You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Editor's Note: Kip Tips columnist Cameron Huddleston is on maternity leave. We have invited some of our favorite personal-finance bloggers to contribute guest posts in her absence.
By Reyna Gobel
It's never too early in life to start budgeting, especially if you've got student-loan debts about to come due once you graduate. And although you can't determine exactly how much money you'll make when you graduate, you should be able to establish a ballpark estimate with these tips from Edwin Koc, the director of Strategic and Foundation Research at the National Association of Colleges and Employers (NACE):
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
1. Start with salary surveys for new graduates. Many universities subscribe to NACE's database of salaries for recent grads or maintain their own data on their own alumni. Such surveys are a good gauge of what graduates in a multitude of majors are earning in their first jobs. NACE surveys are conducted four times per year. The September survey is the most helpful for determining future income because it's based on job offers up to four months after graduation.
If you're still a few years from graduation, ask your school's career center to see surveys from previous years to see income trends.
2. Consider location, industry, and years of experience. Average starting salaries vary by city and years of experience. Starting salaries will likely be higher for those with internships or other related job experience than for someone with a degree and no work experience.
Utilize NACE's Job Seekers Salary Calculator to calculate average salary by location, years of experience and occupation.
3. Review placement rates. Your school's career center may maintain placement-rate data, which tracks graduates' employment rates for your school. If the placement data is available, determine how likely it is you will get a job after graduation -- and how soon.
Now that you've got a better sense of your potential income, you can better assess the value of your tuition payments and your own efforts to make the most of the degree. Will a graduate degree in your field pay off? Should you be networking more, meeting with your career center, and seeking internships? Career planning can mean the difference between whether you live in your first apartment after graduation or your parent's basement.
Reyna Gobel is a freelance journalist who specializes in financial fitness. She is also the author of Graduation Debt: How To Manage Student Loans and Live Your Life.
-
Dow Adds 1,206 Points to Top 50,000: Stock Market TodayThe S&P 500 and Nasdaq also had strong finishes to a volatile week, with beaten-down tech stocks outperforming.
-
Ask the Tax Editor: Federal Income Tax DeductionsAsk the Editor In this week's Ask the Editor Q&A, Joy Taylor answers questions on federal income tax deductions
-
States With No-Fault Car Insurance Laws (and How No-Fault Car Insurance Works)A breakdown of the confusing rules around no-fault car insurance in every state where it exists.
-
Five Ways to Save on Vacation Rental PropertiesTravel Use these strategies to pay less for an apartment, condo or house when you travel.
-
How to Avoid Annoying Hotel Fees: Per Person, Parking and MoreTravel Here's how to avoid extra charges and make sure you don't get stuck paying for amenities that you don't use.
-
How to Appeal an Unexpected Medical Billhealth insurance You may receive a bill because your insurance company denied a claim—but that doesn’t mean you have to pay it.
-
Amazon Prime Fees Are Rising. Here’s How to Cancel Your Amazon Prime MembershipFeature Amazon Prime will soon cost $139 a year, $180 for those who pay monthly. If you’re a subscriber, maybe it’s time to rethink your relationship. Here’s a step-by-step guide to canceling Prime.
-
How to Haggle for Almost AnythingSmart Buying Learning how to haggle is an invaluable skill. These strategies will help you negotiate a better price for just about any product or service.
-
Disability Insurance Can Provide COVID CoverageCoronavirus and Your Money If you are concerned about long-term complications from COVID-19, consider disability insurance coverage.
-
21 Things You Can't Return to Amazon — Either Online or In-StoreDid you know there are things you can't return to Amazon? Before adding these 21 items to your cart, be sure to read Amazon's return policy first.
-
How to Avoid a Charity Scampersonal finance Scammers never quit, even when you're trying to be altruistic. But you can avoid getting duped if you do your homework.
