Seniors on the cusp of entering the “real world” might be focused on their last final exams, getting resumes sent out and finding a place to live, but they shouldn’t overlook prepping their finances.
Life after college brings on new expenses and financial challenges, but students can soften the blow on their banks accounts by taking action before graduation.
Along with relocation expenses for a potential job, recent grads must prepare to take on new expenses previously covered by student loans, housing and meal plans and tackle any outstanding debt they’ve taken on, says Andy Josuweit, CEO of Student Loan Hero.
According to data from public policy organization Demos, two out of three students graduate with an average of more than $24,000 in student loans, and the most common kinds of increased debt for Gen Y (age 18-34) are student loans at 42%, credit card debt at 35% and medical bills at 27%.