A recent Gallup poll found an astounding 70 percent of Americans either hate their jobs or are totally disengaged at work. The reasons vary, from overbearing bosses to unfulfilling work. Sound familiar?
So if your job totally sucks (i.e., you dread going to work every single day), you’re not alone. In fact, you’ve probably wondered a time or two if you should just quit.
Many people don’t like their jobs but stay because they have bills to pay — including student loan debt. So, the question you might be wondering is, can you quit your job despite having student loans?
The answer is a resounding “Yes!” However, you have to be strategic about it. Here’s how:
Evaluate What You Don’t Like
Before you hand in your resignation, take some time to breathe and think. What is it that you don’t like about your job? What would you want to change moving forward?
This is an important exercise because you don’t want to hate your future job, too. Here are a few things to think about as you evaluate your next steps:
- Culture: Do you like or dislike your company’s overall culture? Are they open minded? Do they value everyone’s opinions? Do you have to wear a suit every day or is it more casual? Does everyone work together or do people keep to themselves with their office doors closed?
- Pay: Do you have an ability to make more money as time goes on, or is the company struggling and cutting back? Is there room for negotiation? Do they only give raises at certain times of the year? Have they laid people off recently?
- Flexibility: Do you have to be at work from 9-5 or is there some wiggle room in your schedule? Are you allowed to work from home from time to time? Can you pick up your kids from school and then work later in the evening? Do they give you a hard time when you want to take time off?
- Management: Is your time valued? Do they hold pointless meetings that seem to go on forever? Do they call and email you constantly or take a more hands-off approach?
Once you know the answers to these questions and can pinpoint what you like and don’t like, you then can search for a new job knowing exactly what you want.
Find a New Job Before Quitting Your Old One
When you have bills to pay, like student loans, you have to make sure you have a steady income. The best thing to do if you hate your job is work hard to get a new, better one.
I know it’s easier said than done, but now is the time if you’re miserable going to work every day. Here are some tips:
- Research other companies in the area who employ people with similar skills as you. Keep them in an organized spreadsheet.
- Search LinkedIn and connect with current employees of those companies — ask about potential job openings. Gone are the days where you can simply submit an application and wait to hear back. You have to be proactive if you want to get a new job.
- Attend networking events and ask colleagues in various industries out for coffee to pick their brains.
While you should be proactive, you should also be careful. Don’t post anything on social media about wanting to leave your job or the fact that you’re looking for new work. Instead, contact people you trust directly and let them know you’re looking.
Negotiate Your Pay
When you do finally secure that new job, negotiate your salary; employers often have some flexibility in their initial offer. Do your research ahead of time to find out what people in your position typically earn.
Ultimately, you can quit your job if you hate it, even if you have a large student loan payment. The important thing is to take your time with your decision. As much as you’d love to quit on the spot, you have to be strategic.
Identify what you don’t like about your work, do your research to find companies in the area who offer what you do want, and (quietly) network your way to a new position.
Once you find your new job, be armed with all the information you need to negotiate for higher pay. After all, the more money you can negotiate for yourself, the easier it will be to accelerate your student loan repayment.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 6.97% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.23% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 6.23%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|