How Gig Workers Can Manage Student Loan Debt – US News & World Report
- December 4, 2020
- By: Greenpath Financial Wellness
The US News & World Report website “Student Loan Ranger” shared GreenPath’s insights about managing student loan debt when working in the gig economy.
Many people are experiencing the realities of “the gig economy.”
The method of working is growing as more companies create space for independent workers to take on contract employment on a freelance, short-term basis. Gig workers, as they are called, are a growing self-employed workforce.
Whether a direct impact of the ongoing coronavirus pandemic or a result of disruptions in traditional employment opportunities, self-employed workers of the gig economy increase each year – and millennials lead the way, according to recent research.
The benefits of gig work include flexibility, work variety and even the opportunity to pursue your passion. But an inconsistent work schedule and uneven monthly income and cash flow can be challenges for those managing student loan debt.
Options For Gig Workers
The article provides several options – from riding out the uneven monthly income flow with a “set it and forget it” automated savings plan, to keeping track of CARES Act relief options.
In addition, GreenPath suggests understanding student loan repayment options most useful to gig workers.
Contact your student loan servicer to explore options for managing student loan debt. To prepare for the conversation, resources like on-demand webinars can also be useful.
Although it can be stressful managing student loan debt when income is uneven each month, we can find certainty in taking action on our finances.
GreenPath’s experts can walk you through your options when managing your student loan debt. 91% of people served by GreenPath feel better prepared to handle their finances. Together let’s make a plan for managing your full financial picture to support your goals.