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Facing Student Loan Debt? How The Right Job in School Can Land You the Right Job After School

When it comes to landing your first job after graduation and getting a strong foothold on paying back student loan debt, nothing is more important than standing out in the workforce. This doesn’t mean you should equip yourself with a gimmicky resume or a flashy outfit for going on interviews. The way to impress a prospective employer is with experience and skills suited for the position — not only will this put you on track to paying back your student loan debt, but it will also set you up for long term financial success. When it comes to hunting for a job, college graduates can be put into three categories:

● Those who have waited until after graduation to look for a job.
● Those who have waited for a couple of months (while enjoying their last summer of freedom) before searching for a job.
● Those who have been planning their job search since well before their final exams.

The latter understand that in order to give themselves an edge in the job market, they needed to start early.

Gain Work Experience While in College

There is often a catch-22 that applies to looking for a job after college: many entry-level positions require some experience, but you can’t gain experience unless you have already worked in that field. Although there are exceptions, one of the hard facts is that most employers prefer to hire a college graduate who has some work experience to put on the table. So, your best bet is to find part-time work in your chosen field while you are still in school. It might not be easy, as trying to keep up with a full course load and working at the same time can be a challenge. But the reward may be your dream job after graduation.

● Best-case scenario: You find a part-time job related to your field and then use your experience to segue into a full-time position once you have your degree.
● Worst-case scenario: You can’t find a part-time job directly related to your field, but you have demonstrated your ability to hold a job and you have some work experience to put on your resume.

Five Ways to Find the Right Part-Time Work

1. The Federal Work Study Program

All federally accredited universities and colleges offer the Work Study Program. This program matches students with job opportunities which are located both on and off campus. Counselors do their best to pick positions closest to your field of study. These jobs are paid at the minimum wage rate or a little higher and are assigned at a maximum of thirty hours per week.

2. Freelancing

If you have certain skills, such as writing or graphic design, you can make some extra cash using freelance sites such as upwork.com and contentrunner.com. The beauty of this kind of work is that you can choose your own hours. There are many internet platforms that are searching for part-time talent – just be sure to research them carefully to avoid scams. Even if you find work that isn’t in the field you are aiming for after college, you will be demonstrating initiative to any prospective employer.

3. Volunteering

Volunteering usually means that you won’t get paid, which while admirable, won’t make a big dent in your student loan debt. But getting involved with community organizations, charities, animal shelters, etc. shows initiative, a sense of responsibility, and your ability to work with others. It is often easier to find an unpaid position in the field that you want to work in after college through volunteering or an internship. Simply, if you can afford to volunteer you’ll likely refine the personal and professional skills that will last a lifetime.

4. Internships

Finding internships in your chosen field is one of the best ways to land your dream job after college. Companies love internships because it’s an easy way for them to find talent with hardly any risk or expense on their part. Internships represent the lifeblood of college work experience because nothing beats a hands-on education. The best internship is one that will help you launch your entry-level career.

5. Career Services Department

Most colleges and universities have a Career Services Department whose main goal is to help students fine-tune their professional skills in hopes of landing a great job. From resume tips to mock interviews, they’re a wealth of knowledge. Every day they’re working with students just like you who have varying amounts of student loan debt and actively want to help you get rid of it!

● Why the Big Companies Aren’t Always the Best Choice: Many academic advisors recommend choosing internships in smaller businesses where they really need hands-on help so you won’t be stuck just making printer copies and coffee runs. Research a few local small to medium-sized companies in your field, and then contact their HR departments to ask whether they have programs for interns. Don’t forget to talk to your professors – they are probably aware of a few good companies that you can contact. As an added perk to employees, many companies are also adding competitive benefits, like tuition reimbursement, helping pay of student loan debt, or providing generous time off.

● When to Start Looking for an Internship – After your freshman year, begin to contact companies that interest you. A good resource is your college’s career-planning office. You may be fortunate enough to be enrolled in a college that offers grants to enable students to accept unpaid (or poorly paid) internships. Or you can consider combining a part-time unpaid internship in the field you want with other work that pays. Fortunately, some high-paying fields also pay their interns quite well, especially if those students are close to graduating.

The Bottom Line

Carefully planning your part-time jobs or internships while you are working toward your degree will give you the best chance of achieving your career goals. And the sooner you begin to earn money out of college, the sooner you can start to pay off your student loan debt. Talk to ELFI about our private student loan offerings by giving us a call today!

Subject to credit approval. Terms and conditions apply.

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

Adulting Tips: 8 Resume Keys to Help you Score that Next Job

Whether you are in the process of heading off to college, or you are graduated and looking to continue your path to financial freedom through student loan refinancing – the work ethic you developed to get into and through school will be a major part of your continued success. But as you enter or progress through your career, the way you present yourself holds even more weight. It’s time to start thinking of your personal brand.

Your resume is a key component of how your personal brand comes across to employers. It’s your first opportunity to impress hiring managers and will determine whether you get that in-person interview. For these reasons, it’s essential that is promotes you in the best light possible. Follow these steps (and avoid these mistakes) to achieve the perfect resume.

 

1. Customize it.

Submitting a vague, boring resume is a sure way to get yours moved to the bottom of the stack, or out of the pile altogether. No matter where you are in your career path, whether looking for a part-time job in high school, an internship in college, or applying for a job after school, you should always take the time to customize your resume to the job you’re applying for (check out Huffington Post’s tips for customizing your resume). But remember, a little goes a long way here.

