Money Talks: Job Tips for Student Loan Default Prevention

Posted by Joe Crosby

2/8/16 5:36 PM

Money Talks are quick hitting posts on a topic that will help your students manage their loans and finances. With links, tools, and visuals, you can easily use the information to help your students become financially healthy and strong.  

Previous Money Talks: TaxesCredit Scores | Staying on Budget  | Dropping Out & Student Loan Repayment Options | Forecasting the Future | Making Summer Income Last All Year | Off Campus Living

Studies show that students who default are commonly the students that don't complete their academic program.

They sign the promissory note and might be gone shortly after census date. Their career options didn't improve and neither did their financial situation. Worse yet, they have more debt and potentially a bad taste in their mouth about the experience.

If these students had the skills to find a job they might be willing to tackle their loans with more verve and energy. Here are resources you can pass to them at orientation so they can takes steps to get hired even if they don't have an academic credential to support them. 

job1.png1. Craft a Resume

Resumes continue to be the introduction to so many future job connections. Even as LinkedIn and social networking become more prevalent, this strange document with all the bullets and short phrases about your work history continues to be the most common first step in landing a job.

LiveCareer has a good Resume Builder tool. Students don't have to worry about formats and fonts, they can simply enter the important information and within minutes, they have a resume.

job4.png2. Get It Reviewed

LiveCareer goes a step farther and offers a free resume critique. It helps students catch spelling errors, weak summaries, and incomplete thoughts. It's a good start, but you should also advise all students to run the resume past a professional. 76% of resumes are discarded for something as simple as an unprofessional email address. A quick review leading to some important changes may make a big difference. 

job2.png3. Clean-up Public Profile

You'll see various stats about how frequently employers check social media before hiring, but in 2016 we should just assume that a public profile is, well, public. Here's a good handout to give to students to help them update their LinkedIn, Facebook, and Twitter accounts. It would be very unfortunate to miss out on a position because of a social media post. A little deleting can go a long way. 

job3.png4. Ace the Interview

According to Glassdoor, 250 people will apply for a corporate job, 4 to 6 will get an interview, and 1 will get hired. In other words, landing a job means that several things have aligned in your favor. Getting to the interview is the first hurdle. Here's a handout you can offer your students for optimal performance.


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