How Negotiating Your Starting Salary Can Help You Pay Off Student Loans
Once you graduate from school, you will be responsible for paying back your student loans and it’s not always fun. If you are on the road to start paying back your student loans, there are some things you need to know that may help you out in the long run.
Did you know that negotiating your starting salary in your new position can help you better and easily pay down your student loans? That’s right. When you move into your career, you may be offered a position that pays one amount and you thought it would pay more. If you prepare, you can start a negotiation on the salary and earn more money.
Before you begin negotiations about your position, you must research and do your homework. It is not wise to walk into an interview expecting to receive a higher pay just by demanding it. You must know what is going on and have a good grasp of the task ahead of you.
One of the best ways to research is to begin by finding out how much others in the role you desire make. You can use a wide variety of sites, such as Glassdoor.com, to get an idea. When you arrive on these kinds of sites, simply search the title of the job you desire and then view the salary rates. You should take an average of these rates and do not walk near the low side or the high side.
The reason you need to know the average salary is because you do not want to go into the interview with an outrageously high or low number.
Next, you should research the different types of responsibilities the job title you are applying for has. It is not uncommon for people to use names interchangeably and it is also not uncommon for companies to have varying ideas of what a position does.
Your Skills and Experience
One of the biggest thigs you need to do before your interview is write down what your skills, experience, and accomplishments are. If you think that your skills are better than another person’s, then you need to determine why and have the data to back it up.
The more skills and experience you have, the more valuable you become to a company, but you must keep in mind that you do not want to over exaggerate your skills as you may be expected to perform right away.
Sometimes, you may need to brush up on your skills before jumping right into the position by taking an internship or entry-level position.
Once you have your list of experience, skills, and accomplishments, you will have a leg to stand on when it comes to negotiating your salary and you can prove that your skills are what they say they are.
Is This Your Career Position?
If you are entering into a position that you do not plan to stay at or you know for sure it is just a stepping stone, then working for a lower salary is not always a bad thing. You can gain experience and eventually move on to where you want to be.
If you plan to stay at the company for a long time or make your position a career, then you should negotiate until you have reached a reasonable and agreeable number.
Practice Makes Perfect
Always practice and rehearse what you are going to say before you go in for your interview. You want to be confident and do not want to seem inexperienced or nervous.
If you are planning on working right after college, you may be lucky enough to land a position in the career you want, but you must negotiate a reasonable salary for yourself. Remember, you do have to pay off your student loans and when you ask for a higher salary, you are closing the gap that causes you to struggle when it comes to what’s left from your paycheck and your monthly student loan bill. Not only can a higher salary make your student loan payments for affordable, it also increases the chance that you will be approved to refinance your student loans. This can also save you tons of money in the long run so it is really a win-win situation.
Don’t just rush into a job so you can start repaying your student loans as fast as possible. Waiting a few weeks or months in order to secure a higher paying job will end up being worth it in the long run. Don’t be afraid to explain your situation and why you cannot accept a lower salary. Many employers will be open to negotiate on your salary and may see you as more confident for not being afraid to ask.