 

2. What does your email address say about you? 

Your prospective employer shouldn’t look at your resume and think “this person is cool.” In fact, you probably don’t even want them thinking twice about it. You should always avoid email addresses that use nicknames, profanity, or have humorous connotations. Use a simple email address that consists of variations of your first, middle, and last name. We love the tips on creating a professional email address from Hubspot.

 

3. Organize it.

You want the employer’s eyes to be drawn to the most important parts of your resume – so be sure to highlight them and make them prominent. If you’re fresh out of school with no work experience, highlight your academic accomplishments; if you didn’t have a great GPA in school but have good work experience, highlight the experience first. Know what your selling point is and prioritize it over your supporting facts.

 

4. Don’t be passive or lazy in your use of language.

Showing laziness in your resume? A recipe for unemployment. Be sure to explain your duties at each job, and don’t sell yourself short. Even if two jobs are similar in nature, be sure to express how the experiences were different because it will exemplify some versatility. Using statements like: “same as above” and “etc.” when writing your resume shows poor effort and undersells your experience. 

 

5. Choose the right font.

Be sophisticated, not flashy. Choose a standard font that will be readable by the hiring manager on their phone, laptop, tablet, or any operating system. Your resume may be scanned by automated applicant tracking software, so using a basic font is probably best. Some common examples of “resume-safe” fonts are:

  • Calibri
  • Arial
  • Garamond
  • Georgia
  • Helvetica

Check out some more tips on choosing font size and weight from Indeed.

 

6. Show that you are detail oriented. 

Typos and other errors are one of the most common blunders that would cause a hiring manager to discard a resume. Submitting a resume that has typos only confirms that your attention to detail is lacking. Don’t be that person. Just like your credit score can reflect your attention to detail in your personal finances as you seek out student loans or to refinance student loans, your resume is that short summary of your professional experience. Don’t let a typo drop your score with your future employer. 

 

7. Why you? 

Most importantly you want to make an impact on a hiring manager. You need to put emphasis on your accomplishments. Think of instances where you achieved success at previous jobs, on classroom projects, or during extracurricular activities. Your goal is to demonstrate measurable successes to the greatest extent possible. Maybe you were you able to help a previous employer increase revenue by 10%. Or you created marketing campaigns in your college courses that five actual companies were able to use and implement. Or you organized a fundraising event that raised funds for a charity in your community. For some inspiration, here’s JobScan’s list of examples of accomplishments you can put on your resume.

 

8. Algorithms are everywhere.

Many employers use electronic databases to store applicant resumes, and scanning tools are programmed to look for key terms in your resume. Using the right keywords may help you get noticed and earn an interview. Use the job posting or description to help you determine which keywords, such as specialized degrees, languages, skills, etc, to include on your resume.

We hope this Adulting Tip lets helps you score that next big career move. Education Loan Finance is here to help you along your financial journey from funding your college career to refinancing student loans – we want to empower your path to financial freedom.

 

Terms and conditions apply. Subject to credit approval.

 

NOTICE: Third Party Web Sites

Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

Measuring the Costs of Employee Turnover

Best-selling business management author Jim Collins was asked during a 2001 interview if he had identified a good business response to the economic slowdown that had gripped the nation. His widely quoted answer is as relevant today as it was at the time:

 

“If I were running a company today, I would have one priority above all others: to acquire as many of the best people as I could [because] the single biggest constraint on the success of my organization is the ability to get and to hang on to enough of the right people.”

 

Nearly 20 years later and in a highly improved economic climate, Collins’ words still encapsulate the biggest challenge facing HR departments of corporate giants and small start-ups alike: finding and retaining quality team members. In an era of competitive recruitment and job-hopping staff, your company risks losing monetary and human capital each time a valued employee chooses to leave. Employee turnover impacts your bottom line and your company’s culture. To set wise employee retention policies, you first need to assess the costs of staff turnover accurately and measure the full impact of employee loss.

 

Direct Costs of Replacing Employees

A talented employee exiting your company costs you money. Estimates of how much employee turnover costs can vary by industry and employee salary. A study by Employee Benefit News estimates the direct cost to hire and train a replacement employee equal or exceed 33% of a worker’s annual salary ($15,000 for a worker earning a median salary of $45,000). Cost estimates are based on calculatable expenses like these:

  • HR exit interview & paperwork
  • Benefit payouts owed to the employee
  • Job advertising, new candidate screening & interviewing
  • Employee onboarding costs
  • On-the-job training & supervision

You can track the expenses of your company’s employee turnover using this online calculator, or create a spreadsheet to determine how actual costs add up to affect your bottom line.

 

Full Impact of Employee Loss

Josh Bersin, a human resource researcher, writing for LinkedIn, refers to employees as a business’s “appreciating assets.” Good employees grow in value as they learn systems, understand products and integrate into their teams. When one of these valuable employees leaves, the business loses more than just the cost of hiring and training a replacement. Bersin cites these additional factors contributing to the total cost of losing a productive employee:

  • Lost investment: A company typically spends 10 to 20% of an employee’s salary for training over two to three years.
  • Lost productivity: A new employee takes one to two years to reach the level of an exiting employee. Supervision by other team members also distracts those supervisors from their work—and lowers the team’s collective productivity.
  • Lost engagement: Other team members take note of employee turnover, ask “why?” and may disengage.
  • Less responsive, less effective customer service: New employees are less adept at solving customer problems satisfactorily.

 

According to Bersin, studies show the total cost of an employee’s loss may range from tens of thousands of dollars to 1.5 to 2 times that employee’s annual salary.

