Navient helps new college grads build a better budget
April 29 2015 - 8:00AM
As college seniors prepare to walk across the stage to accept their
diplomas next month, many of them also will be stepping into
financial independence for the first time. While some Class of 2015
grads are ready for the financial challenges ahead, others may
benefit from a few more courses – in personal finance.
Navient, the nation's leading loan management, servicing and
asset recovery company, today launched a new interactive learning
module about budgeting. Part of the Path to Success series, the
budgeting module is free of charge and available to the public.
Path to Success features a series of 10-minute learning modules
that cover such topics as federal student loan payment options,
saving, investing and credit scores. The programs are self-paced
and contain knowledge checks that allow users to measure what they
have learned.
"We are dedicated to helping customers navigate the path to
financial success, and Navient's new budgeting module is another
way to help take control of your finances," said Nikki Lavoie,
spokeswoman at Navient. "Creating a budget and dedicating yourself
to that plan and lifestyle can seem challenging at first, but it
can be one of the most important things you can do for your
financial future."
The online budgeting module includes tips on separating needs
vs. wants; the difference between fixed costs (housing, food, and
basic clothing) and voluntary costs (entertainment, expensive
clothing and the latest gadgets); and more in-depth content, such
as budgeting ratios to help people achieve their goals.
In addition, Navient offers these helpful budget tips for new
college graduates:
- Create a budget. It sounds simple, but it's an
important first step. Start by conducting a straightforward
accounting of your likely income and anticipated expenses. Figure
out how much money you'll earn and what you'll need to spend – and
stick to it.
- Ask yourself: Should I really buy that? A new
piece of technology or pair of shoes may seem like a must-have
today, but if the cost sets you back from achieving your budgeting
goal for the month, it may be best to wait. While everyone deserves
to treat themselves now and then, the real power of a budget is the
possibility to not only meet your current financial priorities, but
also to set and meet important financial goals that will enable you
to thrive in the future.
- Anticipate student loan payments. Most student
loans offer a six-month grace period after graduation before
payments begin. Use the U.S. Department of Education repayment
estimator to explore repayment options and factor your future
student loan payments into your budget.
- Manage other credit wisely. You may find that
a check card tied to your bank account will meet your needs and
keep nonessential purchases in check. If you choose to use a credit
card, be sure to make payments on time and to be responsible about
your spending.
For a short preview of Path to Success, visit Navient's YouTube
channel. Anyone can also visit www.navient.com/path for the full
series, including the new budgeting course.
Connect with @Navient on
Facebook, Twitter and LinkedIn.
About Navient
As the nation's leading loan management, servicing and asset
recovery company, Navient (Nasdaq:NAVI) helps customers navigate
the path to financial success. Servicing more than $300 billion in
student loans, the company supports the educational and economic
achievements of more than 12 million Americans. A growing number of
government and higher education clients rely on Navient for proven
solutions to meet their financial goals. Learn more at navient.com.
Navient began trading on Nasdaq as an independent company on May 1,
2014.
CONTACT: Media: Nikki Lavoie, 302-283-4057, nikki.lavoie@navient.com
Customers: 888-272-5543
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