Archive for month: May, 2017

Internships give students the opportunity to explore career paths, get resume-building experience and show a company what they can do. Nailing an internship can also be the difference between struggling to find a job or sailing straight into one when you graduate. Use these five tips to get your employer’s attention during your internship so you’re first on their list when an entry-level job opens up.

Kristen Purdy studies environmental science at Portland State University, but her coursework alone didn’t inspire her to pursue a career in sustainability. She’s also done four environmental services-related internships in the past three years.

“My internships and my work experience have been so closely related to my career goals that they’re almost as important as the education itself,” says Purdy, 21.

Internships give students like Purdy the opportunity to explore career paths, get resume-building experience and show a company what they can do. Nailing an internship can also be the difference between struggling to find a job or sailing straight into one when you graduate: More than 70% of employers said their primary goal in bringing on an intern was to hire them as a full-time, entry-level employee once the internship ended, according to a 2015 report by the National Association of Colleges and Employers.

Use these five tips to get your employer’s attention during your internship so you’re first on their list when an entry-level job opens up.

1. Be realistic about how much you can take on.

Internships are often less competitive during the school year than over the summer, and you can try out different companies if you work your fall or spring semesters in addition to summer break.

But if you overcommit yourself, both your work at your internship and your GPA could suffer, says Taren Crow, director of liberal arts and sciences career services at Iowa State University.

“You really need to look at your course load and make sure that it’s manageable, maybe even speaking with your instructors before the semester starts,” she says.

You also need to consider your financial limitations as well, such as whether you can afford to take an unpaid internship. They’re especially prevalent in fields such as journalism, nonprofit management and entertainment, though it’s not feasible for everyone to work for free.

“In some industries it is really common, and it is the best way to get your foot in the door. But see if you can negotiate a little less time in the internship,” Crow says. If you’re offered an unpaid internship that requires a commitment of 40 hours a week, for instance, ask your employer if you can cut it down to one or two days. That way, you can make money elsewhere to cover living expenses.

2. Treat a challenging project as a way to test yourself.

This summer Purdy was an intern at Recology, a San Francisco-based recycling and waste management company. She learned about supply management and resource recovery, which includes recycling residential and commercial materials and debris. The field was new to her, and so were the projects she worked on.

“I was actually doing stuff that involves web design, which is totally not my field,” she says. But she stayed confident and enthusiastic, and she viewed her internship as a way to learn what she was capable of.

“I’m like, ‘OK, this is three months, I’ve got a mentor, I’m supported.’ But at the same time, I can kind of test myself.”

Getting thrown into a new environment without much experience can be scary, but internships are ideal places for you to try a new skill or role without the weight of a class grade on your shoulders. And when you show your employer that you’re willing to take on every project with positivity, no matter how big or small, you’ll demonstrate how valuable you’d be as a full-time employee.

3. Meet with your supervisor regularly.

Some internships are highly structured and build regular check-ins with supervisors into the experience. But if your internship is less organized, it’s up to you to seek feedback. That will not only help you improve your work while you’re there, but you’ll show you’re thoughtful and eager to progress in your field.

A strong relationship with your supervisor and co-workers also means you’re more likely to be considered when a job becomes available. When you build a friendly rapport with others, they’ll remember you’re someone they’d want to work with again.

“It’s good to make sure that you really meet people while you’re there so you have people to go to bat for you when they may be making a hiring decision,” Crow says.

4. Let your boss know you’re interested in a job.

If you loved your internship and want to work at the company in the future, tell your boss before you leave. It might seem direct, but it’s worth putting yourself on your boss’s radar while you’re still at the company.

“Your supervisor can’t read your mind, and so they may not know that you’re even interested in that,” Crow says.

As your internship is concluding, she recommends telling your supervisor: “I really enjoyed my experience here and I’m hoping I could be eventually hired full-time. Are there any opportunities I could be considered for?” Let your supervisor know when you’ll graduate, and if it’s more than a few semesters away, tell him or her that you’ll follow up as the date gets closer.

5. Keep in touch when your internship ends.

Former internship supervisors and colleagues are hugely valuable members of your professional network. They know your work and can vouch for you not only for jobs at their company, but also when you apply to other companies, too.

Purdy got a letter of recommendation for her Recology internship from a former supervisor at the electric-car advocacy organization Drive Oregon, where she interned her sophomore year. She also emails her former bosses a few times a year to let them know what she’s doing as she progresses in school.

“They really like that. I get lots of good emails back,” she says. “I can’t wait til someday when I’m older and I start getting those warm, fuzzy emails from students that I’ve mentored.”

This article was written by NerdWallet and was originally published at USA Today.

 

Your student loans are easy to forget about when you’re busy celebrating college graduation, looking for a job and perhaps preparing to move to a new city. But the summer after graduating is the perfect time to take charge of your loan payments and create your personal action plan to get out of debt.

Your student loans are easy to forget about when you’re busy celebrating college graduation, looking for a job and perhaps preparing to move to a new city. But the summer after graduating is the perfect time to take charge of your loan payments and create your personal action plan to get out of debt.

