Get Set for Loan Repayment
If you’ve borrowed student loans, your repayment journey begins shortly after you leave school. Taking action early can prevent stress and keep you on track.
Use Your Grace Period Wisely: Federal Student Loans typically include a six-month grace period before repayment begins– use this time to budget and plan.
Explore Repayment Plans: Federal repayment options include Standard, Graduated, Extended, and multiple Income-Driven Repayment (IDR) plans.
Set Up Autopay: Many servicers offer an interest rate reduction for automatic payments.
Keep Your Contact Information Updated: Loan servicers must be able to reach your to avoid missed payments or delinquency.
Understand Consolidation and Refinancing: Consolidation (Federal Student Loans) and Refinancing (Alternative (Private) Loans) work differently. Review the long-term tradeoffs carefully.
Protect Your Credit: On-time payments are the single most important factor in maintaining good credit after graduation.
Build Credit with Confidence
Good credit is a foundation for future milestones– from renting an apartment to financing a car.
Use Credit Intentionally: Consider a low-limit or secured credit card if appropriate.
Pay Bills on Time: On-time payment history has the greatest impact on your credit score.
Monitor your Credit Report: Check annually and review for accuracy.
Start Planning for Your Financial Future
Your first full-time job is an opportunity to establish healthy financial habits and create a spending plan that supports your goals. A realistic, adaptable budget can help you stay on track as life changes.
Enroll in Workplace Benefits: Understand your health insurance, retirement plan, and employer match options.
Start Saving for Retirement Early: Even small contributions to a 401(k), 403(b), or Roth IRA can grow significantly over your career.
Create or Update your Budget: Account for new expenses such as rent, transportation, groceries, and loan payments.
Build your Emergency Fund: Aim for 3-6 months of essential expenses.
Adjust your Plan Regularly: Revisit your budget as your income, priorities, and expenses shift.
How We Can Help
Our commitment to your financial success doesn’t end at graduation. As you leave Rocky Top and take your next steps– whether you’re starting a career, moving to a new city, or planning for graduate school– the Center for Financial Wellness remains a partner in your long-term financial journey.
Center for Financial Wellness (CFW)
One-on-one coaching appointments and workshop access are available to currently enrolled students and up to one academic term after graduation, so we encourage students to take advantage of these services during their final semester.
- One-on-one Financial Coaching: Personalized appointments to help you build a budget, plan for loan repayment, manage credit, or map out next steps based on your goals.
- Workshops & Events: Topics include credit building, retirement basics, workplace benefits, budgeting after college, and understanding major financial decisions.
Digital Resources
Access a range of online tools and resources to help you manage your money, plan for the future, and navigate key financial decisions.
GradReady
What GradReady Helps You Do
- Consolidate federal and private loans in one place
- Build a personalized budget
- Access tools such as budget planners and investment calculators
New Users
- Visit GradReady and select Get Started
- Register using your @vols.utk.edu email address and UT enrollment information
- Complete your setup until you land on the Success! Page
Returning Users
- Visit GradReady
- Log in with your @vols.utk.edu credentials
Interactive Spending Plan
A spending plan helps you identify income, track expenses, and distinguish needs from wants. Understanding your habits allows you to manage money intentionally and work toward your goals.
Download the interactive spending plan to:
- Visualize monthly or weekly spending
- Save for emergencies
- Track progress toward financial goals
Download the Interactive Spending Plan
Additional Post-Grad Resources
- Employer Benefits Offices: Your employer may offer guidance on retirement plans, insurance options, and other workplace benefits available to new employees.
- Financial Institutions: Local banks and credit unions can assist with setting up checking/savings accounts, secured credit cards, or financial planning.
- State & Federal Consumer Resources: Tools for credit monitoring, debt management, and understanding your rights as a new consumer or tenant.
