CONGRATULATIONS!
YOU’RE A GRADUATE
You and your family are cele
brating. You are graduating from
college. On to the next exciting
stage of life, whatever that may
be for you. But one thing is cer
tain you now have reached
adulthopd pnd the personal re
sponsibility that goes with it.
That college degree doesn’t give
you the right to a comfortable
life, just the tools for earning it.
Unless you are pursuing a
graduate degree, it’s time to get
full-time work. The job you find
and the level of pay and benefits
with that job will determine the
next steps you take. You may
want to live at home for a while if
you take a lower-paying job. But
don’t expect your parents to pay
your bills.
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Determine your take-home pay
and keep your expenses to what
you can afford. You should pay
your parents something each
month for the food you eat and
the household expenses, such as
electricity and water, you con
sume. The amount can be negoti
ated but insist on paying them
something. It’s the adult thing to
do. And pitch in with the chores
around the house. Just your
being there makes work, so do
your share.
If the job you are offered pays
well enough, you may want to get
an apartment. A roommate or
two will make the arrangement
more affordable and less lonely.
Just make sure they are finan
cially responsible. A lease is a le
gally binding contract. Often
iT"'
HQW iteftfreMay 1,2902 Kafr Change!
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each lessee is obligated for the
full amount even though the in
tent is for each person to pay his
portion of the total. Read over
the lease to determine what ex
penses, such as heat, electricity,
or garbage, are included in the
rent. If you have to pay heat, for
example, you will have signifi
cant additional monthly costs.
Be creative about furnishing
your place. Your parents’ base
ment or attic is a good place to
start. Borrow whatever they’ll
give you. Concrete blocks and
1-inch by 10-inch boards make
great bookshelves. Scour used or
unfinished furniture stores for
bargains. You won’t have to live
with'this stuff for the rest of your
life. And you are likely to move a
few times while you are young, so
keep your investment to a min
imum.
If you don’t.aiready have one,
you may need a car to get to
work. Think twice about buying
a new one. Can you really afford
to take on the debt involved? Re
member, owning a car involves
insurance, repairs, and gasoline
as well as loan payments. Re
search the Internet and the li
brary for recommended used car
models. Consumer Reports com
piles ratings in the April issue of
the magazine. Then see if you
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State
can find a used car to suit your
needs.
Usually college students are no
longer covered by their parents’
health insurance once they grad
uate. Check your family’s policy
to see when you will lose cover
age. It may even be on gradua
tion day. You should arrange for
short-term coverage until you are
covered by your own employee
benefit plan. These policies often
cover catastrophic illness only. Be
sure you understand your cover
age.
There are some options avail
able. You may be able to buy
short-term coverage from your
family’s insurer. Your college
alumni association may have a
short-term policy plan. Or you
may be able to get a policy
through a commercial insurance
agent. Explore all the options be
fore making a decision.
Are you graduating with stu
dent loans to pay back? Many
young men and women are fac
ing sizable debt. If you have Fed
eral Stafford Loans, you must
begin repayment in the sixth
month after leaving school. Re
payment on Federal Perkins
Loans begins after nine months.
The total repayment period is 10
years.
Loans from financial institu-
o peatcvU*ts'
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Lancaster Farming, Saturday, Apnl 13, 2002-B5
tions may have other terms. If
you make all your payments on
time for a number of years, some
lenders will reduce your interest
rate. This will not lower your
monthly payment, but will allow
you to have your loan paid off
sooner. Interest on student loans,
except loans from relatives, is tax
deductible.
You do not have to itemize de
ductions to receive this benefit. If
you have a high-paying job or
come up with some extra cash,
consider paying off your loan
more quickly. There are no pre
payment penalties and you will
save a lot of interest. Plus you
will have less debt to manage
when you are ready to make
those big purchases of life, such
as a home or a new car. (
Above all, do not default on
your loan. You will never get any
other federal aid. Your credit re
cord will be seriously damaged,
affecting your ability to borrow
for a car or home later in life.
Look in your local library or
bookstore for more complete in
formation on student loans it’s
a complicated subject.
So best of luck to all of you.
Enjoy that big step into your new
life. And don’t forget, your day
will now start at dawn, not noon.
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