Many of you who graduated in May 2009 are now entering the repayment stage of your federal student loan. While often dreaded, there are different tools and plans available to make paying off your student loan affordable, simplified, and will minimize your total interest cost. 

Standard repayment provides level monthly payments that cover accruing interest and a portion of principal. This is usually the most economical option as you will accrue the least amount of interest.

If you need to have lower monthly payments, you have a few different options: Extended Repayment, Graduated Repayment, Income-Sensitive Repayment and Income-Based Repayment. These will all provide a more manageable monthly payment, but you will pay more interest over the long run and not everyone will qualify. Find out more about all these different plans at Sallie Mae^®.

As for private student loans, eligibility repayment plans may vary by loan type, loan balance, and disbursement date. Be sure to talk to your lender about your options!

If you haven't entered repayment yet, Sallie Mae has a Loan Repayment Calculator to help estimate what your monthly payments will be under all these different payment options, helping you choose which will be best for you!

If you have a little extra cash left over each month, I would highly recommend prepaying your student loan! As long as your lender doesn't penalize you (most shouldn't but you definitely need to check first), these extra payments you make are applied to the principal of the loan, after the accrued interest and any outstanding fees (if applicable) are satisfied. If you reduce your principal — even by a little — you reduce the amount of interest you have to pay over the life of your loan. Basically, the sooner you pay off your loan, the less time it has to build up interest and the less money you owe!

And don't forget your old Upromise^TM account! Not just for high school students anymore, Upromise Loan Link^® can help you earn rewards on everyday purchases to pay down your Sallie Mae loan.

And not matter what, don't panic. With a little bit of planning you can soon be on your way to building credit, managing your debt and being in charge of your own financial future!

Whether applying to schools or starting a job search, people usually remember to present themselves professionally in person. But I cannot stress the importance of managing your online presence as well!

Social media has become a part of many of our lives, a way to stay in touch with friends, find people with similar hobbies, and hear the latest news. But it’s also become a way for schools and companies to research possible candidates. While some schools have a policy of not checking personal websites or profiles unless invited, a report by the National Association for College Admission Counseling finds that 26% of colleges are using search engines to research potential students and 21% are using social networking sites!

Have you asked yourself how your online presence would affect your application? Are your photos and comments appropriate? Or do you list your interests as “partying ‘till I pass out, all day every day?”

To make sure your account(s) are ready for their close-up, I highly recommend managing your privacy settings! When possible make your account private and restrict access to photo albums, wall posts, and pictures tagged of you. Facebook is very customizable, letting you specify what friends are allowed to view what!

Even after personalizing your security settings, I recommend erring on the side of caution. Perhaps only your best friend has access to view that scandalous picture, but if you uploaded that photo, then it exists somewhere besides your computer… who knows where it’ll turn up?

And don’t assume you’re in the clear once the application process is over! Many people have been suspended or fired due to their social media activity — everything from angry tweets about admission officers, to calling in sick while your status says you’re really at a concert, sharing company secrets, or photos of you participating in illegal activity. In fact, according to a recent study by Proofpoint, 8% of US companies have fired an employee over social media!

So use common sense in your online activities and remember that Internet does NOT equal anonymous!

Just before I enter a networking event, my heart starts to race, my palms start to sweat (oh no, anything but a clammy handshake!), and I have a general sense of foreboding. I’m on the shy side, and the idea of walking up to strangers and starting conversations feels awkward and a little fake. But networking is a great way to make contacts, learn about your industry’s going-ons and possibly result in great opportunities, such as a dream job or a fabulous new client!