 

Strategies to Slow Employee Turnover Rates

An effective exit interview helps you and your HR team pinpoint the drivers of your company’s employee turnover. You may find that hiring practices need to be refined or employee engagement should be enhanced. Changes to the break room space, such as fresh fruit or games, will allow your employees to relax and come back to work with fresh eyes and a better attitude. This will keep up the workplace morale, shaping your company culture to include perks appealing to younger workers and will lead to increased job satisfaction. Today’s employees are career-oriented and highly motivated. Keep them on your team with other opportunities such as:

 

  • Pathway for advancement within the company
  • Professional development & advanced education
  • Flex-time & work-from-anywhere options
  • Management support & recognition
  • Lifestyle rewards or amenities like catering & concierge services
  • Culture of shared values & volunteerism

 

Add Student Loan Benefits Through ELFI

Student loan repayment tops the financial-worries checklist of many recent graduates. Older team members question their ability to pay for educating their children. New, highly desirable HR benefits like student loan contributions and financial literacy education are emerging from these employee concerns—and ELFI for Business is leading the way for employers to incorporate them into hiring packages. You can connect with ELFI directly from your HR portal and access multiple ways to contribute to employees’ student loan debt. We offer new-hire onboarding booklets, educational newsletters and onsite consultations filled with information for you and your employees. Reach out to us at 1.844.601.ELFI to add cutting-edge benefits to your HR employee package!

 

Learn More About ELFI for Business

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

How Do You Become an Employer of Choice?

Is your company—the company everyone in your industry wants to work for or an “Employer of Choice?” Employers of choice consistently retain their highest performing employees and attract the best and the brightest over their competitors.  Employers of choice have little trouble recruiting talent since college graduates line up eagerly to interview for coveted jobs.

 

In today’s competitive labor market, the majority of companies do not qualify as employers of choice. Their workforces are in constant flux, and the cost of employee turnover is hurting the bottom line. Fortunately, that cycle can be halted and reversed. Any business can become an employer of choice by following these five strategies to transform company culture into one that (1) delivers value to employees, and (2) encourages their engagement.

 

Make Your Workplace a Positive Environment

If your business has been getting by with lackluster performance and frequent turnover, you’ll need a critical eye to evaluate the current culture. Try to hire for longevity and look for the best possible fit for each unique position. Employers of choice search for employees who can make a positive impact on not only their work but their team, too.

 

With capable and involved staff, from new-hires to top management, you can build a workplace recognized for its atmosphere of trust, personal growth, and positive performance. There’s no room for micromanagement in this kind of workplace environment. Entrust your employees with a mission, direction, and goals—then step aside. Allow them to make decisions and respect their choices. In a positive environment, differences of opinion become opportunities for learning and growth.

 

Provide Relevant Compensation & Benefits

Competitive compensation has always been a hook to catch the attention of potential employees. Even if your business cannot support top-tier pay and benefits, you can shape your compensation package to deliver the value your employees want. Offer the best salary you can afford and supplement it with bonuses and perks that reward company performance. Recognize that today’s employees place a high value on their time—and offer flexible scheduling and remote work options. Consider turning the standard break room into a comfortable lounge where workers can relax, play games or socialize. Go beyond the traditional benefits by adding college loan contributions, paid time off for family emergencies and parental leave to your benefits package.

 

Encourage Professional Growth

Engaged employees have a keen interest in professional growth and career development. Employers of choice encourage this interest by supporting their team with relevant training and additional growth opportunities, including:

 

  • Professional development seminars
  • On-the-job continuing education
  • Exposure to new tasks through job rotation
  • Tuition reimbursement for certifications & advanced degrees
  • Pathways for advancement

 

Establish Transparency

People like to know where they stand in a relationship, job, or career.
Professionals who feel uncertain about their place in the organization, workplace expectations, or their own performance may seek other opportunities with another company. Transparent communication and clearly defined expectations give your team the perspective they need to stop worrying and start investing in the job. Employers of choice also develop channels for mentoring, giving helpful feedback and praise, and rewarding performance and risk-taking. They provide opportunities for teams to voice their ideas and concerns. Feeling safe and appreciated, employees buy-in to the company culture and become engaged.

 

Create a Collaborative Culture

If your company is to become an employer of choice, you must develop a respectful and collaborative community. Engaged employees appreciate corporate responsibility, and they have expectations of your business that go beyond products, services, and profits. Workers want to feel their companies are good local and global citizens. Employers who embrace charitable outreach are rewarded with employees who are more confident, purposeful, and willing to work as a team. You can boost staff morale and develop a meaningful and relevant work community by sponsoring activities that include:

 

  • Food & clothing drives
  • National fundraisers
  • Community clean-up initiatives
  • Health & wellness fairs
  • Recycling events
  • Health awareness campaigns

 

Become an Employer of Choice With ELFI for Business

Today, a college degree is more accessible than ever—and more expensive. An employer contribution to student loan repayment is one of the best ways to attract loyal employees. ELFI has created a cutting-edge benefits program that is easy to access through your HR portal and includes multiple incentives for attracting and keeping top talent. Take the first step to becoming an employer of choice.

 

See Why Employees Leave

 

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

Why Do Employees Leave?

Today’s tight labor market and frequent employee turnover are challenging U.S. employers to view company cultures with a critical eye. A report by the Work Institute found that some 42 million (one in four) employees would leave their jobs in 2018. What is the cost of replacing so many experienced people in an organization? According to the report, last year’s “employee churn” costs hovered at $600 billion—a figure that could increase to $680 billion by 2020. Of further concern to companies is the growing realization that young team members are most inclined to move on after a relatively short period of employment. In a recent survey, 59% of respondents felt they should begin looking for a new position after only one to two years on a job. Older employees continuing to work past retirement age or re-entering the workforce are adding stability to many companies, but the turnover trend has serious implications for the long haul. Why are employees leaving and what can employers do to stem the tide? Data gathered by HR organizations and research firms reveal some interesting trends about motivating and retaining current and future employees.

