How to Turn Your Internship into a Full-Time Career

November 12, 2018

Congratulations! You’ve got an internship and you want to get the best return on the time invested there – you want a job. Get your career started, make some real money and start paying off those student loans. By simply having an internship you’ve increased your chances because companies often hire the interns they like. What separates the interns they hire from the ones they don’t? We’ve got a few tips here to help you keep your foot in the door.

Be more than present.

There’s a balance between knowing when to speak up and when not to, but for the most part, it’s better to speak than to not. Be part of the conversation in meetings. Ask questions and throw out your opinion when appropriate. There’s nothing more unattractive to a potential employer than an intern that does little more than take oxygen out of the room.

Figure out where you can help.

Try and be a part of the team. Sometimes a company has a well-established intern program. Sometimes they don’t. Sometimes employees are too busy to find things for you to do. The best thing to do is find out how you can contribute. When you notice someone is overwhelmed, see how you can help. Having made someone’s day easier and more productive can really help set you apart when management decides what if any interns are hired.

Get to know people.

Interns can often fly under the radar at a workplace. You should make a concerted effort to get to know people and what they do. If at the end of your time, most people around the office don’t even know your name, that’s going to really lessen your chances of getting an offer. That’s why it’s important to try to make an impression outside of the couple of people you normally come into contact with.

If you’re fetching coffee – do it well.

Sometimes being an intern can mean doing somewhat menial tasks like getting lunch or coffee, setting up for meetings, or running errands. Whatever the task, do them well. Often employers will have interns do these things to see how competent and enthusiastic they are. If you do it well, you’ll probably get more important tasks. Conversely, if you are only getting coffee and that’s all they ever want you for, it might not be the best place to work.

Put the phone down.

Be active and engaged at the internship. Don’t pull out your phone to go through social streams or answer emails. Even if you see other people in a meeting do it. It’s a bad habit that many of us have, and if you want them to know you care about what is going on you’ll avoid it.

Ask Questions

As an intern, it can be tough to stand out. By asking questions to your supervisor or while in a meeting it’ll help to make you stand out. In addition, you’ll learn more about the industry or topic being discussed. Don’t be afraid to ask a question if you need clarity.

Think for yourself.

Employers want to see that you can solve problems. That doesn’t mean you can’t ask questions. But at least try and figure things out beforehand. Sometimes a good Google search can do a lot. Whatever you do, don’t avoid the task because you couldn’t figure out how to do it.

Don’t just punch the clock.

If you really want to show people you want to be there, don’t head for the door at the first possible minute every day. Come in early and stay late from time to time. Show people you’re not just there because you have to be, but because you want to be.

Make sure it’s the right fit.

Don’t just take a job to take a job. It probably won’t be good for the company or your career. An internship is a great way for you to learn about a business or industry. It’s also a way for a company to evaluate you, but you should also be doing an evaluation. By the end of your time there if it doesn’t feel right, look for something else. Your internship experience may help you get a job someplace better suited to you.

Set Goals for Yourself

Being an intern, there really aren’t any expectations as to what you can do. Be sure to do your best and set personal goals for yourself. Goal setting will help to keep you busy even when there may not be work provided to you. Setting personal goals is a great habit to start and will help you as you further your career.

Regardless of the industry, your internship may be in – be sure to work hard. Hard work pays off as the old saying states. Hard work is just one part of everything that we’ve touched on here, but all of these habits are needed. The younger you can start these habits the better off you will be moving forward. If your internship doesn’t turn into a full-time job opportunity don’t be too disappointed and use it as a stepping stone. If you didn’t like your internship and you were offered a job, be sure to think it over. You don’t want to be working at a job you aren’t happy with. Good luck with your continued professional journey!

Resume Tips from Hiring Managers

Retirement Plan

The first rule of employee benefits is to sign up for the company retirement plan. Many workplaces offer a 401(k), but you might also see a 403(b) or 457(b) plan. Smaller workplaces might offer to help you contribute to an IRA. No matter what this plan is called, however, a retirement plan is one of the most important types of employee benefits because it allows you to receive a tax benefit as you save for your future. Some employers offer a matching contribution. If your company will match a portion of your contribution, it often makes sense to adjust your paycheck so you get the maximum match. For example, let’s say your company will match 100% of your contribution, up to 3% of your income. If that’s the case, you want to try to have 3% of your income withheld from your paycheck each month in order to take full advantage of this benefit. You can increase your contributions later, but if you’re just starting out, it can make sense to at least get your full match. As your finances improve, you can increase your retirement contributions or start investing in other ways.

