With all that's happened with layoffs, anyone else here worried about not being able to pay student loans? I feel screwed and hesitate to bring this up with my manager (not the easiest to talk to 😅). Layoffs haven't happened yet at the K, but I'm sure they're around the corner.

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I wouldn’t talk to your boss about this. It’s really not their issue how you manage your money. You should pay against it now, while there are no required payments or interest. If you get laid off you can continue to forbear. You just accrue interest still without any minimum payments.

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Why would you need to tell your manager

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Definitely not something to bring up with manager.
1. If you have federal loans, look into income-based repayment like PAYE/REPAYE. They may make sense now or to transition to of the worst comes to pass. You’ll want to be on these plans for as short a times as possible, but they’ll free up cash.
2. If you already have private loans and good credit, refi for a better rate and or longer term to free up cash. You can (should) pay more than minimum if you’re able.
3. Understand what you’ll be eligible for in unemployment benefits (typically $500-609/wk) and pandemic unemployment assistance ($600/wk expires this month but may get extended)
4. Too late for now maybe, but make sure you have an emergency fund that covers 6 months of essential expenses
5. Dial back spending. Do it now. If you’re actually worried about layoffs, no more eating out, no new clothes, etc. basics only.

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Why do you think you’ll be laid off? You can get loan payment deferment if you lose your job. Especially now

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Don’t worry payments will most likely be delayed into Dec. then delayed again to late 2021. And if Biden wins he strongly favors student debt cancellation so that could happen too

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Oh is that what it is? Ah man

BCG1, if this person was really worried about student loans, they should’ve been doing 4 & 5 back in February / March

Agreed. No time like the present to shore up finances. My spouse in COVID unemployed which leaves a major hole in household budget. We’re fortunate to be mid-career with a healthy emergency fund but went full austerity immediately. Still have $2k monthly burn after austerity.

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