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Article 3 MIN READ

Financial Tips for College Grads

Check out these financial tips that can help college graduates flourish as they enter the work world.

Mother hugging daughter who graduated from college

Spring college graduates are currently basking in the glory of wrapping up their degrees over the last month or so. However, in many instances, their downtime will be short-lived, as they face even more responsibilities, ranging from landing that first job to preparing to start paying off their student loans – even with the current payment pause.

Credit History & Its Future Impact

Graduates will find it helpful to realize how much an impact their credit history can have on their future. To help make the transition from college to the work world go smoothly, we’ve put together a financial checklist for recent college graduates.

1. Even with payment pauses, it makes sense to make contact with  student loan servicer(s) immediately to take an inventory of loans. With the extended deadlines, it is a good time to track all the documentation related to your loans to have at the ready when needed.

2. Pull a free copy of your credit report at and review it to make sure you are aware of all your existing creditors and debts.

3. Look for credit cards that you may have opened while in college and consider closing accounts that you do not plan on using, to help limit your exposure to identity theft.  However, keep in mind that it is good to maintain at least one active credit card account, which you use and pay in full every month, to build your credit score.

4. Check with the registrar’s office at your school to make sure you do not owe anything to the school (library fines, parking tickets, etc.). Sometimes these debts can cause the school to withhold your diploma, until they are paid.

5. If you are moving after graduation, be sure to let the post office and your creditors know of your new address. Otherwise, you may miss important statements or letters regarding your student loan, credit cards, or other debt, and that can lead to missing payments and negative marks on your credit report.

6. Keep your expenses as low as possible while you are getting started.  Rising prices are taking a bite out of everyone’s budget which makes it a challenge to keep expenses low.  Don’t feel the need to take on larger expenses in your budget such as an apartment of your own right away.  Staying with your old roommates or parents for a period of time can really pay off.

7. Develop a budget – your spending plan – early on.  Decide how much you’ll spend in different areas including groceries, dining out, and clothing.  Once you begin receiving a paycheck, it is likely that you’ll have more income than you’ve ever had before. But it can be very easy to quickly wind up with the cash slipping away, without a clear idea of where it has gone.

8. Once you land that first job, start to develop good saving habits.  Start a direct deposit into savings.  Sign up for your employer’s retirement plan – especially if there’s a match.  In addition, if you’re carrying credit card debt, begin aggressively reducing those balances to minimize the amount of interest you’re paying.

9. Speak with a non-profit credit counseling agency, if you are paying high interest rates on your credit cards, if you’re struggling with the amount of your minimum payments on credit cards, or if you need help in developing a game-plan for your finances.  These agencies will help you develop a budget and action plan to tackle your debt. Log on to the National Foundation for Credit Counseling at  or the Financial Counseling Association of America at, for more information.

Good luck to all graduates this year!

Call GreenPath for Free Financial Counseling Today!

GreenPath offers free financial counseling and education to support people in paying off their debt. Our professional, caring coaches will explain your options, including paying off your debt on your own or using a Debt Management Plan.

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