Professional tells higher education graduates how to manage their money

Students may worry about paying for their student loans, but there are many ways to help manage the cost.
Students may worry about paying for their student loans, but there are many ways to help manage the cost.

According to a recent study by AP-Viacom, the average college student has over $23,000 in debt. Most of these individuals are optimistic that they can pay this money back.

For those students who are worried about their college loans, Andrew Housser, the co-founder and chief executive officer of Bills.com, told ABC News what all new and future graduates should keep in mind about managing their money and their college debt.

When many students graduate and get a job, they overestimate how much they are making. As students' new positions most likely pay a great deal more than the jobs they held before earning a college degree, it is easy to think that they can spend more too. Therefore, Housser said that people should calculate their worth by adding up all their assets and then subtracting their debt. If the result is a negative number, individuals should be more focused on saving than spending.

New college graduates should also research programs that their companies offer for paying off student loans. Housser said that some businesses will assist their employees with the cost, whether it is through monthly assistance or one-time pay-offs.

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