Health Insurance

When considering the importance of employee benefits, health insurance is at the top of the list. The cost of healthcare continues to rise, and a company that provides access to less-expensive health insurance can be very valuable. Review your own health needs and situation as you look at different health plan options. When deciding how to choose the right benefits for healthcare, it has a lot to do with cost, as well as your individual needs. If you don’t have a lot of need for medications or a chronic condition that requires ongoing treatment, you might be able to get a lower-cost plan with less coverage and higher out-of-pocket requirements. On the other hand, if you have more healthcare needs, employer health insurance can help. You might need a more expensive plan, but it’s likely to be more affordable than trying to get coverage on your own.

Health Savings Accounts (HSAs)

In recent years, more companies are offering health insurance plans that come with HSAs. An HSA allows you to save for health care costs over time. You can have some of your paycheck set aside in a special account that allows your money to grow tax-free. You do have to meet certain requirements to qualify — including a plan that has a high deductible. If you can afford to pay more out of pocket due to a high deductible, one of these plans can be useful. For those who might not be able to get a high-deductible plan, a Flexible Spending Account (FSA) can be a good health-related benefit. It, too, comes with tax benefits. However, the main drawback to the FSA is that you might have to use the money or lose it, while HSA funds always roll over from year to year.

Other Insurance

Some companies also offer other insurance benefits that can be valuable as an employee.

Life insurance: If you’re looking for an affordable way to protect your income on behalf of your loved ones, life insurance can make sense. However, not everyone needs to get life insurance through work. Carefully consider your needs. There are many term life companies that offer low-cost plans that might meet your needs.
Disability insurance: Check to see if your company offers this employee benefit. If you’re hurt or have a long-standing illness, this type of insurance can help you pay your bills. This is different from Workers Compensation insurance, which covers you if your injury or illness is directly related to your job. Consider if you’ll be able to pay your bills if you’re temporarily or permanently unable to work.

Look at your own needs. In some cases, you get a certain amount of coverage for free, so take advantage of that. Then, see if you need additional coverage on top of what’s already offered for free. Compare prices to see if it makes sense to buy additional coverage.

Student Loan Benefit

An increasingly popular employer benefit is a student loan repayment benefit. While Congress has yet to provide a tax break for this type of employee benefit, it can still be valuable. If your company offers to help you pay a portion of your student loans, or offers a matching repayment option, you could end up getting rid of student debt a little bit faster. Having someone else help you pay off a portion of your student loans can be a big relief, and help you better position your finances for the future. Just make sure that you weigh your matching retirement contribution against your student loan matching repayment benefit. In many cases, it might make more sense to get your full retirement match first and then put the remaining toward taking advantage of a matching student loan repayment benefit. Run the numbers to see what makes the most sense for you, keeping in mind the power of compounding returns on investments.

Other Types of Employee Benefits

Finally, you might have access to other types of employee benefits that can be useful to you as you move forward, depending on your situation.

Child care: Some employers offer to help you pay for child care, including a special Flexible Savings Account aimed at covering daycare and preschool costs.

Health stipend: In addition to health insurance, some employers offer a stipend for gym memberships, healthy meal delivery plans and more. Check to see if you can get help with these items through an extra benefit.

Education: You might have access to tuition reimbursement for continuing education or a stipend for courses or certain books.

Financial literacy: Some employers offer access to financial planning services that can help you navigate your benefits as well as make progress in other areas of your financial life.

Speak with your human resources representative to help you with understanding job benefits, then take some time to think about your individual situation and needs so that you put together a job benefits package designed to work best for you.

