Sallie Mae, the nation's No. 1 financial services company specializing in education, reminds graduates that, now that the ceremonies are over, it's a good time to prepare for the next phase in life.
Online PR News – 18-June-2012 – Newark, Delaware – Two recent surveys indicate that companies plan to hire more new college grads this year than they did in the past two years. That’s good news for the more than 3.4 million college students who graduated in the 2011-2012 school year.
Sallie Mae, the nation's No. 1 financial services company specializing in education, reminds graduates that, now that the ceremonies are over, it’s a good time to prepare for the next phase of financial life.
"Congratulations to the graduates of the Class of 2012 who have worked so hard to achieve this significant accomplishment," said Heather S., a Sallie Mae employee who helps to ensure customer funding needs are met. "Organization, communication, and a budget can help you translate academic accomplishment into financial success. Sallie Mae is committed to helping our customers thrive as they transition from college to career."
A study by CareerBuilder reported 54 percent of employers plan to hire recent college graduates in 2012, up from 46 percent in 2011 and 44 percent in 2010. A similar study showed employers expect to hire 10 percent more new college graduates from the Class of 2012 than they did from the Class of 2011, according to National Association of Colleges and Employers.
Those who borrowed to complete a college degree, consider these steps to prepare for student loan repayment:
1. Review student loans. Take time to review education loan documents and create a list of loan amounts, interest rate and projected payments. Start with this helpful repayment worksheet.
2. Mark the calendar. Federal loans and most private loans provide six months of transition time after graduation before the first full payment is due.
3. Update address with the loan servicer. If the graduates move or change email address, update the loan servicer so important reminders and bills are not missed.
4. Estimate monthly payments. Estimate the likely monthly student loan payment by using Sallie Mae’s repayment calculator at CollegeAnswer.com. For example, a typical loan balance of $25,000 translates into monthly payments of $288.
5. Get a head start by paying early or extra. Graduation gifts, apartment deposit refunds and signing bonuses can help start paying down the education loan balance a little early and save money in the long run. Also, sign up for Sallie Mae’s Upromise Rewards. Every time a qualifying purchase is made from hundreds of participating companies members can earn a percentage back in rewards that can be used to help pay down student loans.
In addition, new college grads can benefit from these other financially savvy steps:
6. Create a budget. Now that school is over, a typical schedule will change and so will living expenses. Plan for financial well-being by setting up a monthly budget.
7. Think about health. In the transition from college to work, don’t overlook arranging for health insurance. For those no longer covered by a student health plan, recent health care law changes allow recent graduates to stay on their parent's health insurance plan until age 26. For those who need a temporary solution, Sallie Mae offers short-term medical insurance, which bridges the gap between graduation and employer-sponsored coverage.
8. Consider renters insurance needs. For graduates moving into a new apartment, renters insurance is an affordable way to protect personal belongings while providing personal liability protections.
9. Don't wait to start saving. Start setting aside some extra money to build up a rainy day fund or to prepare for an anticipated purchase. Set up an automatic savings plan and earn a rate that's seven times the national average with Sallie Mae’s High-Yield Savings Account offered with FDIC insurance through Sallie Mae Bank. In addition, while retirement may seem like a long way off, don't put off signing up for an employer's 401(k) program.
Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services company specializing in education. Whether college is a long way off or just around the corner, Sallie Mae turns education dreams into reality for its 25 million customers. With products and services that include college savings programs, scholarship search tools, education loans, tuition 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.