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Last week Barbara laid out a number of options for borrowers to extend or postpone student loan repayment — important information for new grads to have as they enter the real world. This is a topic that we get lots of questions on — probably second only to how to lower student loan interest rates.

But I'm going to play devil's advocate  here, because I think it's important for you to consider another perspective. I'm going to tell you not to take advantage of these options unless you absolutely have to.

Michelle Singletary, one of my most favorite and down-to-earth personal finance columnists with The Washington Post , had this to say about extended student loan repayment in a piece published on May 17, 2009:

But can I give you some hard but well-meaning advice if you're one of the many graduates saddled with student loans?

Instead of immediately opting for repayment plans that will stretch your payments out until you're in middle age, try to find other ways to handle this debt.

I know these are tough times. Nonetheless start your loan repayment as soon as possible, even if it means taking a second job, or a roommate (or two or three), or yes, dare I say, moving back home for several years.

You could handle this debt if you delay going on to graduate school, which would only pile on even more debt. If you are going to have trouble finding a job to make the monthly payments on your undergraduate debt, how in the world are you going to find employment to service tens of thousands more as a result of an advanced degree? Trust me, an advanced degree doesn't guarantee a big salary.

You don't get to buy a new car, an upgraded wardrobe, waste your money on liquor at happy hours, or take vacations until this debt is extinguished.

And don't look at me with that face. Only after you've exhaustively scanned your budget and cut every possible expense (such as deleting the texting option on your mobile phone) should you consider extended repayment options.

Tough love from Michelle, but her advice is spot-on. Here's how she ends her column:

I've met an incredible number of people -- too many -- who really could have paid their student loans under the standard payback period but because they didn't want to live frugally, saw their loan balances jump significantly over the years.

If you truly can't afford to fully pay what you owe, take advantage of the extra breathing room. But remember the more you delay, the more you may pay.

Something to think about.

Barbara

We already talked about ways you could possibly lower your monthly student loan obligations. But if you're looking for a way to postpone your student loan payments, there may be an option for you as well.

Under certain circumstances, borrowers may be eligible for a deferment or be granted a forbearance. Now, in both cases, you aren't required to make payments to your student loan for a short period of time. However, there are some differences that are important to understand. I'll give you the scoop on each:

• Deferments: These are for federal student loans. There are several types of deferments for folks in different situations.  You need to meet the criteria of these situations in order to be eligible for the deferment. If you are granted a deferment, know that in most cases, you’ll still be accruing interest. (The exception is for subsidized Federal Stafford Loans, which are based on financial need — the interest accrued during deferment for those loans is paid by the government.) If you don’t qualify for a deferment, you may be able to postpone payments with a forbearance.
• Forbearances: Forbearances are available for both federal and private student loans. These are granted at the discretion of your lender. Interest will continue to accrue on your loan during forbearance (even for the subsidized Federal Stafford Loan). Federal forbearances are available for borrowers experiencing financial hardship and other situations. Private student loan forbearances vary by lender, so ask your lender what options are available for you.

If you're having difficulties repaying your loan, it's very important to talk with your lender about options and the paperwork you'll need to apply for them. You don't want to fall behind on payments, and a deferment or forbearance could help.

Barbara

Folks, we've made it through another graduation season. The gowns and mortar boards are packed away, and now many graduates are focused on their finances during the first months out of college. Student loan repayment is just down the road.

As you look ahead to that first student loan payment, you may be realizing that it's going to be a little tough to swing. You may have borrowed more than you can afford to repay or may not have secured employment quite yet. (Side note for those of you just starting to take out student loans: Make sure you budget properly so you don't borrow more than you can repay.)

Whatever your situation, there are options available to help make it easier to pay your student loan. Here are some ways you may be able to lower your interest rate or monthly payments:

• Choose a different repayment plan. For federal loans, there are a number of repayment plans other than the standard repayment plan. You may be able to have your payment based on your income, extend your repayment if you have over $25,000 in federal loans, or start out with smaller payments that gradually get larger over the repayment term. And check with your lender to see what repayment options are available for your private student loans.
• Take advantage of discounts from you lender. Ask your lender if there are any interest rate discounts available for your loan. For example, you may be able to save money if you have your monthly student loan payment automatically deducted from your checking or savings account.
• Consolidate your loans. By combining your federal student loans  together into a new loan with a longer repayment period, you'll usually lower your monthly payment. For private student loans you may even find that your interest rate is lower if your credit situation has improved or if you bring on a cosigner with excellent credit.

