• Can’t find your dream job? Don’t expect to find your dream job straight out of college. Your dream job could take years of experience and possibly even more education to find. Focus on finding a job in a related field or just a job for some income and benefits.
• Any job is better than no job. Try not to limit yourself to the field you think you want to work in, you may find a job outside that field and end up loving it.



• Can’t find work at all? Try searching for an internship (hopefully a paid internship). Employers are always looking for that ever important experience to go along with the degree, so take this opportunity to get yourself some experience. It may open up the potential for a better job.
• Considering graduate school? Now may be the time to look into it. You will make yourself more marketable to employers. If you can’t afford to attend school full time, look at part time or online programs from accredited universities. If you are disciplined enough, you may be able to earn your graduate degree while maintaining employment.
• Get your finances in check! Consolidate loans, get your credit cards organized, and take advantage of your grace period. Your loan grace period may be a great time to save up some money for when the bills start rolling in. If you are having trouble finding a job, Income Based Repayment may be an option to look into, especially for those on a vary limited income and not employed.
• Don’t get discouraged. Not every job you apply for is going to call you back. Not every job you interview for is going to offer you a position. Hold your head up high and keep looking.

Grants:

• Through the College Cost Reduction and Access Act (CCRAA) and the American Recovery and Reinvestment Act (ARRA), there is an increase in the maximum Pell grant award being with the 2009/2010 school year. This funding increased the grant to $5,350, which is up more than $600 from the previous year.

• The minimum Pell grant for a full-time student is no $976 and for part time students the amounts are prorated.
• Those who have been incarcerated or convicted of sexual offenses will not be eligible to receive Pell Grants.

• If you are under the age of 24 and enrolled in college at the a military parent or guardian passes away as a result of military duty in Iraq or Afghanistan, you are eligible for the maximum Pell Grant.

• Students are now eligible to receive Pell Grants year round.
• Non- U.S. citizens and students attending college at least half time are now eligible for grants.

Loans:

• Effective July 1, 2009, interest rates on subsidized loans for undergraduates now have a 5.6% interest rate opposed to 6%. Stafford loan borrowers with see more than 1.7% point reduction in their rates.

• Income Based Repayment Program began.

• The 20/220 Elimination program ended July 1, 2009, this program allowed students to qualify for economic hardship deferment, but was canceled due to Income Based Repayment.

Here is the audio for an NPR news segment on the challenges of being a college graduate in today’s economy.

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Now more than ever, students are defaulting on their loans.

Here are a few tips to help:

• Income Based Repayment
• If you can prove your hardship, the federal government can defer your loans for up to three years.
• Do not borrow more than you can expect to earn.
• Don’t expect to start your dream job the day after you graduate. A job will help you repay your loans and avoid defaulting. Your dream job will come.
• If you are able to and mom and dad don’t mind, consider moving home after school. Get your finances in check and then go from there.

IBR is designed to make repaying the cost of your education easier for those pursuing careers with lower paying fields, such as public service. IBR caps the monthly payments based on the borrowers income and family size. Your monthly payments may change annually based on changes in family size or income.

• Single borrowers must have an income of less than $50,000.

• Married borrowers with two children must make less than $100,000.

Most monthly payments under IBR is less than 10% of the gross income.

Income Based Repayment can be used on:

• Stafford Loans
• Grad PLUS loans
• Consolidation Loans
• Federal Student Loans only!!

Sorry, Parent PLUS loans and Perkins Loans are not eligible.

IBR Benefits:

Pay as you earn money, your monthly payment will be less than the amount the Federal Government would require you to pay under the regular ten year plan.

Interest- In the event your IBR payment will not cover the interest that accrues monthly on your loans, the government will pick up the interest for Subsidized Stafford Loans.

25 Year Cancellation- If you meet all requirements and pay for 25 years, any remaining money you owe will be cancelled.

The Downfalls of IBR:

More Interest- the longer it takes you to repay your loans, the more interest will accrue. The quicker you pay off loans, the less interest you pay.

Documentation- In order to determine your payments, you will have to provide yearly documentation of income and family size.

If IBR sounds like something that is for you, contact the lender of your student loans!