The excitement of completing four years of college and finally being able to walk across the stage in front of friends and family, to be handed a diploma for those years of hard work, will be a defining moment in the lives of many graduating seniors. However, many seniors don’t always focus on the financial obligations that await them once graduation day has ended.
“Many graduates may get jobs where they have to relocate, which means they need to get an apartment and pay rent for that apartment along with the utilities,” Dr. Mary Harris, assistant professor of finance, said. Harris explained that there are more financial responsibilities than just the expected rent, car and loan payments.
“Students have to consider their mode of transportation, and also their wardrobes if they get a job that requires business attire, and that costs a lot of money,” she said. “If students stay at home with their parents and commute, it will help ease the financial strain.”
Among one of the hardest financial obligations to fulfill after college is the repayment of student loans acquired while in school. Graduating seniors who borrowed money through a student loan have a six-month grace period after graduation before repayment must begin. “If a student doesn’t have a job yet or they choose to attend graduate school, they can write a letter asking for deferment of the payments,” Harris said.
Several students are already preparing for the anticipated finances after college by lining up jobs and apartments before graduation approaches. Senior Sarah Orefice, an education major, plans to get an apartment once she graduates. “I am working as a waitress during the summer but that is only until I get a real job,” she said.
Senior Kim Campbell, an English/communications major, currently has a part-time job doing promotions for the morning show on 92.5 WXTU. She said, “I plan to look for a real job in broadcasting, but nowhere specific right now.”