Here are some tips on effective networking:

• Join local industry meet-ups. They’re easy to find on LinkedIn, MeetUp.com and social networks.
• Be yourself. Don’t force yourself to act or talk in a way that makes you feel awkward! Let things flow naturally, and you’ll find that it really isn’t all that bad
• Be prepared. Try to find out who will be at the event and see if there are any people you’d particularly like to meet. If so, read some of their company’s latest press releases so you have a conversation starter.
• Ask questions. The easiest way to keep a conversation going is to ask questions, whether it’s about how someone’s using the latest technology (“How about that Twitter?”), how recent events have affected business (“Has the economy affected your readership?”), or a clarification on their job title (“What does a Director of Analytical Relationships do anyway?”).
• Stay in touch. After the event, feel free to connect with the people you met via LinkedIn. If they have a Twitter account, I recommend following it as well!
• Practice, practice, practice! Trust me, it does get easier! Go to events whenever you can, and be sure to talk to one more person each time. If you spoke with one person last time, aim for two next. By taking baby steps you can ease your way into your own networking style.

Have any tips on effectively networking? Share them in the comments!

Mistake #1: Not realizing that you’ll have a life-long “report card” called a credit report. You know the drill: Your performance in school is evaluated and graded. No secret there.

But did you know that throughout your adult life you’ll be graded in another area altogether, one that has nothing to do with exams, term papers, and homework assignments? It has to do with how well you manage money or, more specifically, how well you manage money that you borrow. Three major credit reporting agencies compile data on you and maintain it in a credit report. And you get evaluated. Just like in school. 

Your Money Management “Grade”
Your money management grade is called a credit score. It’s often referred to as a FICO^® score (since many credit bureaus calculate scores using the software developed by Fair Isaac and Company), although each of the credit bureaus has its own name for it. The scale ranges from 300 to 850, and the higher your score…the better.

Mistake #2: Being clueless about why a good credit score matters…and the ways you can earn “top marks.” Good grades in school can open doors (like to the college of your choice). A good credit score opens up possibilities, too.

• A really bad score can keep you from getting the loan you want. You’ll probably need to borrow money for a car or, eventually, a home. You’ll need an acceptable score for that to happen.
• If your score is mediocre (so-so, like a “C”), you’ll probably be able to borrow money but will have to pay more in interest. That’s because you’re more of a “risk” (meaning you might not pay them back!), so lenders will charge you more to make up for it.
• And finally, just like poor grades can keep you from getting into your first-choice college, a poor credit score can hurt your chances of landing a job or even getting an apartment. Because, yes, employers and landlords can (and often do) check your credit score.

Mistake #3: Not understanding the difference between what you NEED and what you WANT. It’s never too early to learn to first buy the things you need and then, and only then (and only if can you afford it), you buy the things you’d love to have. 

Becoming aware.
Before you’re able to change any bad habits, you have to be aware of them. As you fill in your budget info, ask yourself whether the item was something you really needed (e.g., lunch at the cafeteria) or wanted (a new digital camera). A pattern should emerge, and you’ll see how much money you spend on “optional” items. If you have the money to afford them, fine. If not, you’ve got to make smart choices: Needs first. Then wants. Do that, and you’ll be ahead of some 40-year-olds we know…and well on the way to solid financial footing!

Mistake #4: Not knowing how much money you have to spend…or how you spend it. It sounds simple enough, doesn’t it? Don’t spend more than you can afford, and you won’t run into money problems. End of story. But it’s often easier said than done. That’s why, especially during your college years when your income will be modest, you need to develop…and stick with…a budget. 

Budget: It’s not a dirty word.
Think of your budget as a personal spending plan. It’s simply a way for you to understand where your money goes and to make sure you don’t absent-mindedly buy things you don’t really need. That way, you will have the money for a concert or club or a restaurant. It’s all in the planning.

