Prepare for a Happy Graduation

Graduation season is in full swing. As higher education administrators, students, parents and loved ones, there are so many things to think about to ensure we are all prepared and that nothing goes overlooked with our graduate. Not all college graduates are in the same headspace. Some are excited to enter the work force full time. Others still have more education to go and will be pursuing a graduate degree. And you may have some college graduates who are a little burned out and don’t know exactly what their next step is. However, knowing the options will increase the likelihood that the graduate is ready for the next step.

As soon as your student registers for graduation, Financial Aid should reach out with the Loan Exit Counseling – Exit counseling ensures students are aware of their debts, options, and grace period. When students know their loan history, they can be smart about making loan payments and their future of loan borrowing.

Once a student has their loan history, they may want to check that against their credit score. The three-digit number college students are usually most familiar with is their GPA, but there’s another one that’s just as important: the credit score. Good credit is essential if you want to buy a car or a home down the road, so it’s important to keep track of what is on and affecting your credit. Students may already see their student loans listed. However, the loans are in a grace period and therefore will not negatively impact the student’s credit score.

Once a student is aware of their loan history, they may want to take advantage of consolidating their loans. Direct Consolidation Loan allows students to consolidate (combine) one or more federal education loan into a new Direct Consolidation Loan for the purpose of lowering their monthly payment amount or gaining access to federal forgiveness programs. There is no application fee to consolidate federal education loans into a Direct Consolidation Loan. If a student consolidates loans other than Direct Loans, consolidation may give them access to forgiveness options, such as income-driven repayment or Public Service Loan Forgiveness (PSLF). If they choose to repay their new consolidation loan on the Standard or Graduated plan, consolidation can increase the period of time they have to repay their loan, resulting in more payments and more interest overall than you would have if you didn’t consolidate. When loans are consolidated, any outstanding interest on the consolidated loans becomes part of the original principal balance, which means that interest may accrue on a higher principal balance than if the loans had not consolidated.

Preparing for what happens after graduation is important. But students shouldn’t rush to look ahead so that they forget all of the advantages of being a student. As a student, you have access to Career Services. Students should make sure, as they are making graduation plans, to stop by Career Services for help with interviews, updating their resume and assistance with job search. And if the university has Financial Coaching, students can meet with them to discuss how to manage their bills once they are off campus. There are also off campus student perks that, as a student, you’d want to take advantage of. Thinking about all of the memberships and subscriptions you plan to sign up for once you’ve graduated. Gym memberships, TV subscriptions, Amazon Prime, the SNAP Program and UniDays all have student discounts. And if you haven’t already, open a checking or savings account as a student. Most banks offer no maintenance fees or require no monthly direct deposits for students. Though these banking fees are only a couple dollars a month, they add up over time. Many of these memberships and subscriptions have student discounts that are available to you as long as you have a valid student email address. Ask your institution how long your student email remains active. Once you’ve signed up for your subscriptions and memberships, you should be able to change your email address while keeping your student discount intact.

Parents, you have work to do as well. Check with your insurance to confirm your student is still covered after graduation. And your student should utilize Student Health Services for as long as it’s available. Have their on-campus physician update and write all the prescriptions they’ll need as it may take some time to locate a new doctor now that they will no longer be using the pediatrician that had when entering as a freshman.

And lastly, professors and administrators. Do you have an incredibly talented student who excelled in your class or who worked in your department? Don’t wait for them to ask for a letter of recommendation. They may not be thinking about it until the summer when you are unavailable. Meet with your students or send them a worksheet to provide you with important information you need to know. Ask whether they plan to go to graduate school, get a job or both. Make sure you have a reliable mailing address. Ask the student how many copies they would like (and also provide them with a PDF, in case they need to upload the letter to a job site). A letter of recommendation from a professor or university administrator is viewed highly when applying to graduate school or a job.

We are so proud of our graduates. They have sacrificed, studied hard, and endured. We not only want to give a gift that shows how very proud we are of them, but also something that will be extremely useful in their next stage. After searching a bunch of sites and blogs, talking to recent graduates, and once being a graduate myself, these are: ?

The Best Gifts to Give a College Graduate:

·?????? A job or an introduction to someone hiring in their field

o?? Getting your recent graduate a foot in the door with a job or at least an introduction/interview for a job in the field keeps them motivated and one step closer to reaching their career goals.

·?????? Alma Mater Jewelry

o?? Nothing says ‘I love you’ better than jewelry, or so they say. Getting the traditional class ring, or a pendant with school colors can be the perfect gift for your graduate to wear which will allow them to always remember what it took to get them to this point.

·?????? Vacation

o?? Many students had to sacrifice years of potential vacations to save money for classes. Gifting your graduate a well-deserved vacation can wash away some of the stress and tension. Even giving your student a hotel in the city with paid room service and a spa can be the peace that they need to unwind.

·?????? Money

o?? Everyone loves money. The typical amount given to college graduates is between $100 and $500. Since these grads will be starting new careers, possibly moving, and paying off student loans, giving more is acceptable. Again, the amount you give depends on your relationship with the student. If the college grad is receiving a Master's or PhD, etiquette experts suggest adding an extra $100. There are creative ways to dress up your financial gift if you don’t want to put it in a card.

·?????? Expensive bed linen or bathroom towel set

o?? Students have probably been using the same Walmart or Target bought bath sheets and bed lined since their freshman year. And though it gets the job done, providing our graduates with something luxurious can be a splurge that they wouldn’t spend on themselves.

·?????? Start a meal subscription service

o?? Students have gone from their parents cooking their meals to on campus food. Starting a subscription for a meal service that requires a small amount of prep can be just what they need to start eating healthy and learn how to cook for themselves.

·?????? Framed words (encouragement, words of wisdom)

o?? Sometimes the best gift costs nothing. As your student heads off into the world as an educated adult, sometimes they need some words of wisdom to help them in this next stage. Framing your compliments and advice will encourage your graduate to hang it somewhere they will always see it and can help them when they must make difficult decisions.

·?????? Expensive suit or professional attire

o?? Students have been seen going to class in anything from ripped jeans and jerseys to pajamas and animal onesies. Graduate school is a bit different. Students will attend class with students who are already professionals in their careers. And if they’re not attending graduate school, your student will be on the job hunt and will need clothes for an interview.

Graduation may happen every year, and with some schools every semester. But it is a pivotal moment that marks a drastic change in the student’s life, and maybe even that of their family. As higher education administrators, we should do all we can to ensure our graduating students have all the tools they need to succeed with their career goals. Contact Higher Ed Consulting to see what more your department can do for its graduates!