, and leadership development. The more time I spend doing things that make me happy, the better the year ahead will be. It is kind of like the idea of Strength Finders for personal development. Instead of concentrating on fixing what is weak, concentrate on building what is strong. So instead of wanting to work out more, I want to set a goal of seeing 10 new live music shows in Brooklyn this year. Attitude plays the biggest role in how good of a year 2013 will be, so trying to do more of things that make me happy will improve my attitude.

Having a more positive attitude about my life will help me to attain the other goals I am trying to achieve. I won’t look at eating healthier as a making a change to be happier, but rather a way to improve upon the great life I already have. That shift in how I look at my resolutions will make it easier to achieve these goals in the future.

What things made you happy in 2012, and how can you do more of that in 2013? Good luck and cheers to a great 2013!!!

For May graduates, student loan repayment begins during November or December following a six-month grace period that is allowed on most federal and private student loans.

Although graduates may understand the value of a college degree, navigating life after college can be overwhelming for many recent graduates. Finding a job, organizing living arrangements and managing finances are just a few of the realities that recent graduates face.

Here are five steps that can help make student loan repayment simpler:

1. Use your six month grace period following graduation to get organized for repayment.

• Get your documents in order—remember to keep copies of any loan documents you sign. If you will make payments to more than one entity, be sure all your loans are accounted for.
• Know when payments are due and the amounts.
• Set up automatic payments to ensure timely payment and protect your credit.
• If you can, make payments while you’re in school. This will help save you money over time, by reducing the interest that accrues and is capitalized.

2. Consider loan consolidation, but make sure you do your research before signing up. Student loan consolidation may be a good option to consider for students interested in combining multiple private student loans into a new loan with a single monthly payment. Customers may benefit from a lower interest rate and potentially lower monthly payments. Repayment typically begins immediately, even for students still enrolled in school, and although monthly payments may be lower, you may pay more in interest over the life of the loan due to the extended repayment term. Be sure you understand the rate, repayment terms, what additional rate discounts may be available, what the cost is to consolidate and if there are penalties for paying off the loan early. Not all lenders offer the same terms, so be sure to do your research.

3. Understand your repayment options. Keep in mind, for federal loans and Wells Fargo private student loans, there is no penalty for making larger payments than the monthly required minimum or paying off the loan earlier than the end due date. With a standard repayment plan, you pay the least amount of interest over the life of the loan. For federal loan borrowers there are additional repayment considerations:

• Extended repayment may be based on a fixed or graduated repayment schedule over a period of up to 25 years.
• With graduated repayment you make lower payments at first, then gradually increase them.
• An income-sensitive repayment is adjusted annually based on your expected income from all sources.
• Choosing any of these plans means your payments are less each month, however you may pay more interest over the life of the loan.

Borrowers also may have the option to defer loan payments for an extended period of time, but need to be aware of the interest that accrues when borrowers choose to defer making payments. Below is an example of how much a borrower will pay in interest, by deferring payments for only 12 months. Think of how quickly the interest amount can grow in just a few years.

4. Keep in contact with your lender or loan servicer.

Notify the lender immediately:

• If you change your name, address, phone number or e-mail
• If you have graduated from or are going back to school
• If you can’t make your payments. A new plan may be arranged.

5. Learn more at Wells Fargo Education Financial Services online or call (800) 378-5526. For additional resources on repayment, please see our Repayment Calculator and Interest Savings Calculator.

For those of you who found it necessary to finance your education with Student Loans, it may be beneficial to explore your private student loan consolidation options.

The benefits can be significant:

• You can simplify your bill paying. No need to keep track of multiple payments, lenders, rates and schedules.
• You can possibly get a lower rate, or a fixed rate instead of a variable one. Make sure you check out discounts that may apply, and include these discounts in your comparisons.
• You may be able to change the terms to better fit your situation and potentially reduce the amount you must pay each month.

There are some things you need to consider before you make the decision to consolidate:

• Understand your reasons to consolidate. Are you looking to simplify your bill-paying, do you want to find a more efficient way to pay back your loans, or do you need lower monthly payments? Your answers will determine what kind of consolidation terms you should look for.
• Extending the payment schedule may ultimately lead to paying more interest over the life of the loan. Make sure you understand how much interest you will pay over the term the loan compared to what you are currently paying.
• Federal loans can only be consolidated once, through Direct Lending, so spend the time to ensure that the timing is right for you.
• You may lose certain benefits granted in the original loan, like grace periods and loan forgiveness options. Take a look at all of the loan terms, not just the monthly payment amount.

