College grads should prepare for loss of 'student status' on their accounts

As this spring's college graduates leave campus life behind, they'll discover there's a downside to bidding farewell to classes and exams.

They also can expect to lose discounts, freebies and special rates on various services and accounts that helped them get by in their years as a struggling college student.

"The importance of checking these accounts and planning accordingly is high, as they typically mean additional expenses on a tight budget," said Jacqueline Schadeck, a certified financial planner with Tailored Wealth Management in Atlanta.

An estimated 1.83 million students are completing bachelor's degrees this year. Some of them will pursue advanced education, thereby keeping the perks that come with remaining in school.

For anyone who is leaving college behind them, however, now's a really good time to evaluate how loss of your student status will affect your accounts.

First up is the fact that finishing school means repaying student loans. And for anyone who graduates owing, those monthly payments will start before you know it.

Collectively, student loan debt has reached more than $1.4 trillion, according to the Federal Reserve Bank of New York. Borrowers graduate with an average debt of $39,400, separate data from Student Loan Hero shows.

With federal student loans, you get six months after graduating before your first payment is due (some private loans might require that repayment starts while the borrower is still in school).

During this reprieve, it's worth taking inventory of all your loans and evaluating whether it makes sense to refinance or consolidate any of your debt.

Sometimes it does. Be aware, however, that if the move involves a federal loan, you could lose certain protections and choices for paying back the money. For example, one of those options is an income-based program, which can be helpful to those whose starting salaries can't accommodate a big monthly outlay.

"The biggest thing I tell people if they're thinking about consolidating is to get a second opinion," Schadeck said. "You don't want to lose the federal repayment options."

Some banks waive their monthly account fee or offer other deals for customers who are verified students.

If your bank is kicking you off its student-account roster, make sure you shop around for the best account instead of automatically remaining with the same bank. There are a variety of charges to look at beyond just a monthly account fee (which often is waived if the balance stays above a certain threshold), including ATM and overdraft fees.

Of course, if your bank has no mechanism in place to know whether you are still a student, you could get away with keeping the benefits at least for a while.

"Banks are not necessarily great about keeping up with who's a student and who's not," said Amanda Dixon, an analyst with Bankrate. "I graduated five years ago and still have a student checking account."

No matter your age, carrying a balance on your credit cards is never a good thing due to the interest you pay (an average of more than 16 percent annually). However, some college grads inevitably find themselves with this debt.

While being a student doesn't always mean you're paying a higher interest rate, the credit card company might automatically transfer you to a non-student account.

"If you have a balance and your account will be transferred, ask if you're eligible for any balance-transfer deals," Schadeck said.

Those offers can come with zero percent interest for a certain amount of time, although they typically charge a transfer fee.