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2020-11-05

Starting a Business With Student Loans

Starting a business with student loan debt presents some unique challenges. You may have difficulty securing funding for your business, or you may struggle to make payments on your educational debt while trying to sink money into your startup. The good news is, it's not impossible to become an entrepreneur while you're launching your company. You don't even have to pay off your student loans before starting a business. You can explore ways to reduce your student loan debt and can pursue multiple funding options. These include the possibility of actually using student loans to start a business. Here's what you need to know:

Repayment Options When Starting a Business With Student Loan Debt

Starting a business with student loan debt presents a few challenges. You'll need a plan to continue making loan payments in case your company doesn't make money immediately. You'll also need to decide how much of your own money you'd like to spend on your company. Some of your options include the following.

Income-driven repayment

If you have federal student loans, choosing an income-driven repayment plan could be one of your best options when starting a business. With an income-driven plan, payments are capped at a percentage of your income. That means, if your company isn't making much yet, your payments could be very low or even non-existent. Depending on the specific income-driven plan you select, your payments could be as low as $0 per month. And after you've made enough on-time payments, eventually the remaining balance of your loan will be forgiven. Of course, if your business does well and your income goes up, your payments will rise. By then, however, you should be able to easily afford to foot the bill.

Student loan refinancing

Income-driven repayment plans are an option only for federal student loans. If you have private loans, you can't change your repayment term without refinancing. However, when refinancing with a private student lender such as ELFI, you may be able to reduce your interest rate and lengthen your repayment term to lower your monthly payments. You do need to qualify for a student loan refinancing based on your income and credit score. A cosigner could help if your income isn't very high when your company is first getting off the ground. Also, be aware that if you opt for a longer repayment term, you may pay more in interest over time.

Student loan forgiveness for entrepreneurs

The federal government doesn't offer student loan forgiveness specifically for entrepreneurs. You may, however, qualify for other programs that could help with your student loan debt. If you work for a qualifying not-for-profit organization, for example, you could potentially earn Public Service Loan Forgiveness. If you decide to operate your business as a non-profit and you meet the requirements, PSLF could lead to the remaining balance of your federal student loans being forgiven after you make the requisite number of on-time monthly payments.

Student loan forbearance

Federal and private student loan lenders will sometimes allow you to temporarily pause payments on your loans. However, interest will keep accruing while your payments are paused, so you'll end up with a larger balance to repay.

Borrowing to start a business

Borrowing to start a business can sometimes be a challenge if you have student debt. When you already owe money for student loans, some lenders may not be comfortable giving you a small business loan or a personal loan. The good news is, you may have multiple options for securing the funding you need.

Explore personal loan or business loan options

While it can be more difficult to get a personal or business loan if you have a lot of debt, it's not necessarily impossible. A cosigner could up your chances of getting a personal loan, and a solid business model makes approval of a personal loan much more likely. You may also be able to increase your chances of loan approval if you switch to an income-driven student loan repayment plan or refinance your loans. If doing either lowers your monthly payment, you become a more attractive borrower because your debt-to-income ratio is lower.

Use your savings

If you can save money before starting your business, you may be able to use the proceeds from your savings account to get your company off the ground without having to borrow. This can be challenging, but if you’re able to keep startup costs down, it may be doable.

Borrow from friends and family

Your loved ones may be interested in investing in your business if they have the money to do so. However, before you secure a loan from loved ones, make sure that everyone involved understands the loan terms. Make sure you and your family agree on when the loan will be paid back, what interest if any will be charged, and whether your loved ones will get any stake in the business in exchange for giving you money to get the doors open.

Seek funding from angel investors

Angel investors are willing to invest in startups that they believe have a solid business model and a great idea, but they'll generally want an ownership interest in the company. You can share the risk of your startup if you can get angel investors interested, but you will have to give up some of your future potential profits.

Consider using student loans to start a business

If you are still in school, you may be able to divert some of your student loan funds to your new venture. If you live frugally and keep your cost-of-living below what the school projects, the extra money could be just what you need to get your startup off the ground. Of course, you're taking a risk with this approach since you'll graduate with more student loan debt. The upside is, however, that the interest rate could be lower than on other types of loans and you can stretch repayment out over time. On the other hand, it's very hard to discharge student loans in bankruptcy, so if you get in way over your head in debt, you'll have few options to wipe the slate clean.

