How to Build Wealth After Grad School

By Patrick Macken, Senior Managing Director of Eagle Lending,
April 17, 2019
How to Build Wealth After Grad School

Since you finished graduate school, your financial priorities have probably shifted significantly. Beyond pursuing your professional goals, you might be looking to buy a home, get married, start a family or launch a business — or all of the above. You may have high earning potential thanks to your education — but you might also have significant debt.

Beyond simply paying your student loans, it’s important to plant the seeds of your investments and cultivate a long-term strategy. You need to amass some savings and create a plan that will help you achieve those goals. Here are four key wealth-building strategies that can help you build a strong financial foundation after you leave graduate school:

1. Keep tabs on your credit score.

If there’s one number you should know, it’s your credit score. Lenders pull your score before deciding whether to loan you money and at what interest rate. If your score is lagging — say, below 700 — you could pay higher interest rates on everything from your mortgage to auto loans to business loans, and it could cost you thousands of extra dollars over the life of a loan.

The credit score most commonly used by lenders is Fair Isaac’s “FICO” score, though several credit agencies have their own scoring systems. Some credit cards now give customers their scores on their monthly statements, or you can receive them using free online credit-monitoring tools such as Credit KarmaCredit Sesame and

Once you know your score, your banker can help you interpret it and explain ways to improve it.

2. Refinance your student loans at a lower rate.

Student debt may be a significant financial obligation at this point in your life. Consider refinancing your loans1 into one large loan and taking advantage of today’s low interest rates.

There are lots of reasons why refinancing your student debt is a good idea. For starters, you may qualify for a lower interest rate, which could save you thousands in the long run. Additionally, refinancing may lower your monthly payments and allow you to put that savings toward other goals. It can also simplify your life because you’d be making just one monthly loan payment, rather than juggling multiple loan bills. Keep in mind that these new loans may require you to give up special features of federal student loans like loan forgiveness and income-based repayments.

3. Start seriously squirreling away money.

Putting money into a tax-deferred retirement plan and building up personal savings are good ways to ensure that you’ll have the financial resources you need to meet future goals, including building a healthy nest egg for retirement.

If you have access to a 401(k) or another employer-sponsored retirement plan, contribute at least enough to get the full matching contribution that your employer provides. You may need to contribute more than that, however — 10 or 15 percent of your income — to have enough saved up by retirement.

If you own a business, you can contribute to a tax-advantaged retirement plan for self-employed individuals, such as a solo 401(k) or a SEP-IRA.

It’s important to start saving for retirement now, even when paying student loans may be your first priority. Learn more about paying off your student loan debt while saving for retirement.

4. Establish a relationship with a bank.

In the years after graduate school, your life can change immensely. It’s a good time to start working with a bank that provides personalized service and wealth-building strategies as you pursue specific financial goals.

Form a one-on-one relationship with a banker who can guide you through key milestones, whether that’s getting approval on your first mortgage, looking at smart ways to reduce debt or finding financial solutions that meet your needs.

Before you get too far along in your professional and life goals, it’s important to establish a relationship with a bank that will be there for you every step of the way. 

Use our student loan refinance calculator to see your custom loan rate in less than a minute.

Refinance your student loans – fixed rates as low as 1.95% APR with discounts.


1.Terms and conditions apply. The terms of this loan may differ from your current loan(s). For example, this loan does not contain special features such as forbearance periods or income-based repayment plans available for some student loans. This loan may not be dischargeable in bankruptcy. This product is not available in all markets. For a complete list of locations, visit This is not a commitment to lend or extend credit. Contact your legal, tax and financial advisors for advice on deciding whether this is the right product for you.

The strategies mentioned in this article may have tax and legal consequences; therefore, you should consult your own attorneys and/or tax advisors to understand the consequences of any strategies mentioned in this document. This information is governed by our Terms and Conditions of Use