 

Top 4 Reasons Employees Leave a Company

The current employee shortage has upended traditional hiring models. Companies are racing to reshape their corporate cultures and embrace the values of a more limited workforce. Although improved pay and benefits packages continue to be important, these four workplace problems are the leading reasons why employees pick up—and move on.

 

  • Not enough work-life balance. Team members value their time and don’t want employers to waste it. Their enthusiasm and performance will wane if they are weighed down with busy work and meaningless meetings. Younger employees appreciate flexible schedules, the ability to work from home, and a workload that is challenging without spilling over into personal time.
  • Poor management. Supervisors who are unable to engage their employees or unwilling to help them grow by providing positive feedback are commonly cited as reasons to leave. Today’s professionals respond to personal interaction and appreciate public shout-outs and ancillary rewards like gift cards, tickets, and free meal vouchers.
  • Lack of recognition & career advancement. Employees who excel like to be recognized for their extra effort. They also need to see a clear pathway for furthering their careers. Today’s staff members expect companies to help them grow professionally while providing access to career development and mentorship programs.
  • No company engagement. When a company does not have (or cannot properly communicate) its goals and values, employees lack a shared sense of purpose. Businesses fostering a sense of community are better able to inspire, engage, and retain employees.

 

Create a Satisfying Workplace to Keep Valuable Team Members

In many ways, today’s workforce is looking for the same type of job satisfaction as high performers of past generations. Respect, appreciation for a job well-done, opportunities for advancement, challenging work, and monetary rewards still lead to employee satisfaction and engagement. According to Gallup research, 34% of employees are engaged at work, but 53% are not engaged and likely to leave a job for another offer. To involve these employees and access their potential, employers are putting greater emphasis on corporate culture assets like these:

 

  • Relevant workplaces with a clear mission & shared values
  • New-hires who contribute to the corporate community
  • Greater creative freedom & autonomy for staff when possible
  • Updated technology to support performance
  • Employee input as valuable business partners

 

Learn More About The Act Regarding Student Loans and Employers

 

Student Loan Benefits Appeal to Workers of All Ages

Many young employees begin their careers with a heavy burden of student loan debt. They worry about the monthly toll payments will take on their starting salary. Will they have enough money to travel, buy a home, or start a family? Worries about student debt repayment are not limited to the youngest workers. Some data suggest that these concerns cut across age groups and include professionals over age 55. Older workers may have taken on student loan debt to fund advanced degrees or send a child to college. Widespread student loan debt suggests that companies offering repayment contributions and other related benefits have a distinct advantage in attracting and engaging their workforce.

 

 

Improve Retention With Cutting Edge HR Benefits From ELFI

As an ELFI business partner, you can add value to your benefits package with monthly contributions to student loan debt. You’ll also plug into resources like newsletters, webinars and onsite consultations. Connect with ELFI from your HR portal and discover how significant student loan benefits are to your team members—and how cost-effective they are for your company.

 

Tops Ways to Engage Millennials at Work

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

Differentiate Your Company to Recruit the Best Employees

There’s fierce competition in the global marketplace to attract and retain high-potential employees. In a competitive hiring environment, your company needs to project a strong and appealing corporate identity to recruit the best employees to your team.

 

Those recruiting employees are scrambling for differentiators and value propositions to make their company stand out. Companies that attract and keep employees who share in their vision have distinct advantages: lower turnover costs, a more committed workforce—and an increased ability to exceed sales and production goals. Many recent college graduates begin their careers, expecting to jump from job to job frequently. Changing that mindset is a significant challenge for businesses. The following suggestions can help your company attract the best new hires—and retain them for years to come.

 

Polish Your Company Brand

Today’s job seekers are looking for more than just a good compensation package. They want to be part of a team that emphasizes shared values and a unified purpose. A company and its workforce should have a recognizable brand with clearly communicated values. By clarifying your core values and creating a cohesive mission statement, you define your business philosophy and give new recruits a glimpse into your workplace culture.

 

Make a deeper impression on potential new team members by going a step further: Let high-potential employees experience your company culture firsthand. Consider including activities like these in your recruitment process:

 

  • Tour of facilities & on-site amenities
  • Lunch with staff at the corporate lunchroom
  • Face-to-face meetings with company or division heads
  • Informal conversations with valued team members
  • Off-site mastermind gatherings with new and existing employees

 

You will reduce turnover costs when you identify new staff members who share your company values and have the potential to fit seamlessly into your corporate culture. Understanding your company’s management style and the characteristics of your most successful employees can prevent potential hiring mistakes. One of the most common reasons cited for an employee leaving a job is a “poor relationship with management.” Your company will succeed at employee retention when you understand and communicate your management style and company culture at the outset— before you have spent the resources to recruit and train the wrong candidate.

 

Create a Meaningful Compensation Package

A competitive salary is essential to new team members, but other types of compensation may seal the deal. Companies seeking to differentiate themselves from competitors offer compensation packages that are meaningful to their employees. In addition to healthcare benefits, paid time off and 401K fund matches, employees are looking for perks and benefits that enhance their lifestyle.

