January 4th 2024.
When you get your college degree and find yourself with a mountain of student loan debt and no job, the future may seem daunting. The unemployment rate for new college grads is currently 4.4%, according to The Washington Post, so it may feel like the odds are stacked against you. But don't be discouraged - there are a few things you can do to keep your finances intact.
First, consider moving back home with your parents until you get back on your feet. Once you're financially stable, you can look into getting a roommate to share expenses. You can also look into freelance and temporary work to earn money while you search for full-time employment. Your school's career center can be a great resource for finding these opportunities.
Bonnie Kerrigan Snyder, a certified college planning specialist and author of The Unemployed College Graduate's Survival Guide and The New College Reality, advises focusing on short-term survival while remaining poised to move ahead. Relocating to a place where your skills are in demand and the cost of living is low can be a great way to earn more money. You can also look into job listings for overseas opportunities that you may qualify for.
Finally, resist the urge to rely on credit cards to pay for items when money is tight. It's easy to get into a cycle of debt that can be very hard to get out of. Instead, look into the resources available to you to help you stay afloat until you get back on your feet.
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