Remember that if you're lowering your monthly payment by extending your repayment period or paying just the interest, you may end up paying more interest over the life of your loan. However, in the grand scheme of things, if it prevents you from missing payments and defaulting on your student loan, it might be worth it.

Looking for a way to postpone your student loan payment? We'll talk about deferments and forbearances later this week, so stay tuned!

Meanwhile, hit me up with any questions you have about different repayment options.

Caroline

So, you've finally graduated!

After four (or more!) years of hard work, you're all done. You should be elated, and you are. But you might also feel a little down. And that's totally normal.

My stepdaughter just graduated from college this past weekend. And she and I were talking a few weeks ago about how sad college graduation can be. On the one hand, you want to be done. You should be done and ready to move on. But it's hard to watch your friends go off in different directions. And it's just plain sad to leave to leave behind the college way of life.

And this is just the beginning. Be prepared: Your first year out of college  can be tough one. Nobody ever really tells you that. Now, I don't want to make it sound like life after college is just one big bummer. It's definitely not. But if you're struggling a little to adjust in the next year, know that you're not alone.

When fall rolls around and you don't go back to class for the first time in your life, it feels weird. If you've started your first job you might think, "Wow, I'm really going to do this every day for the rest of my life?!" Don't panic — this feeling should pass by December when you realize:

1. You're making money  now, not just spending it — and that's kinda fun;
2. You don't have to stay up half the night studying  for finals.

But when mid-winter hits, things start to feel strange again. In college you get a little life shake-up every semester. New classes, new faces. You get to start over in a way. Out of college, life just kind of rolls on. Again, don't worry. It's something you really will get used to, and eventually you'll appreciate things about the post-college world that seem strange now.

At some point during your first year out of college, you'll probably really miss the social atmosphere of college, with friends your age who share your interests living all around you. Once you've graduated, you'll have to work a little harder to make friends and find things to do.  You'll probably find some friends at work, but also try volunteering, joining a club, taking a class for fun or joining a gym.

For me, at least, once that first year passed, so did my nostalgia for all things college-related. I started getting used to the working world, and I really liked it. I had a new group of friends to have fun with, even if it wasn't the 24/7 togetherness of college. In short, I started enjoying my grown-up life quite a bit.

For those of you who graduated a year or more ago, what has your post-college experience been like? Any advice for the new grads?

Caroline

When faced with the choice to go far away to school, or stick closer to home, which would you choose?

My stepdaughter was recently faced with this question when she got into two different grad schools. One school was two states away, the other, here in Iowa. 

It can be a tough call — on the one hand, moving away is an adventure, a chance to spread your wings and experience new things. On the other hand, sometimes staying closer to home is more practical from a financial standpoint , and there's something to be said for being near family and friends.

It can be an emotional decision, but try not to make it based solely on emotions. Sit down with a clear head and write a pro and con list for each school. Consider some of the following questions when making your lists.

For the far-away school:

• Have you ever visited the school/city/state? Did you like it?
• Does the school offer the academic and social atmosphere you're looking for?
• Do you know anyone nearby who could help in an emergency?
• How often will you want to return home, and what will the cost of transportation be?

For the nearby school:

• Have you had the opportunity to visit/live in new place before? Do you foresee having the chance to do so in the future?

• Does the school offer the academic and social atmosphere you're looking for?
• Would you be tempted to spend most of your time back in your hometown, or with your old friends? Or would you make an effort to branch out and meet new people? 

Ultimately my stepdaughter weighed her options carefully, and chose the school close to home. She was impressed with the program and the campus at the school she chose. And she's excited about the prospect of being near her friends and family. (So are we!)

Have you had to make a similar choice? What influenced your decision the most?

Barbara

Since I just talked about ways for wedding party attendants to budget, I thought it would be prudent to speak to all those brides- and grooms-to-be out there as well.

Now, I'm just a novice in the wedding planning arena, but I'm getting plenty of exposure from my sister, who's planning an October wedding. It seems like every time we're in the same room there is something new to look at. From centerpieces to cake, "save the date" cards to invitations...I've seen many options.

