My husband and I are typical of a lot of married Americans: we both have student loans and I lost my job last year. We realized pretty quickly that a $500 monthly student-loan payment simply would not jibe with our new one-income budget. That’s when we started investigating what to do next, because we have two small children and homelessness is not an option.
If you lose your job, the first call you should make, that very day, should be to your state’s Unemployment office. If you have a student loan repayment plan that is now outside your budget, the minute you’re done registering for an unemployment claim you should call your student-loan holder, to determine a new repayment option.