For federal loans, FinAid has a helpful calculator which can help you calculate the new rate that you would pay, and you can find more details about the process at the Department of Education’s Direct Consolidation.

As with all things, this will depend on your unique situation, so weigh your options carefully.

To say that I love College Football would be a bit of an understatement. This coming weekend marks the start of the 2012 season and for the next 4 months I plan my life around what happens on Saturdays. So what is it that I love about college football? Where do I start!!!!

Is it the electricity that can be felt when the home team runs out of the tunnel?

Is it the emotion that can be heard when a coach talks to his players?

Is it the pride you can hear when the alumnus rise together to sing the fight song?

Is it the anticipation of which Mascot head Corso will put on during College Game day?

Is it the tension that can be felt at a rivalry game on the field right before kickoff?

Is it the families that have generations who are graduates and diehard fans?

Is it the families who are so divided they don’t talk on game day?

Is it the hordes that show up for tailgating 8 hours before kickoff wearing their school colors with RV’s, grills, smokers, and coolers in tow.

Is it the idea that any team can win on any given Saturday?

Is it no team is more dangerous than a team with something to play for?

It is all of this and more. It’s the pride you feel about being a part of something that is bigger than you. It’s the instant bonds that are created between people that can develop into relationships that last a lifetime. Whether you are a sitting in the bleachers at a sold out home game or sitting at a club in front of a TV in Thailand the pride and passion is there. So why do I love College Football? For me it is the anticipation of all the great memories, stories and friendships that will occur over the next four months. So good luck to you and the team you love; may it be a magical one.

First, let’s state the obvious: Current career prospects for recent college grads aren’t as good as they could be. The unemployment rate for graduates ages 21 to 24 averaged 9.4 percent for the year ended in March, while the underemployment rate—the jobless plus those working at part-time jobs when they want full-time positions—was a steep 19.1 percent, according to calculations by the Economic Policy Institute.

But don't be too dismayed by these numbers. Instead, ruminate on these: 7.9, and 4.0. These are the current unemployment rates among people 25 and older for high school grads and for college graduates, respectively. College enrollment is at an all-time high because even with the hiked-up tuition, college grads have lower unemployment and they earn more than everyone else.

Getting that first post-grad job will be difficult, but not impossible—the key is to look outside the box, or more aptly, the computer screen. Technology has certainly lowered the barriers to entry for the job-seeking public, giving many a seductive sense of hope based on the sheer enormity of resources available to you online as you send resumes out into the binary void.

But guess what? You're not the only one shipping off a resume online to that company. Job postings are receiving so many hits that many companies have employed rather cruel filtering algorithms to automatically weed out resumes, and you'll never know where you stand in that process.

Instead of falling prey to the seductive world of online job postings, here are some creative ideas I've come across that will get you a post-grad job—or at the very least, open a door. And guess what? It's all about people!

Friends, I'd like to introduce you to guest blogger Dean Junkans, Chief Investment Officer of Wells Fargo Private Bank. Over the course of his 28-year investment career, Dean has held numerous leadership and portfolio management positions—currently he leads and coordinates investment strategies and advice across the division, overseeing more than $200 billion in assets. He also enjoys speaking to clients and prospects about investing and the markets.

Today, we share an article he wrote about ways to become financially independent to for new graduates. So please welcome Dean as he presents his twelve tips for college students who are entering the workforce. (You can hear him talk about it on this podcast as well.)

And as always, once you've read through the post, if you have any questions, please ask! (—MB)

For many college students, including my daughter, the months of April and May mean final exams and graduation celebrations. If you are one of the fortunate students who have secured a job straight out of college in this slow-growth economy, your first pay check may seem large, even if you have been working your way through college. And as you enter the working world, there is often a temptation to spend beyond your means.

I am encouraging my daughter to take a long-term view, however. I would like to share the following top 12 tips that I have given her to help her establish some sound financial habits that will benefit her for many years to come.