In many places, Mother’s Day is not only marked by tributes to mothers, but also signals the start of the college graduation season.
And fittingly, this week in the “Your Money” column in the New York Times, Ron Lieber writes about “The New Money Rules for Recent Graduates.” In this article he touches on some of the main financial concerns that face the college graduates, and points out that these are mostly issues that students don’t have background or training in dealing with. The topics he focuses on are:
• Health Insurance
• Banking and Debit Cards
• Student Loans
The column also points out that new financial legislation and regulation have changed the scene over the last year, and these are area that even people with some prior knowledge would benefit by taking a second look at. It’s well worth reading for both about-to-be-graduates and parents.
There are, however, some students for whom certain of these concerns—repaying student loans and finding health insurance, anyway—may not yet come into play, and that is those students who are going to attend graduate school. Since they will still be in school, their student loans will not come due, and they will have an opportunity to subscribe to the schoolwide health insurance offered on the campus where they will do their graduate work.
Even for those on the brink of graduation who have not yet applied, graduate school may still be worth consideration. For some fields, it’s a necessity: there are some things you just can’t do without the master’s degree or doctorate, and certainly without an M.D., or other more specialized degrees some occupations are closed. Additionally, a professional degree has been shown to provide a major income boost. To learn more, check out our article “Why Go to Graduate School.”