This Little Friends of Printmaking interview is about making a living as artists, but parts of it seem to apply to Literature students too:
for us, the main benefit of being at art school was the unfettered access to the facilities. We tried to make the most of that; I mean we really, really cranked out the work.
if you’re in art school, you’re essentially paying people to look at your work and take it somewhat seriously. I used to get something out of that; but then we started doing posters and design work that reached a wider audience, where the success or failure of something became definitively less subjective. Then I was like, “ya’ll have been replaced, bitches!” (I didn’t really say that, but you can imagine.) So my main advice to recent graduates is that the flow of good and bad advice that comes from critique will eventually get shut off, so maybe come up with your own way of getting your work in front of people and make things that interest people and are, somehow, a part of their lives. (And do so without spending a huge amount of money.)
In other words: write a lot, and work on finding an audience for it even before you graduate. Kind of obvious, and easier said than done, but I like the reminder.