 

A recent Robert Half survey cited these desirable additions to a company’s compensation package:

 

  • Paid parental leave
  • Opportunities for professional development
  • Profit-sharing plans
  • Student loan reimbursement
  • Dental & vision insurance
  • On-site amenities like childcare, gym & concierge services
  • Compressed workweek
  • Telecommuting
  • Flexible work schedule
  • Paid time off for volunteering

 

Many perks are an expression of your company’s culture, adding purpose and engagement for your high-potential employees. Consider sponsoring a community food drive or park clean-up. Host social events, investment seminars or concerts. You could also incorporate monthly rewards for employees who exceed expectations, such as a $50 meal certificate. This would drive your employees to perform to their highest every month and maintain workplace morale. Today’s recent grads respond to a work environment that meshes with their personal values and interests.

 

 

Sell High Potential Employees on Your Company

Once you have identified a talented candidate for hire, make the sale. New recruits who understand how they fit into your company’s culture and structure are more likely to invest themselves and stay. Boost talent retention by defining a path forward within the company. New hires want to know they will have opportunities for professional development, continuing education and the possibility of internal promotion. Show them where they could be short term, such as a year or two in the future. Seeing the growth within arm’s reach will give them the drive to perform the best they can. They are also highly focused on achieving work-life balance. If your business model permits it, offer greater work flexibility with schedules that allow work-from-anywhere options and unstructured time on the job.

 

Add Student Loan Repayment Benefits

Corporate help with student loan repayment is a big plus for high potential employees and a key business differentiator. ELFI for Business has the expertise to help your HR department put together an attractive hiring package with sought-after benefits like these:

 

  • Financial education
  • Employer contribution match
  • On-site consultations
  • Budget-friendly refinancing options

 

Connect with ELFI for Business right from your HR portal—or call 844.601.ELFI to discuss the positive impact these benefits have on hiring and engaging valuable team members.

 

Why Are Employees Leaving Your Company?

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

 

How Do You Know When It’s Time to Get a Graduate Degree?

The most recent data from the Digest of Education Statistics show that over 54% of those completing graduate studies take on student loans, and the average loan amount for grad school is over $70,000. With so much at stake, isn’t it worth a serious analysis of the value?

 

Develop a Decision Matrix to Help You Decide

A decision matrix is an analytical tool that helps you compare different factors when making a choice. If you are about to take on more student debt to continue your education, a personal decision matrix that weighs the following questions can help you clarify your values and decide what makes both personal and financial sense.

 

  • Why do you want a graduate degree? Motivation is a complex process, and you may not know what is driving you to continue your education. A little self-analysis is in order. Do you think graduate work will elevate your prestige, make you an industry authority, or help you find a more challenging job? Or are you afraid of leaving your college comfort zone and entering the workforce?

 

  • Do the jobs in your field of study match your talents and disposition? Do you thrive in a fast-paced environment or enjoy working with the public? Perhaps a predictable or solitary workplace suits you more. If you’ve never been employed in your chosen field, it might be wise to work for a while after completing your bachelor’s degree. You’ll get a better understanding of employment opportunities and personal satisfaction levels before investing more time and money toward an advanced degree. Working before pursuing a graduate program has two other distinct advantages:

 

  1. You can make progress toward paying off undergrad student loans.
  2. You will have time to solidify your life and career goals.

 

  • Will a graduate degree improve your employment and earning potential? Before committing to graduate school, do your research. Monitor the job market on sites like Indeed, Monster or Study job requirements, salaries, and the number of job openings. Talk to individuals in your field—both those with graduate degrees and those with four-year degrees. Will an advanced degree make enough difference in job availability, career stability, and earning potential to offset the time and money required to obtain it?

 

  • Are there alternatives for enhancing your employment value? Explore professional or specialized certifications that could make you more valuable to an employer. Obtaining certificates is usually less expensive than continuing with graduate studies, and added training indicates to employers that you take the initiative and possess advanced skills.

 

  • How will you pay for your advanced degree? If you already have student loans, adding more debt for graduate school could further delay your ability to achieve many financial milestones: marriage, purchasing a home, traveling, or starting a family. Often, grad school loans come with a higher interest rate and greater accumulated balance than undergraduate loans. You’ll need to determine whether the added earning potential of an advanced degree justifies the payments and payback period. It may also be worthwhile to explore alternatives like part-time studies and employer educational benefits to lessen the student loan burden.

 

Refinance Student Debt in Three Easy Steps With ELFI

You’ve graduated with a college degree and increased your earning power. Now, get the most for your money by refinancing your student loans with Education Loan Finance. Our competitive interest rates, personalized service, and nationwide availability give you the power to manage your debt and achieve your goals. With ELFI, you could be just three steps away from a brighter future!

 

Click Here to Learn More About Refinancing Student Loans

 

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

Advice From A University of Tennessee Knoxville Graduate on Attending College

I have officially completed college. I have gone through four years at a University and taken all the courses needed to graduate. From major courses, general education courses, to classes like a social dance that add a few hours to my schedule. I am now officially a University of Tennessee college grad and ready to embark on the real world…. or am I? As adult life has QUICKLY approached, I find myself wondering where the last four years have gone. Would I have done anything differently? Is there anything I missed? There are a few things I would have liked to tell myself while going through college and here they are:

 

1- Going into college, it’s okay not to know what you are doing. MOST PEOPLE DON’T. Throughout my college career, I have found that most people do not know what they are doing after graduation. When I first came to the University of Tennessee I took a class that was all about finding a major that best suits you. The class had me take a personality test, express my interest, and meet with college advisors in order to find a major that could lead to a career. After this class, I didn’t actually know what I wanted to do but I had an idea of what my major could lead to. Finding out what you actually will be doing after receiving your undergraduate degree requires research. You should be doing job research, salary research, gaining some experience, and maybe even attend graduate school. College is a time to find yourself and what you see yourself doing in a career. A clear career path doesn’t always present itself right away.