Make smart choices when starting a business with student loans

When you're starting a business with student loans, it's important you've done the work to maximize the chances your company will be a success. If you have a solid business model and you've researched the logistics of what it will take to make a profit, hopefully your company will turn a profit and give you the funding you need to pay off your student debt easily over time.

2020-11-04

7 Unique Careers in Medicine

When most people think about careers in medicine, their minds are drawn to the most prominent jobs, such as physicians, surgeons, and nurses. But there are several careers in the medical field that don’t require you to practice, and some of them may be even more rewarding based on your goals and interests. If you’re trying to figure out what to do with a medical degree but aren’t sure about working directly with patients, you have options.

7 alternative careers with a medical degree

What can you do with a medical degree besides practicing medicine? Surprisingly, there are a lot of options. Here are just seven of the unique options available to you.

1. Medical Illustrator

If you love both art and the science of medicine, becoming a medical illustrator could be an excellent career choice. You’ll use graphic design and other mediums to produce visual images to simplify complex medical information. Your illustrations may show up in brochures and leaflets, textbooks, corporate materials, and even physicians’ offices. To qualify for a job as a medical illustrator, you’ll typically need an educational background in both medicine and art — such as a double major in biology and visual art. Also, you can join specific graduate programs designed for that type of career.

2. Medical Writer

The internet has a wealth of medical information, both for professionals in the field and for patients. If you’re interested in medicine and communications or journalism, you can combine those passions by becoming a medical writer. As a writer, you’ll be able to research, write, edit and publish medical content to provide the most up-to-date information via medical journals, newspapers, newsletters and other channels. Medical writers can also provide consulting services to pharmaceutical companies, public health organizations and corporations. Whether it’s advertising, education or legal and regulatory rules, you can play an important role in different areas of medicine.

3. Musical Therapist

Music therapy employs various interventions to provide for a patient’s emotional, physical, and physiological needs through music. It’s been shown to help people who have experienced post-traumatic stress disorder, traumatic brain injuries, dementia, and even chronic pain. If you love music but don’t know that you want to make it your main career focus, becoming a musical therapist could be the right move. Alternatively, there are careers in the medical field for art therapists, dance therapists, and animal therapists.

4. Medical Interpreter

If you speak more than one language fluently, you could provide essential services to patients who experience language barriers. Of course, not just anyone can be a translator in the medical field — you need to know the complex vocabulary that most people learning a second language typically don’t study. But your experience in medical school can provide you with the knowledge you need to make it happen. Medical interpreters may also be used to translate written material for medical providers, such as paperwork and educational brochures and pamphlets. You may also get the chance to educate medical providers on cultural differences that can help them better serve their patients.

5. Forensic Specialist

One of the most fascinating careers in medicine is that of a forensic specialist. In the forensic medicine field, you’ll spend your time studying crime scenes and evidence to assist law enforcement. You’ll also be able to help to provide critical evidence in the justice system, and your recommendations and assessments can make a big difference in the defense of an innocent person or in the prosecution of a guilty one. In other words, your expertise as a forensic specialist can have a significant impact on the lives of everyday people and their loved ones.

6. Medical Photographer

Medical photography provides an important function in the medical treatment process. It’s used to help diagnose conditions and show changes brought about by treatment. It’s important for medical photographers to provide photos that are definitive in their interpretations and are not misleading. In some cases, you may also work with video, graphic design, and illustration. If you’re interested in clinical photography, look into the education requirements and what it takes to land a career.

7. Medical Science Liaison

A medical science liaison works with researchers, clinicians, and physicians to provide knowledge and advice about products, treatment plans, initiatives and more. To be a good liaison, you must be up to date with the latest clinical data and research in the healthcare industry. In many cases, medical science liaisons have practiced in the past and are moving into an advisory or consulting role. But there may be other paths based on your goals.

The Bottom Line

If you’ve ever wondered, “What can you do with an MD degree without residency?” the answer is a lot. These are only seven medical degree jobs that don’t require you to practice medicine, and there are several more. As you consider different careers in medicine, think about your interests and goals. Also, do some research on the educational requirements and location of medical school jobs because they can vary depending on which area you want to specialize in. Finally, try to find professionals in the field you’re considering and talk to them about their experiences. This can give you important insight into their daily lives and whether the career path might be a good fit for you too.