Graduating from college is an exciting time, but six months later when you have to start paying off your student loans, you may wish you were still in school. For many college graduates it is taking longer than six months to get a full-time job in the field of their degree. So, what can you do to financially survive having to pay off your student loans? There are several options to look into.
The key to surviving your student loans is to have an income. Saving money helps too. Never stop applying for jobs you want. You spent four years earning your degree and with the state of the economy it may take a long time to get a job. Don't get frustrated and don't stop applying. If you don't get a job within the six months after graduation than at least find a part-time or minimum wage job. Depending on your degree you may also be able to find some freelance work to earn extra cash. Either way find some form of income even if it's not much. Move back in with your parents or room with a friend. This can save you a ton of money on rent and bills. If you're saving money and have at least a small income you should be able to pay the minimum monthly payments. If you don't pay, or pay late it can hurt your credit.
Your credit may not seem important right now, but in a few years when you want a new car or a house you will wish you had good credit. Also, if you don't have any credit cards yet, paying your student loans will build up your credit and allow you to be approved for credit cards.
If there is just no way you can afford all your loan payments you should look into consolidating your loans. Instead of paying 3 different amount to 3 different loans, you can make one payment every month. Consolidating loans can also help by lowering your monthly payment.
If you still can't afford your loan payments, call the loan company and explain your problem. You may be able to get a loan deferment until you can start making your payments.
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