 

2- Be responsible. Finding yourself does not mean to be irresponsible. Nights with friends are fun and create lasting memories, but take care of yourself. While at the University of Tennessee, there was pressure from people to go out instead of study or to be socializing. To get past my FOMO I reminded myself that I was at school to better myself, no one else. This meant homework came first, scheduling time with friends was necessary, and staying on top of my health was part of my everyday routine. Do your homework, study, eat, clean, exercise, SAVE YOUR MONEY, and always remember why you are ultimately in college. Set goals and prioritize responsibilities so you can stay on task.

 

3 – GAIN EXPERIENCE. I cannot stress enough the importance of getting experience in your field of choice. If you don’t know what you want to do, explore several careers and internships. The University of Tennessee encouraged students to get out of school experience by offering study abroad trips, internship fairs, and volunteer opportunities. While at the University of Tennessee I had three separate internships exploring my career options. Now when applying for jobs I find EVERY job will ask for your work experience. Having an internship, volunteer work, or shadowing under your belt can be a helpful edge. Getting experience is such an important aspect for your future and is something everyone should consider.

 

4 – Get Involved. College is hard and freshman year can be lonely. Start looking at groups and clubs early. Finding a sports club, sorority/fraternity or church group to get involved in will help you to make new friends. The University of Tennessee offers hundreds of clubs and activities to get involved in. While being in school I joined a sorority where I found friends that wanted to get involved in different clubs with me. I joined my major club which helped me meet people who had the same interest as me and was a great networking experience. I also got involved in a religious club at the University of Tennessee which allowed me to share my personal preferences with others. The University of Tennessee offers many sports clubs for anyone that wants to get involved in an athletic team and has groups that participate in volunteer work such as United Way® and Best Buddies®.  Accept that you may be lonely at times without your family always being around. Recognize that you don’t need to be afraid to make new friends and get out of your comfort zone.

 

5 – Prepare for what is waiting for you after graduation, STUDENT LOANS. They may seem far away for now, but soon after graduation loan payments begin. Take into consideration how expensive your loans are. As a college student I never really paid attention to that. Now that I am out of school and saw I was $30,000 in debt, I was shocked. Know how much the interest rates on the loans are. Interest rates can cause you to end up paying an extra 3000+ in just interest on your loans. This is definitely something to consider when going into college and choosing a career path.

 

6 – Stay calm. A four-year university accumulates into A LOT of homework. Before you know you have 5 assignments, 2 papers, and 3 exams in the span of two weeks. This can be overwhelming when looking over your planner. You may find yourself questioning how you’re going to get everything done and when you will get to sleep next. Remember to stay calm. You are capable of getting everything done and most importantly sleeping. Plan ahead and stay on schedule. Throughout my four years, I kept a planner and wrote in every assignment, test, or even an event I had going on each week. This way, I was able to get started on homework early if I needed to and make time for relaxation. Getting homework done a few nights earlier then the due date helps when planning to study for exams. Study for a few hours every night a week prior to the exam, this helps to eliminate stressful cramming.

 

7 – At the end of the day, remember to have fun. This is for most people, a once in a lifetime experience. This will likely be your last time as a student before you join the workforce. Make time for friends, call your parents, and make incentives for yourself. Want to go to the football game this weekend? Finish your homework Thursday and have a fun-filled Saturday with friends. Whether it be hanging out with friends on a hike, going to a movie, or catching up over dinner, make time for you and the people around you.

 

My name is Jordon Brock and I am a SENIOR at the University of Tennessee, Knoxville. College has flown by and soon I will graduate with a Bachelor’s degree in Public Relations and a minor in Business. I started my college career by going through sorority recruitment and while becoming a member of Delta Gamma started off as just a group of girls that I could hang out with in my spare time, it gave me more opportunities than I could ever imagine. Delta Gamma gave me the privilege to be the All Sing Director two years in a row where I got to lead our chapter in choreography and songs from popular musicals as well as allowing me to coach Smokey’s Howl; a cheer competition incorporated into Homecoming at UT. Outside of DG, I had the opportunity to be a marketing intern at three separate companies. My learning experience at UT, leadership roles in Delta Gamma, along with what I have learned in my internships has made me prepared, but more importantly excited for the future. I would like to work on a Public Relations or Marketing team at a company that strives to connect people with brands and organizations. I love communicating with others and hope to build relationships with clients and other organizations in my future career!

 

Check Out These Scholarships to Save Money on Student Loans for College

Comparing Salary to the Cost of Living

Recently, CNBC released an article discussing student loan debt in relation to locations throughout the United States. This has many questioning whether they can find a job title in their field where they want to live, that will support their current bills, payments, lifestyle, and student loans. Depending on the location and cost of living, you could be making thousands less in one location when compared to another. To add more insult you could be expected to pay off more than you are capable of based on your location. When searching for a career path, it’s vital to consider where your job title is going to be the most successful and where you can afford your current lifestyle. Here are some important factors to keep in mind when

Location Expenses

Consider the cost of living in a variety of locations.  Everyday costs like food, housing, utilities, and transportation can all vary depending on where you live in the United States. Let’s see how a location can be affected by each of these variables.