My sister is staying true to the "bride on a budget" mentality. She and many of the other brides in my life these days are looking for ways to lower their wedding's bottom line. Not everyone has the means to celebrate with a Platinum Wedding , and in my opinion, no couple should start their marriage with a mound of wedding debt in order to have one.

Through online sources like The Knot , brides can get great tips on everything from negotiating with vendors  to little ways to save.  Just cutting back on a few things or choosing to do something yourself can make a huge difference.

So far in my tenure as bridesmaid I've seen homemade cakes, bouquets made by the bridal party, and wedding dance music courtesy of the bride's iPod.  I even designed one of my friend's invitations so she could save on costs.

For all you young married ones out there, did you pull off a budget wedding? If anyone has some good tips, please pass 'em on — my sister will be eternally grateful!

Barbara

It's the year of the wedding — for me at least. This year I'll be a maid of honor twice and bridesmaid once. (Yes, it's a bit Jane. ) Not to mention I'll be a guest at a slew of other marriage celebrations.

As I've said before, I love a good wedding. But this year the matrimonial festivities are taking their toll on my pocketbook. Are any of you in the same boat?

When you're fresh out of college, it can be difficult to find the money you need for the basics (like rent, utilities and your student loan payment), let alone adding in a budget category for dresses, tux rentals and gifts. It can be a bit overwhelming. At first I was definitely wondering how to survive. 

However, with a little creativity on my part and some thoughtfulness on the part of some brides (thanks to a recession-friendlier industry ), I've been able to lessen the overall costs. Here are some slices of buttercream-frosted savings cake for thought:

1. Showers and parties — When you're in the wedding party, chances are you'll be hosting or helping with a shower or bachelorette/bachelor party. These, my friends, can get extreme. Think food, favors, game prizes, transportation...it all adds up. But thinking outside the box (a backyard BBQ, do-it-yourself invitations, etc.) can help you save. I was able to put together some cute favors for an upcoming shower with some items I found on sale. And instead of renting a bus for a bachelorette party, we're heading to places within walking distance of each other in Omaha's Old Market. 
2. Gifts — Here is where being creative can not only be cheaper, but more memorable, too. Staci once told me that while she was on a strict budget working in Washington, D.C., she gave couples an American flag that had been flown over the U.S. Capitol  on their wedding day. She also gave me a great idea for what has become my standard wedding gift: a basket of blessings based on a quote from the movie "It's a Wonderful Life."  Here's how it breaks down:
• Bread... that this house may never know hunger (a gift certificate to Panera Bread®  or your local bakery)
• Salt ... that life may always have flavor (coarse salt in a cute shaker)
• And wine ... that joy and prosperity may reign forever (this one's pretty self-explanatory)
3. Attire — Thanks to budget-conscious brides, I've had some savings here as well! My first wedding duty this year is as maid of honor for my best friend, who kindly chose a bridesmaid's dress by Isaac Mizrahi for Target®  (just $49.99!). Plus, we got to pick our own shoes; I made sure they were something I would wear to work, too. The other weddings I'm in? I'm getting a pretty slick deal there, too. One bride's mother purchased the bridesmaids' dresses (how nice is that?) and the other got a discount for choosing dresses at the same store where she purchased her wedding gown (bonus!).

So despite my initial thoughts, I think I am actually going to make it through this year of wedded bliss and may even still want to have a wedding of my own one day!

Anyone else have other tips to save on wedding party expenses?

Rachel

I caught a little heat from my boss after she read my last post on internships because I failed to mention that my job now actually sprung from an internship she granted me five (whoa!) years ago with Wells Fargo. Oops.

So here's my Wells Fargo internship story.

I had just graduated from college with a degree in Journalism and an emphasis in advertising. I needed a job. My neighbor worked for Wells Fargo and said they were hiring. So I applied for a banker job. Banker. A Journalism major? I know.

It was interesting at first. I might as well have superglued  my calculator to my right arm. After learning the ropes at my branch, I heard about the marketing department. Light bulb! I knew what I wanted to do.