As students leave college and transition into the workplace, now is an opportune time to assess personal finances and weigh repayment options. Here are seven helpful tips for Sallie Mae customers:

1. Stay in touch: Immediately notify your student loan servicer(s) of any change to your name, address, telephone number, employer, or Social Security number. This will ensure that you receive all communication from your lender and that you are aware of when your grace period ends, the payment amount, payment due date, and repayment options.
2. Use automatic debit: Set up monthly loan payments with automatic debit as an easy way to make on-time payments. Your monthly student loan payments are electronically deducted from your checking or savings account, saving you time and stamps and helping you avoid late fees.
3. Know how much you owe: Get a clear view of your existing debt, including student loans, credit card balances, and car loans. Sallie Mae provides an easy-to-use worksheet available at www.SallieMae.com/bedebtsavvy that will give you a snapshot of how much you owe. Apply extra funds to your highest interest rate debt first.
4. Make a budget and stick to it: Track your monthly income and expenses to create a budget and then stick to it. Sallie Mae recommends that you periodically re-evaluate the budget as your income grows and your expenses change.
5. Get a copy of your credit report: Get a free copy of your credit report now and each year, and review it carefully for inaccuracies. Adverse information on your credit report may result in higher interest rates when you buy a car or house or make any other purchase on credit.
6. Link your loan to Upromise: Join Upromise, then link your Sallie Mae loan account to your Upromise account and use your Upromise rewards to transfer earnings automatically to help pay down your eligible Sallie Mae student loans. Upromise helps students and families save money for education expenses by earning rewards on everyday purchases from participating companies. Visit www.SallieMae.com/upromise to learn more.
7. Prepay or pay extra when possible: You may prepay Sallie Mae student loans in part or in full at any time without penalty. The faster you pay off the lower the overall cost of the loan. Adding a little extra to each monthly payment can help.

College graduates are entering one of the worst job markets in the past 20 years. Combined with the fact that students are accumulating more and more debt, graduation can become a rather frightening idea instead of something to celebrate. Many old “safe careers” are becoming a little less sure as veterans postpone their retirement, and the need for new blood diminishes. But you mustn’t accept defeat yet — there are still opportunities out there if you take the right approach.

Start early. If you can, start applying for internships every summer you’re in college. The greater your previous relationship with a company, the more favorable a candidate you’ll be! If you don’t have any internship opportunities, look for summer jobs in the right career field. Just like “The Sims,” you can start off in the mailroom and work your way up to business tycoon! And once your senior year begins, you should immediately begin applying for full-time jobs. Make sure you follow up in your second semester if the posting is still available and you haven’t heard back!

Know the market. Research what industries have stagnated and which ones are still experiencing job growth. Now may not be the right time to apply to auto companies, but Obama’s stimulus plan will hopefully boost industries such as:

• Green energy: This includes geoscientists, geological engineers, and energy consultants
• Construction and manufacturing: This includes civil engineers, urban planners, and project management
• Health care: This includes physicians, physical therapists, and registered nurses
• Education: This include teachers, especially K-12, and administrators

Another place to look is with the U.S. government, which is one of the most stable industries in the country. Check USAJobs.gov for opportunities in branches such as the Department of Agriculture, the Federal Trade Commission, the Supreme Court, or even the National Zoo!

Reach out. It can be embarrassing to call your stepdad’s brother’s lawyer looking for a job, but in the end it will frequently be worth it! Sometimes all it takes is the right connection to get you into your dream job — it’s estimated that 70% of jobs are found through networking. Even if it doesn’t pan out, you will end up with multiple people keeping their eyes open for you, which always increases your chances. Try:

• Relatives and friends
• Your school’s, fraternity’s, sorority’s, club’s alumni association
• Your favorite professors
• Local industry networking events — check MeetUp.com if you don’t know where to start
• Social networks, such as LinkedIn

Try part-time, freelance or contract work. Many people loathe “wasting” their skills and education on contingent or “gig” work, but there are many opportunities available if you keep your mind open. This type of work has many benefits such as trying out an industry or job with less commitment, obtaining new skills for your resume, and making good connections with people. I myself have seen many of these jobs lead to full-time employment. Try upcoming sites such as Elance or SnagAJob for possible opportunities.

Continue to update your skills set (and resume!) and make business connections, and eventually you’ll find yourself happily ensconced in a career of your choosing.

Got other tips for finding a job? Please share them in the comments.