It’s estimated that millions of jobs could be lost during the global coronavirus emergency. Losing your job is a painful experience, especially if you’re dealing with student loan debt. Many college students who worked on campus or who had to move back home, are now without a job.
While there are many suffering industries, especially the restaurant and travel industries, there are still opportunities with others.
Grocery stores, delivery services and companies offering teleservices are hiring to keep up with the demand of the changing world.
These Companies are Hiring Right Now
- Dollar General
- Dollar Tree
- GE Healthcare
- Papa John’s
- Pizza Hut
- Slack Technologies
- United Supermarkets
- Zoom Video
How to Deal with Student Loans During Unemployment
President Trump announced he is currently waiving interest on federal student loans for the next 60 days. In additional, for federal student loans, you can currently request a forbearance due to the coronavirus crisis. A forbearance pauses payments for a period of time.
Even for private student loans, there are options for pausing your payment.
You can apply for an unemployment deferment for federal loans and for many private student loans. If you have utilized the allotted time you have for an unemployment deferment, you can apply for an economic hardship deferment.
For federal student loans, if you enroll in an income-based repayment plan, you could potentially have a payment of $0 if you are currently unemployed.
Call your lender immediately if you become unemployed or your income has changed. Many lenders are willing to work with you.
For high-interest private loans, you could consider refinancing with the help of a cosigner with good credit and steady income. Refinancing student loans could potentially lower your interest rate, which saves money. If you refinance, and opt for a longer payment term, you’ll end up paying more on your loans but could reduce your monthly payment.
Keep in mind if you refinance federal loans, you will lose all of the perks that go along with it – income-driven repayment plans, generous deferment options during times of unemployment and economic hardship, a possibility for student loan forgiveness and the ability to discharge loans in death or disability.
Enlisting a cosigner is a lot to ask, since they are completely responsible for the student loan, and it is reported on their credit report.