Common Money Mistakes New College Graduates Make. A broken leg is a bigger bummer when you don’t have insurance to pay for it, so make sure you’re covered. Photo: Ted Eytan. Life after college graduation can be an overwhelming experience. Your whole world is changing. Now you’re repaying those student loans you took out, hopefully managing a.
And chances are, when you graduated, your lender granted you a grace period. This is simply a designated period of time, usually around six months, where you aren’t required to make any payments on your student loan debt. Unfortunately, a big mistake a lot of graduates make is ignoring these loans until you start getting a bill for them once repayment kicks in. If your total loan repayment is going to be $3.
At the end of the grace period, you. Plus, you’ll be used to paying that every month and already have a budget established. If you are going to have trouble making payments based on your current income, now is the time to explore your options. You may qualify for income- based repayment options or, if you’re struggling to find work or make ends meet, an economic hardship deferment. That’s too much to ignore.
Determine exactly what you owe. Write down what the interest rate is for each.
Most programs focus on graduates and offer a rebate ranging between $400 and $1,000. In many cases, shoppers must finance through the manufacturer. Almost every car company offers incentives, rebates, or special financing. Here, you'll find a list of several new car deals for college graduates. Mazda’s college graduate discount program maintains the requirements of having graduated in the past two years or. 9 Great Cars for Recent College Graduates Cancel RELATED READING Long-Term Review 2016 FIAT 500X: Italian Seasoning. If you're a recent college graduate just starting a new job or career, you might also be searching for your first new car for But new. Life after college graduation can be an overwhelming experience. Your whole world is changing. You may be both thrilled and sad to be done with your college days, excited for the new beginning, and nervous about what the future holds. College may have been the first time you were somewhat on your.
Do any of them qualify for student loan forgiveness? Which of these loans qualify for an income- based repayment plan? Some loans offer a slight interest rate deduction if you sign up for automatic debit. Not Exploring Loan Forgiveness.
One big mistake many college graduates make is not considering any of their student loan forgiveness options. You can receive loan forgiveness for volunteering, for choosing a job in a certain field or location, for. It might have been difficult to budget in college since you probably didn. If you’ve landed a job, it may.
Here is a list of affordable new cars for college graduates that are priced below $25,000, and get at least 30 mpg on the highway (EPA estimated). Home Apply Credit Tools Resources Credit & Debt Frequently Asked Questions Bad Credit Car Dealers. College Graduates Can Get Incentives From Many Automakers Cancel RELATED READING Car News. More importantly, some automakers offer special programs to help new college graduates finance a car, even if they don't have much credit built up.
A budget can help you pay down your debts, keep you from overspending on unnecessary purchases, and help you start growing your savings account instead of adding to your debt. If your employer doesn’t offer health insurance or you are still looking for a job, it. However, once you’re no longer considered a student, you or your parents should still contact the. Facethe. Facts. org estimates that the average hospital stay costs $3.
So find a plan that works for you, and protect yourself. Not Saving. Thirty- six percent of college graduates admit to not setting money aside for savings on a regular basis, according to a Capital One. If you’re having trouble with it, you can find ways to force yourself to save —. Not Contributing to a 4. Retirement Fund. Saving for an emergency fund is important as well as whatever else you.
But one item that new grads definitely don’t save for enough is retirement. In fact, 5. 1% of millennials aren’t saving for retirement, according to a survey by. But while that may be (or seem to be) a long time away, the more you save now, the longer that money will have to compound and grow, and the better off you’ll be down the line. If your employer offers a 4. That’s free money for the taking.
According to Forbes, 4. Overspending. Not only are millennials not saving, but according to a study by Moody.
Now that college is over, you’d like to put your ramen- noodles- and- cheap- beer lifestyle behind you as well. And 4. 1% say they are graduating into a job that doesn’t even require a college degree. So while you’re full- time salary probably puts that of your work- study job to shame, it’s still probably not enough to be splurging on every whim.
The best way not to overspend is to continue to live within or below your means and stick to a budget. Embrace some of the cheap habits you developed in college. You might be tempted to rent a pricey apartment since, chances are, your college one wasn’t too great. But stick to something you can afford, and consider living with.
See if anything on your want list is breaking your budget each month, and try cutting it out until you’re earning enough (or saving enough elsewhere) to afford it. Using Credit Cards to Fund an Expensive Lifestyle.
With overspending often comes the use of credit cards. The average college graduate leave school with $3,0. If you want to purchase something, save up until you have the cash for it. Avoiding Credit. While some graduates have a problem staying away from their credit cards, on the other end of the spectrum are those who can. They can be, if you abuse them, but it’s important to build credit.
Having a healthy credit history and solid credit score can help you eventually get a loan for a mortgage or a car, and even impact whether you. Credit cards can be good if you are using them to purchase things securely with fraud protection, getting perks such as cash back rewards, and then paying off the balance in full. Plus, making payments on time and having a good debt- to- credit ratio will increase your credit score.
However, when you are not paying the balance in full, the items you purchase end up costing you much more than the amount you paid, once interest gets tacked on. If you’re maxing out your cards or struggling to make payments, your credit score will suffer; so use them responsibly. Round out the list with a car loan and a mortgage, and you’ve just built yourself a massive.
Instead of taking out a loan for your wedding or charging it on credit cards, consider scaling things. Do you really need a brand new car, or could you get another year or two out of your old one or buy a smaller used model for half the price?
An advanced degree can definitely help your career, and may even be required for what you want to do in life. But is it required right now? If you’re nervous about adding to your already enormous student loan debt, explore other. Also look into post- graduate scholarships, or consider working and going to school part- time to offset.
The eminently agile Scion FR- S sports car took 1st place with 1. The still sprightly but more practical Volkswagen GTI wasn't far behind with 1. Third place went to the Kia Optima, with the handsome, value- packed sedan capturing 8.
Thanks to sleek styling, rear- wheel drive and sharp handling, the FR- S is one of the most appealing performance cars of 2. With evocative styling, strong engine choices and a long list of features, it's easy to see why.