Though it may be easier said than done in a strug- gling economy, be realistic about making income now that you’re a college graduate. Backpacking your way across Europe after may sound like fun, but think ahead to how it will affect your job pros- pects and your wallet as your loans come due. Polish both your resume and interviewing skills. If necessary, take a job outside of your field to gener- ate income as you search for something better. Even part time work can help pay the bills.
Delay repayment, if you must
If you simply cannot manage your student debt, talk to your lender immediately to determine if your case warrants special accommodation. You may also consider other ways to postpone repayment, as appropriate to your situation. For instance, if another degree or more course work will improve your job prospects and future income potential, you can defer student loan repayment by continuing your education. Take this course of action with care, as the last thing you want to do is incur more debt simply to delay repayment. Another way to post- pone student loan repayment is to join a community service organization such as Americorps or Teach for America. These programs provide valuable work experience and a modest stipend in exchange for your talents and an automatic extension of your stu- dent loan grace period.
Tap a financial expert
As any college student knows, information is power. Seek the expertise of a financial advisor who can help you sort out your financial goals and responsi- bilities and create a plan of action. If you’re consid- ering a consolidation loan, an independent eye can help you evaluate lenders and weigh the feasibility of payments.
Your hard work will pay off — eventually It takes time and effort to eliminate debt. Fortunately,
when you’re young, you have time on your side and energy to spare. Take advantage of the resources offered by your alma mater, your lender and your community as you face your responsibilities. With hard work, discipline and a bit of luck, you can make good on your loans and capitalize on the edu- cation you received from your school — and from the valuable experience of overcoming a financial hurdle. W
April Oliver, CFP® CERTIFIED FINANCIAL PLANNER™ practi- tioner Advisor is licensed/registered to do business with U.S. residents only in the states of CA, CO, FL, IA, MD, MI, MO, NC, NY, OR, PA, SC, TN, TX, VA.
www.womenwithknowhow.com NOVEMBER 2011
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