I believe more congratulations are in order if you are reading this section. You’ve suffered through 4-5 years of undergrad and you’re looking toward the future. Maybe you are a bit more weathered and a bit less bright eyed and bushy tailed about the future, but you’re here and you’re going to make the best of it.
Dealing with huge loan payments in an already dismal employment market can be back breaking. On top of the car payment, credit card payment(s) and cell phone bill, you now have to start paying for that sheet of paper on your wall that says you learned something. But don’t fret too much—you do have options.
STAY IN SCHOOL: This is the first option many consider and as counter intuitive as it may seem, the idea has some merit. While sticking around for grad school or another BS/BA may easily double your debt, it also allows you to defer your payments until you graduate. While this tactic obviously digs the hole even deeper, it buys you time. Time to get more education, more internships and presumably a competitive edge in the job market. It also buys you time outside of the job market in the hopes that when you are finally forced from the warm cocoon of college life into the unforgiving “real world” that the job market will have improved.
DEFERMENT: Instead of staying in school to defer your debt, among other reasons, you can also defer your debt for other reasons that don’t come with more student loans. Besides student enrollment, deferment comes in two other flavors that you should know about: economic hardship and unemployment.