Best College Graduation Gift EVER: A Job

Millennials are not as financially screwed as previously thought. The youngest among them are receiving the best graduation gift ever: a good paying job. That's welcome relief to those who comprise the generation that is defined as being born between 1980 and 2000, who have long complained that their incomes were depressed and they were so burdened by student loan debt, that they were forced to live with their parents and would never be able to fund retirement, let alone buy a home. The tide appears to be turning: the average base pay for college grads is up 3 percent this year to $49,785, according to executive-search firm Korn/Ferry International.

Money Tips for College Graduates

Soon after donning their caps and gowns, recent college graduates should develop their first (of many) financial plans. Here’s how to start: Create a cash flow: No, not a budget, but a process that will allow you to track what's coming in and going out. This may sound annoying, but think of it as a way to find the money to fund your various financial priorities. Most banks offer apps or you can try Mint, Digit or You Need a Budget.

How to Pay for College

As the college acceptance letters arrive, students are thrilled. However, while parents and grandparents are proud, they may also feel a little anxious about footing the bill for what they know is an important credential in today’s labor force. Before you sign on a dotted line, or heaven-forbid, raid your retirement account or borrow against your house, it’s time for a financial reality check. Here are the basic sources available to fund higher education, according to the Common Application, a not-for-profit member organization of more than 700 colleges and universities in the United States and around the world.