Hey everyone, I’m having a tough time and not sure what to do. I work part-time and handle all my own bills, I’m even on food stamps just to get by. I don’t make enough to save or have extra money left at the end of the month. Now, my job cut my hours and I’ll be working even less. My first student loan payment is due on January 30th, after a couple of months’ delay. I applied for income-driven repayment back in November, and it’s still under review. I’m not sure what to do now, so any help would be really appreciated! I keep finding advice to just apply for income-driven repayment, which I already did months ago.
As a general rule, it’s better to make at least a partial payment than to pay nothing. You can always call them and explain your situation.
Adair said:
As a general rule, it’s better to make at least a partial payment than to pay nothing. You can always call them and explain your situation.
I’m planning to do this when my payments start in March 
If you can’t afford any payment at all, you can request forbearance yourself. It’s always good to pay what you can, but if you really can’t, ask for a forbearance while you figure things out.
Davis said:
You could try applying for an economic hardship deferment: Federal Student Aid
This is super helpful for anyone struggling with student loan payments 
@Kai
Yes, deferments are great. There are 8 different types, and depending on the loan, interest may not even accrue. There’s also forbearance, but keep in mind interest will always accrue there.
What’s your degree in? I hate to say it, but you might need to consider forbearance or finding ways to increase your income. What part of the country are you in? Do you mind sharing a budget? I have some contacts and might be able to connect you with a job that pays more than your current one.
Do you have private or federal loans? Payment plans are only available for federal loans. I’d recommend applying for the SAVE repayment plan, and also calling your loan servicer to request forbearance.
CELE said:
@Parker
I only have federal loans, so I’ll probably need to look into forbearance for now.
General forbearance can be interest-free. You can learn more here: https://studentaid.gov/announcements-events/save-court-actions
@Parker
SAVE is currently in limbo and might be cancelled with the new administration. You can’t apply for it right now, but there are income-based repayment plans, like PAYE, which is 10% of your adjusted gross income.
@Greer
It’s still possible to apply for SAVE, but it may not be available long-term. SAVE forbearance could still give you a few months of interest-free forbearance.