Generally, big cities are known to be more costly compared to rural areas.  The Bureau of Economic Analysis tracks price levels for food, housing and education in each state and compares them to the national level. This information can be put into a dollar value scale to simplify which states are more expensive to live in than others. For example, the value of a dollar in New York, Hawaii, and California is less than the national average dollar. Meaning your dollar bill is comparable to some cent values in other locations. In states like Kansas, Kentucky, and Ohio that are not as urbanized the dollar values higher than the national average dollar. Meaning your dollar goes a little further in these areas.

 

Housing Costs

You may be asking, “What makes big cities so pricey?” and there are actually a few different reasons. The main drive for high priced locations is housing. For cities with a high population, there needs to be an abundance of housing. A high population causes overcrowded cities to have a limited amount of space for the number of people wanting to live there.   A high housing demand creates steep prices in the market because everyone is in need of a place to live. If the city life is looking a little out of budget for you, remember living outside the city and commuting is an option, and may be more cost-effective. Aside from the costs of housing, costs like transportation, utilities, and insurance may affect the cost of living.

 

Transportation Costs

We all know how expensive a car, gas, and maintenance can be. When commuting to work or even the supermarket, the distance between point A and point B will affect the amount of money you spend. .Whereas, living in the city you may literally be paying for convenience. You may be spending $200 or more a month on a permanent parking spot for your car, in addition to spending money on transportation fees. For example, in New York you could take a bus to the subway station, costing you around $2.50. Then you commute to work on the subway, costing you another $2.75. If you do this twice a day (at least) the commute will cost $10.50. Spending $10.50 five days a week for a month will get you to a grand total of $210.00 not even considering additional outings.  Please note that these prices may not be the same for all locations. For example, the average bus fare in Los Angeles is $1.75, but in Washington DC the bus fare ranges from $2.00-$5.00 depending on the commute.

 

Utilities

Utilities will also affect the cost of living, the amount depending on where you live. The cost of utilities can vary based on government regulations. Things like how much water, electricity, and gas, you are consuming can be dependent based on the weather where you are located. If you are living in a location where the winter can get very cold, that could be making a dent in your wallet on utility bills. For example, Alaska, Connecticut, and Massachusetts have an average electric rate of $21.62 per Kwh (kilowatt hour) a month.  In a place where it is always warm like Hawaii, the air conditioning may be used more frequently and the average electric rate would be $32.40 per Kwh a month.

 

Additional utility costs may include garbage removal and sewage costs. In the United States, the average cost for garbage removal is from $12.00 -$20.00 a household. Sewage rates are usually included in water rates that can be viewed with the electricity bill and can altogether be around $50.00.  In some cases, if you are living in an apartment, utilities like garbage removal and sewage will be included in your rent, or it can be separate on your electricity bill. Talk to your landlord or call housing management to find out what is included.

 

Insurance

Besides housing, transportation, and utilities, you will have car insurance, renter’s insurance.  The average rate for car insurance in the United States is $118.63 per month but can vary based on the location you are in. For example, the average cost of auto insurance in North Carolina is $865 each year while the average cost of auto insurance in Oklahoma is $1,542 a year. T Auto insurance pricing can depend on the company you have insurance with, your age, and even your gender!  For example, some companies will have a 1% price difference between genders.

 

If you choose to live in the city, it’s likely you may find yourself renting. Renter’s insurance is an additional cost you’ll want to consider.  The average, renter’s insurance in the United State is $187 per year. Renter’s insurance can be more expensive in some areas due to population and crime. If you live in a high populated area, insurance could be priced higher because the crime risk is higher.  The insurance company takes greater measures to cover your belongings in high populated areas. Renter’s insurance in Florida has an average rate of $217 per month, while in South Dakota the average rate is $118 a month.

 

Before completely scaring you back into your parent’s house for life, there are a few resources you can use to find a job and field of your choice, in areas that could be most profitable.

 

Job Search Resources

 

SimplyHired

https://www.simplyhired.com/salaries

SimplyHired will estimate the salary your specific job will be making in different locations. All you have to do is type in the job title you are looking for, and the city and state, into the search engine. Using this tool you can find out things like a nurse can make $50,000 in Dallas, Texas but, in Indianapolis, Indiana is making closer to $40,000. Although this does not calculate the cost of living, this website pulls up jobs from all over the United States. SimplyHired gives users easy access to salary information when starting to compare careers in different regions.

 

Check Out These 3 Steps to Negotiating Salary

 

Expatistan

https://www.expatistan.com/cost-of-living/nashville

Cost of living is an important factor when searching for a location that is right for you and your preferred career. Hence why we created this helpful blog! Expatistan has a feature that pulls up a spreadsheet estimating how lifestyle choices may cost in different cities or even countries. For example, when searching in Nashville, Tennessee, Expatistan created a page that included potential prices for food, housing, clothes, transportation, personal care, and entertainment. Expatistan estimated:

 

Rent 900 Sq Foot Apartment – $1,408/month

Lunchtime Meal – $14

Sports Shoes – $98

Shampoo– $6

 

This website is a great place to find detailed estimates of what you may be spending on everyday items.  A tool like this can be very helpful when trying to manage the salary and lifestyle you are looking for.

 

CNN Money

https://money.cnn.com/calculator/pf/cost-of-living/index.html

After finding an estimated salary and cost of living for a specific location, you can compare it to other areas with CNN Money Cost of Living Calculator.  You’ll need to input

  • where you live now
  • where you are considering living
  • give an estimate of how much your salary is now (or what the salary is in the field you are searching for)

Based on the information provided, the calculator will estimate how much you would be making somewhere else. For example, if you live in Atlanta, Georgia right now and are making $50,000 a year, and you would like to move to Bozeman, Montana, the comparable salary is $50,709, which is around the same amount. Now if you moved, from Atlanta with a $50,000 salary to San Francisco, the comparable salary is $97,470. Once again, the cost of living will factor in what you can afford in each region.