“Whatever debt you have, don’t treat it as a friend you have around,” says Phil Schuman, director of financial literacy at Indiana University in Bloomington, Indiana. “You should be mad at it. You should be doing everything you possibly can to get rid of it as fast as possible.”

Follow this five-step plan to understand, streamline and attack your loans, starting now.

1. Know your loans inside and out

Before you can manage your debt, you’ll need to understand how much you have to repay. Log in to the National Student Loan Data System to review the federal student loans you’ve taken out. Create a Federal Student Aid ID to log in if you don’t already have one.

There you’ll see a list of your loans and what date they were disbursed, the amount that’s left to repay (known as the “outstanding principal”) and the interest that’s already accrued. Click on the number of each loan in the left-hand column to view each loan’s interest rate and the name and phone number of its current servicer, or the company that manages the loan on behalf of the federal government.

If you have private loans, the financial institution that lent them to you (Discover, Wells Fargo or Citibank, for example) keeps track of your loan information. Make sure the lender has your current email and snail-mail address on file so they can send you all the updates you’ll need as repayment inches closer.

2. Talk to your loan servicer

Once you know what loans you’ll have to pay off, learn about your repayment options the old-fashioned way: Call your servicer. That’s the company that either lent you the money or that is now contracting with the federal government to manage your loans.

In many cases, your servicer will automatically place you on a 10-year standard repayment plan, which is one of the fastest ways to pay off your loans. If you have a lot of debt but not a lot of income, this could mean your payments are tough to make initially. For federal loans, you’ll usually have a post-graduation grace period of about six months before repayment begins — sometimes less for private loans. Take time at the start of your grace period to build a comprehensive understanding of your loans before you start paying them off.

Make a list of questions to ask your servicer so you understand the basics:

When is my first payment due?
Where do I send it?
How much will I owe per month on my current repayment plan?
What other repayment options do I qualify for?
How do I switch repayment plans?
Are discounts available if I sign up for automatic debit or take advantage of other repayment features?

Take detailed notes and keep them in a specific folder, either in Google Drive or in a physical place where you also store mail your loan servicer sends you. It’ll be easier to keep track of your loan details if you stay organized and do your best not to get overwhelmed.

3. Pick the right repayment plan for you

Now comes one of the most important parts of managing your loans: deciding how you’ll pay them off. Federal loans have some options to choose from beyond standard repayment, including income-driven plans that take into account how much you earn after graduation. There’s also the Public Service Loan Forgiveness program for graduates who work in the public interest, which will make your remaining loan balance disappear after 120 on-time payments on your federal loans.

“The nice thing about federal loans is it’s very consistent as to how it operates,” Schuman says.

Plug in your loan and income information using the Federal Student Aid website’s Repayment Estimator to see how much you’ll pay per month on each plan. If your loans will be more manageable on a graduated, extended or income-driven repayment plan, call your servicer and ask for more information about your eligibility.

Private loans work differently. Private companies aren’t required to offer specific alternative repayment options to borrowers like the government does, but various lenders may work with you to provide an interest rate reduction, extended repayment plan or a longer grace period if you foresee having trouble repaying your loans. Your best bet is to call your lender before any payments are due to discuss your options.

4. If you can, start paying during your grace period

With your long-term repayment plan squared away, consider ways to start bringing your debt down now, Schuman says.

“Don’t let the lending company tell you when you should start paying back your loans,” he says.

If you have the means during your grace period, you could make a one-time payment toward the interest that accrued on your loans while you were in school before it capitalizes, or is added to your loan balance. Another, more powerful option is to start making payments toward your principal as soon as you graduate, while you’re technically in your grace period. If you ignore your student loans for six months after graduation you’ll get used to having more money in your checking account than you will once repayment begins, Schuman says.

“You’re getting the opportunity to develop six months of bad habits,” he says.

It’s important to note that if you start paying off your loans during your grace period, you should ask your servicer to apply your additional payments directly to your principal instead of toward a future monthly payment. That will ensure that the extra you pay brings your balance down faster.

5. Treat your loan like another monthly bill

Repaying your loans isn’t optional: It’s absolutely necessary for your financial well-being. Missing payments and eventually going into default has serious consequences, so you should think of your loan payments as just one more monthly cost that you budget for.

Sign up for automatic debit so your payment comes directly out of your bank account, the way you may already pay your electricity or cell phone bill, Schuman says.

Once you’re used to making regular payments, you can also start to be strategic about which loans you pay off. You can apply extra money to high-interest loans so you don’t accrue big interest charges, which can make it seem like your loan balance hardly decreases. Or you can completely pay off smaller loans’ balances when you’re able to, which Schuman calls the “momentum method.” That can feel rewarding psychologically, he says, encouraging you to keep making extra payments so more loans disappear. Make sure your servicer knows which loan you want to apply additional payments to.

No matter how you do it, repaying your loans should be a top priority when you graduate. Pay them off smartly and strategically, and soon they’ll be off your plate and in your past.

This article was written by NerdWallet and was originally published at USA Today.