Debt management can be difficult for college students and new college grads, partly due to large loans many take to cover the cost of education. While many student loans offer flexible debt repayment plans, it can be difficult to juggle loan payments with other life expenses that suddenly begin to grow post-college. Students at the University of Wisconsin were recently able to take part in a seminar about managing money after college that offered some tips for financial stability.
One college student who attended the seminar said it made him think more about the consequences for each financial interaction. Before the seminar, he said he really didn’t consider the impact loans would have on his future. He also said the presentation made him more aware that college was an investment in himself and his future.
The program, which is called Life After College, also addressed financial issues such as negotiating a contract, accepting a first job and investing in a retirement fund at a young age. The university offers other financial programs to students, including Money Smart Week. The week includes prizes, contests and numerous seminars on financial subjects.
The university says it’s trying to create an atmosphere that promotes responsibility for personal transactions. Such a goal is important for any person, regardless of age or education. Understanding financial goals, educating yourself about the legal issues related to debt and understanding your options are all important for future financial stability. Many situations can lead to debt, and seeking legal, comprehensive solutions to that debt is the best way to move forward with life and create better financial circumstances for yourself and family.
Source: Racquet, “Playing the money game after college” Ayush Shrestha, Apr. 03, 2014