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What if you don't have a job but need to pay student loans?

Brandon Scott

in Student Loans

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Theresa Perry on July 19, 2018

The best course of action is to contact your lender IMMEDIATELY to let them know that you can't make the payments due to the lack of income. Federal student loans (held by the U.S. Department of Education) has forms to fill out to declare that it can't make the payments and the need for a deferrment or forbearance of their loans. The loans of private banks may not have this flexibility, but you still have to contact them to see if they can reach a new payment plan. The banks have a little bit of motivation to work with you - the only way to recover the money is if you pay them as there is no physical collateral they can collect and sell to recover the money. Also, if someone co-signed for your student loans (parents, relatives, friends) let them know too, as they are on the hook for the money if you can't pay.

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