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Don't forget that if you have student loans your first payment or payments are due in October. If you fail to make a payment or if you are late in making one you will be in default and trust us that's something you don't want to happen. Technically you are in default on a student loan the day after you miss a payment. However, it will be 90 days before this will be reported to the credit bureaus and more than a year before your account might be turned over to a debt collection agency.
If you believe you're going to have a tough time making your payments, go on the U. S. Department of Education’s website and check out the repayment options available. There is one very popular plan called Graduated Repayment where your payments start low and then increase every two years. This can be an excellent choice if you have a job where you can see that your income will also increase in the years ahead. There are also three income-driven repayment plans. This is where your payments are tied directly to your income. The best of these is Pay As You Earn, which would cap your monthly payments at 15% of your adjusted earnings. This means that if you were out of work and earning nothing your monthly payments would be the same – nothing.
You should also contact your lender or loan servicer if you believe you're not going to be able to make your payments. The sooner you make that call the sooner you will be able to get some help.
#5. Don't fall prey to lifestyle inflation
When you get a big boost in your income it's very tempting to go out and start buying things like a new car or to rent that two-bedroom luxury apartment. It can also be tempting to use your credit cards to pay for the furniture you'll need for that apartment. Some people even take on credit card debt before their student loan repayments begin and then find that when they kick in they don't even have enough money to buy groceries. This can lead to an endless cycle of default and deferment. And yes, it's okay to upgrade your life somewhat after graduation so that you can say goodbye to those Ramen noodles but just don't get carried away. Remember that those student loan repayments will soon come due and plan accordingly.
#6. Negotiate for a better salary
There's nothing wrong with haggling over your salary and benefits – even when it's your first job. For that matter, this demonstrates a sign of professionalism because even though you graduated recently you do understand how the working world works. You should, of course, express enthusiasm and appreciation for the job offer but remember that if you were able to negotiate just a small increase in your salary this will pay off in thousands of dollars over your working life. It's also a good idea to practice your job offer conversation before you talk to that potential employer. Make sure to research your field so you will know what is a fair salary. If the salary is indeed fixed and you can’t negotiate anything better, focus on the other benefits, which can be worth as much as 33% of your salary. These are things that many first timers overlook. Make sure to ask about health care benefits, retirement accounts, vacation days, the flexibility to work at home and so forth. Just sit down, decide what's important to you and then prepare for some professional haggling. You'll probably find it just takes one round of negotiations.