Life after college is the next big adjustment for your son or daughter. They'll be busy comparing job offers or graduate schools. After graduation, they'll probably be taking more, if not full, financial responsibility for themselves. So this is the time for them to look at student loan repayment options. Many student loans require payments to begin 6 months after graduation. As a parent you can encourage good planning, so their first loan payment won't be a surprise.

The Best Time for Grad School

Timing is a critical part of the grad school decision. Start discussing it as soon as your son or daughter begins thinking about pursuing a post-graduate degree. Some students prefer enrolling immediately after graduation. This is a time when they generally have few obligations. They have momentum on their side. Also, some professions require an advanced degree for employment.

Other students feel that working a few years brings maturity, financial stability and fresh perspective to a graduate program. Certain schools or programs even require work experience before enrollment. Plus, waiting a few years can be helpful for students who are undecided about a degree or career path. Better yet, some employers will pay full or partial graduate school costs.

One thing is clear. Anyone planning post-graduate enrollment within a few years of graduation should take the entrance exam during senior year. Scores are accepted for up to 5 years after taking the GMAT, LSAT and GRE and for 3 years after taking the MCAT. Many find that it's easier to study for the exam while their study skills and habits are strong.