
Your Guide to Surviving Student Loans with No Job

Life doesn’t always go as planned. So oftentimes, we might find ourselves in a pickle we aren’t prepared for. Yet, if you already know these pro-tips, unemployment doesn’t have to be so scary. Yes, even when you have a load of student debts to pay.
Most students are unaware that all federal and choice private loans have protection clauses, which favor students. You’re likely to be protected if you’re in-between jobs or are going through a disability or illness. Being uninformed about these options would leave you unduly stressed-out if a situation like this plays out in your life.
So here’s how you can get some sleep ending this nightmare:
1. Contacting Your Student Loan Provider
pathdoc/Shutterstock: Keep your loan provider informed
The loan provider must be informed as soon as possible when you lose your job. Not only would they have the most reliable information on your options, but they’d be bound to find a way that works for both parties.
Hopefully, they will be able to grant you a break from paying installments until you find a new job.
2. Applying for Forbearance or Deferment
Vitalii Vodolazskyi/Shutterstock: Student loan deferment
Forbearance and Deferment are options available for both federal and private loans, and your loan provider would most likely recommend that you apply for these.
It’s always advisable to get a student loan deferment over a forbearance since you will be spared from paying interest if it’s a federal subsidized loan. Private loans, unfortunately, do not have this cover over interest charges.
3. Paying Interest On Your Loans If Possible
Artur Szczybylo/Shutterstock: Managing interest payments
Interest is the beast that keeps getting bigger during your deferment or forbearance periods. So it’s best to keep paying these even when you’re jobless, through utilizing an emergency fund or temporary gigs. If you do pay, make sure to take care of the ones with the biggest interest first!
4. Utilize Your Student Loan Resources
fizkes/Shutterstock: Planning for the emergencies
There are companies dedicated to refinancing student loans. They often offer services to help manage your debt, and even counsel you on securing another job! Make sure you don’t leave any stone unturned.
It’s always a good idea to be prepared for a worst situation. Of course, you never wanted to be jobless, but if you’ve already received notice on a lay-off or firing, setting up an emergency fund should be your priority. Saving money enough to cover three to six months of expenses is always a good rule of thumb. Don’t wait till disaster strikes to start saving!
More in Loans
-
`
Tips For Tech Business Entrepreneurs
Running a tech business is not easy, and tech entrepreneurs may face several additional challenges when compared to traditional businesses. Whether...
October 16, 2022 -
`
How To Build A Retirement Portfolio
Many of us may not have heard about a retirement portfolio – or indeed its benefits. Just like an investment portfolio,...
September 27, 2022 -
`
Canada’s Growing eCommerce Market Continues To Thrive
If a U.S.-based e-commerce company wants to go worldwide or if any e-commerce business wants to expand in North America, Canada...
September 19, 2022 -
`
Books That Helped Millionaires Become Successful
Becoming a millionaire can seem like an impossible goal, but it’s not necessarily out of reach. The millionaire population all around...
September 14, 2022 -
`
Kelleher International: The Matchmaking Service For the Uber-Rich
Amber Kelleher is the CEO of a major international matchmaking agency responsible for countless successful marriages and a rise in the...
September 7, 2022 -
`
Elderly Care Tips For Caregivers
The initial phase in anyone’s long-term care plan is usually to provide at-home care for their aging parents. It can help...
September 4, 2022 -
`
Three Simple Ways To Improve Your Chances Of Home Loan Approval
A house is one of the biggest purchases you can make throughout your life, and if you’re in the market to...
August 30, 2022 -
`
Why Tapping Into Your Home Equity Is A Bad Idea?
It is no longer a secret that the housing market is not stable; in fact, it has never been stable. Just...
August 29, 2022 -
`
Financial Freedom Is The Gateway To Making More Money – Says A Top-Class Financial Planner
Financial freedom is something Gen Z is currently struggling with. Youngsters between the age of 18 to 25 find themselves in...
August 21, 2022
You must be logged in to post a comment Login