Whether or not you owe money, you need to track where your money is going
With campus protests grabbing the headlines, it’s easy to lose sight of an important fact: About 4 million Americans will graduate from college this year and for them, life is about to become more complicated.The median annual wage for recent college graduates aged 22 to 27 was $60,000 last year, according to the Federal Reserve of New York. That’s a big jump up from the $36,000 that high school grads earn.
To ensure that you don’t miss a payment, establish an automatic draft from a bank account. If you can’t make the monthly payment on a federal loan, consider an income-driven repayment plan, which can reduce the monthly amount by extending the period of time you have to repay the loan.This is an easier task than creating a budget that often feels more like an aspirational document, not a realistic plan of action.
In fact, it is preferable to move back home than to plunge into the rental market and feel stress every month or even worse, turn to credit cards when an unforeseen emergency arises.
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