Here are the steps I took:

• Requested an informational interview with the Marketing Manager.
• Received word that she was willing to meet with me! Celebrated by buying a new outfit to wear for the meeting.
• Arrived embarrassingly early (I think 45 minutes. This is not advisable. I really should have stopped for coffee to kill time — decaf, of course).
• Attempted to ask insightful, intelligent questions during the interview.
• Sent a thank-you note. 
• Wrote one of my college professors asking him for advice on what to do from there.
• Traveled to Europe with my BFF  and realized I wanted to move to be closer to her and my friends.
• Requested a job transfer.
• Arrived at new branch.
• Checked into new region's marketing set up. Found out they were looking for an INTERN!
• Hiring manager called her college professor asking for student recommendations (the SAME college professor I had asked for advice).
• Applied for the internship.
• Was given 24-hour notice for the interview.
• Was super nervous and choked a little during the interview but mentioned the informational meeting I'd had (bonus!).
• Miraculously an internship offer was extended.
• I accepted!

Five years later, I've graduated from intern to marketing consultant and I'm ever so thankful for every opportunity that's come my way. I really I think it comes down to knowing what you want, learning everything you can about it (and all things related to it) and demonstrating all the great things you have to offer to contribute to it. I'm still earning my stripes in my job, and all the basics continue to help me as I work toward whatever comes next.

Caroline

Graduation is looming, seniors. Do you know what you'll do with your major?

If your major is something general — the kind that lends itself to graduate school, like psychology , sociology or English — what happens if you don't go to grad school?

It can be daunting to look for a job if you don't feel you've been trained for a very specific position — especially in today's job market.

My advice? Keep an open mind about what kind of work you're willing to do. If you're truly committed to your field, by all means, seek a position in it. But if you're not — don't get too terribly hung up on finding a job that matches the career path you chose as an 18 year-old freshman.

Also, live in the real world. Remember that your degree doesn't necessarily entitle you to a high-paying job. A college degree will open doors, and in the long run is a good investment , career-wise. But you may still have to start at the bottom with your first job — so don't freak out if you find yourself working in a job that feels beneath your skill level, or if you realize that others with less education are making more money than you at first. Tuck your pride aside, and remember that many jobs build experience and are stepping stones to greater things.

If you do find yourself working in a job that doesn't feel like it's leading where you want to go, try building your resume and making contacts another way. Do some volunteer work  that you love — it may lead to a job down the road that you love.

And remember that most people don't have straight and predictable career paths behind them. A couple examples from the real world: I have two friends that were sociology majors — one worked for AmeriCorps VISTA  for two years directly out of college. She eventually got her masters degree and is now a teacher. The other went to work for a non-profit organization directly out of college. She worked a couple other jobs, then eventually earned her master's degree and now works for a university.

What type of job will you look for after graduation?

Barbara

As my father told me after my last home emergency, "Houses can sometimes be a money pit." Cue next home issue.

After Christmas, I decided that the wallpaper and bright green paint adorning my bathroom walls were meant to be left in 2008. It was a simple cosmetic fix. Well, it was until I got to the area around my tub and found moldy, wet drywall beneath the wallpaper. Awesome. New drywall and shower, coming up! Emergency savings, going down!

But through this tragedy I learned a valuable lesson: If you are able, do it yourself.

Yes, I still spent a pretty penny for professional drywallers and plumbers to ensure the work was done correctly (those are not DIY skills I possess). But by putting in a little sweat equity  when it came to demolition, I saved hundreds of dollars. I can tear down a defunct shower surround and rip out moldy drywall with the best of 'em!

The DIY mentality not only applies to home repairs, it also can come in handy during your college years (pre- and post-college, too!). Ask yourself how many times you pay someone else to do something you could've done yourself. Or how often do you pay for something new when you could've repaired the old item?

Here are some examples of what I mean:

• You may not be the best cook in the world, but does that mean you should eat out all the time? A little do-it-yourself cooking  could save you a bunch of money.
• What about clothing? Wouldn't it be easier to fix a ripped seam or hem in your pants rather than shelling out moolah for a new pair? Better to spend a few dollars for a needle and thread. 
• Applying for financial aid? Instead of paying someone to file your FAFSA, DIY! The same goes for taxes — go online and file for free.

Does the DIY mentality work for you? Tell us what you've done yourself (or would like to do) to save money.