 

Comparing salaries, regions, and the cost of living can help you determine where you’re aspiring jobs can be the most beneficial for your lifestyle. Consider where you will have the most financial wiggle room. Educate yourself on the cost of housing, transportation, utilities, and insurance before jumping into the car moving to a new city. Optimize your options by looking at the cost of convenience versus living outside of a location for less and other opportunities. What city you will feel the most at home in? If you are not satisfied with your options, try a different job title or location, you’re not a tree. Scope out all of your alternatives and find one that betters your lifestyle in the long run.

Top 7 Money Mistakes For Young Professionals

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

 

Resources

https://www.usatoday.com/story/money/economy/2018/05/10/cost-of-living-value-of-dollar-in-every-state/34567549/

https://ask.metafilter.com/37074/Why-is-it-more-expensive-to-live-in-a-city 

https://www.priceoftravel.com/595/public-transportation-prices-in-80-worldwide-cities/

https://www.chooseenergy.com/electricity-rates-by-state/

https://www.thezebra.com/auto-insurance/average-auto-insurance/#state

https://www.valuepenguin.com/average-cost-renters-insurance#nogo

https://www.valuepenguin.com/average-cost-life-insurance#nogo

What Employees Want HR To Know

HR often has a tough job, keeping employees happy and working in the best interest of the company all while complying with legal requirements and internal policies. It’s a hard line to walk! But when it comes to making your company attractive to potential employees and keeping your all-star staff, communication is key! And there are a few things people want HR to know but often don’t know how to voice.

 

Fire the jerks.

An article in Inc. magazine® made waves a few years ago by urging managers to “fire the jerks.” Some managers defended their less popular employees by saying that it would make sense at times to keep an unpleasant staff member because of their high performance or other redeeming qualities. Very few people want to work with a jerk, and they might be leaving your company because of this. If HR doesn’t have a pulse on employee relations, the bad behavior might be flying below the radar and causing attrition of excellent employees. Having a discipline policy in place and caring about the wellbeing of the workforce over the livelihood of one jerk will help promote a respectable workplace culture that people don’t fantasize about leaving just to avoid one bully.

 

We know our worth.

People have lots of tools to find salaries comparable to their own. A quick internet search brings up resources like Salary.com and Glassdoor.com where people can see what others are making in their field, in their city, and even self-reported salaries of other people at their same company. Plus, many employees see the value in having open discussions with each other about pay to make sure that they’re making a fair amount for their hard work. With these things in mind, HR needs to know people want an open and honest conversation about compensation. Initial negotiations, promotions, and reviews need to be transparent, and HR should be prepared to see some resources printed from employees at these meetings.

 

Somethings are more important than pay.

You can’t just throw money at problems. There might be alternatives that cost the company less but give people more incentive to work hard and be engaged. Check out some of the suggestions below, including student loan assistance, flexible schedules, telecommuting, wellness benefits, and time off.

Student loan debt assistance and resources are valuable to us.

Student loan debt and personal finance matters can be a big stressor for all types of employees. Whether it’s catching up on retirement funds, paying off student loans, or general help with things like budgeting, saving, and investing, we want trustworthy financial wellness resources. No benefits program is going to fit everyone, but surveying employees or offering different ways to take advantage of these kinds of benefits can mean a big boost for interest in the company and retention of valued employees.

 

Learn More About ELFI for Business

 

We care more about balance and family/personal time than older generations.

Employees today don’t value the kind of work habits that create workaholics. Instead of burning the candle at both ends, people are taking advantage of paid time off and set working hours so that they’re not constantly on the clock. Unlike employees of former eras who found self-sacrifice to be something that gave them purpose, HR needs to know that breaks from work and finding balance is a key requirement for an energetic and productive workforce. Far from having a poor work ethic, the focus on mental health is important. A healthy balance between work and personal life can really motivate people to focus and be efficient while working. People today take caretaker roles for aging parents, realize the importance of spending time with children, and even prioritize caring for pets. HR needs to be aware of how policies can help attract, retain, and promote excellence among employees.

 

The ability to work remotely matters.

Not every employee can do their job remotely, but in the digital era, an increasing number of employees can work from almost anywhere. Bad traffic, long commutes, and flexible schedules to accommodate everyday adulting, working remote can ease stress and yield great results. Plus, the jury is no longer out on how well this works. According to Inc.®, employees who had the ability to telecommute took shorter breaks, used fewer sick days, and took less time off. A good telecommuting policy could benefit the workforce and improve business outcomes.

 

Mental health is important to us.

No career is worth sacrificing mental health and wellness. People who find themselves working for a company that negatively affects their mental health report they feel worse than someone who has no job at all. There are many negative effects of a job that could damage our physical health and increased instances of mental illness. Many millennial parents tired themselves out in jobs that brought them little fulfillment. Therefore the millennial generation highly values mental wellness at work and at home. We crave fulfillment and balance that is created by a human-centered workplace. Mental health should be something our employers care about and support with good workplace policies and resources covered in our benefits program.

 

Every company is different, but people are people no matter where you go. They want to be empowered to do their job well. They also want opportunities to learn new things and still have a personal life. If you’re feeling the disconnect at your workplace, open those lines of communication. You’ll see a difference in how people work and how they feel about the organization.

 

 How Can You Prevent Employee Turnover

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.