How to manage your student loans after a layoff
By Eliza Haverstock | NerdWallet
If you recently lost your job and are worried about paying your student loans, you have several options to set your bill to $0.
Though the national unemployment rate was just 3.8% in August, up slightly from July, layoffs continue to hit workers in industries like tech, media, entertainment, fashion and consulting. Nearly 1,000 tech companies have collectively laid off some 230,000 workers so far in 2023, according to tech industry layoff tracker Layoffs.fyi.
To make matters even more stressful, federal student loan payments are set to resume in October, after more than three years of an interest-free payment pause that began in March 2020.
“Don’t feel bad if you have to make tough choices and reprioritize,” says Scott Stark, a senior financial planner at Financial Finesse, a workplace financial wellness company.
Here’s how you can make your student loans fit into your budget as you get back on your feet.
Evaluate your budget and spending
Check your budget and spending to see where you can cut back.