Adding to the pressure of finding a good job is the stress to start paying off your student loan as soon as possible. But what do you do if you can’t find a job that suits your preferences, career path, choice, etc.? How do you pay off that enormous amount of student debt without a job? Here are some tips to help you through the tough phase.
Get A Job, Any Job!
If you’ve recently graduated and don’t have a job yet, get one, even if you think you don’t deserve it. Dump your ego outside the workplace. In the real world, nobody can afford to spend years waiting for management positions in a multi-billion-dollar corporation. You and your degree may have to work at McDonald’s for some time, but that’s fine. When you enter the workplace, just turn off your negative thinking for a while and save your mental energy for after work. Additionally, for many employers, an employee’s willingness to work at any time and any place is a big positive.
Defer Payments or Use Your Grace Period Effectively
If you’re fresh out of college with a federal student loan, you’re likely to have a grace period of up to six months. During this period, you won’t be under any obligation to pay back your student loan. However, most people don’t use this time to its full and instead enjoy it as a vacation period. Use your grace period to save up for times of economic hardship.
Another good thing that comes with federal student loans is the option to defer payments. This means that you can put your repayment plan on hold for a certain period of time. You can use this time to instill financial stability by working overtime or cutting down on expenditures.
Go Back To Your Parents’
There should be no shame in asking your parents for help in times economic and financial hardship. You’re young, single, without a job, and in tons of debt; your parents will definitely understand. All you have to do is swallow your ego and ask. Apart from saving money on rent, food, and lots of miscellaneous items, living with parents also helps relieve some of the mental stress.
Talk To Professionals
Whether you decide to live at your parents’ or your own place, keep a friendly attitude towards neighbors and friends, no matter how frustrated you are. Professionals in your area are more likely to refer you to a job if your behavior with them is positive. While this seems like an obvious tip, most young adults barely care about such things these days.