After graduating college and acquiring a job, you start participating in the mad hustle of life. Paying for rent or a mortgage, your car, and your student loans is difficult. With any job, you’re likely barely keeping afloat, and when you lose that job, the situation suddenly begins to look very bleak. You’re unemployed. With all of the bills facing you, especially those student loans, you’ll likely panic. Don’t worry too much though, as there are still steps you can take to help yourself out during a time of financial crisis. This article will cover some of those steps.
Speak to a Loan Servicer
The first step you should take is to speak to the company who is in charge of your loan. You can inform them of your situation. If your debts are primarily federal, then you may be able to defer making payments for a few months or even a year. A deferment allows your loans to sit there without accruing more interest. You may also be able to forbear your loans. In this regard, you won’t have to make payments, but the owed amount will continue to accrue.
The loan servicer may also be able to switch you to another payment plan based on your income. You may see a significantly reduced amount that you can pay with your emergency fund while looking for a new job.
Apply for Unemployment
Your state can help you during the period in which you seek new employment. While each state differs in the amount that they offer you, you can receive some money from them that can, at the very least, help pay for living expenses. That money may be able to pay off the interest payments on those student loans. Because the process may take a while, it’s best to apply for unemployment as soon as you leave your job.
Find an Independent Side Hustle
While you’re looking for a job better suited for your education and qualification, you can have a side hustle that can serve to bring in additional money. Something like Uber or even an odd gig or two for someone can help you get through the crunch. There are apps that you can sign up for that let you make extra cash by walking dogs, cleaning homes, or even tutoring kids. Take on a few side gigs, and you may find you have no problem paying back those loans.
Speak with a Qualified Debt Attorney Who Deals with Student Loans
With these options in mind, it’s important to note that none of the options are guaranteed. For direct and personalized help based on your circumstances, you should contact an Illinois debt relief attorney at your earliest convenience. The Benveniste Law Offices continues to serve Illinois residents who are in financial assistance. We’d love to hear your case and provide you with a roadmap to reach a secure financial future. Contact us today by calling 1-800-497-5358 for your free case evaluation.