In 2023 alone, there have been over 118,000 U.S. tech layoffs, according to Crunchbase News, a business publication. That’s in addition to two major bank collapses and two federal rate hikes. The class of 2023 will graduate into this economic upheaval while facing another variable: student loan payments.
There is typically a six-month grace period after graduation before you’re required to make your first student loan payment. Before this first payment is due, gather details like the types of loans you have and who holds them, advises Mayotte. Graduating without a job offer can be terrifying, especially if the economy is expecting a downturn. But with low or no income, you can take steps to stay on top of your student debt, even in a recession.
Just note that interest can still accrue while in deferment, and this increases your total student loan balance. Once you land a job and you’re in a position to repay your student loan, do so as soon as possible so you’re not facing a significantly larger debt down the road, advises Coleman.