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I'm just looking at what type of time frame he has. Sounds like he's exhausted his resources, except for a credit card advance, which he should grab NOW, before that offer rescinds.
My advice, I admit, sucks. However, its what I would do if two steps away from being homeless. I was looking at perhaps buying some time, especially during the cold winter months, and over the holidays, when the job market seems to go on hold.
Do you have a 211 service in your area? I don't know if its nationwide. They help you find social services, etc. We found a credit counseling service through them (not saying that's what the OP needs, just that's our experience). They are free and offer excellent advice.
Perhaps OP friend could call 211, but call early in the day and be prepared for a long hold time. Perhaps they could find something.....IMO his main priority is staying off the streets
If he wants no student payments, he can get a deferment based on his unemployment status. As an added bonus on subsidized loans, the government would cover the interest payments. If he defaults now, he has accumulated late charges and a credit hit only to get a deferment 3 months down the line.
If he wants no student payments, he can get a deferment based on his unemployment status. As an added bonus on subsidized loans, the government would cover the interest payments. If he defaults now, he has accumulated late charges and a credit hit only to get a deferment 3 months down the line.
As mentioned, pretty easy to defer or go into forbearance on student loans. That's $500.
Almost any landlord will let you out if you find someone to sublet the remainder of your lease. If not, just hardball it. They have every right to go after you, but most won't. If it goes to small claims you have a judgement to pay back under a payment plan. Rent a room. There's enough absentee landlords and if you come in with first and last plus on month's security deposit there's people who will risk it rather than lose their apartment. That should save another $500+.
Better yet crash with a friend. I made coffee/breakfast, did dishes and cleaning, painted the house, and light repairs for several months when I came back to the States. Nobody likes unemployed people because they're all depressed and mopey and never leave the house. I'm really good at not being that guy. Give me a corner of a room and I'll keep it neat plus make myself useful or scarce. I'm champ at nursing two buck cups of coffee at Starbucks. Just migrate around from Starbucks to Starbucks so you're not that guy who sits there all day several days a week getting your free refills. There's got to be five hundred of them in DC. Libraries are good.
The rent has to go. He needs to talk to his landlord. Most landlords are not draconian on this -- they understand that bad things happen, and would most likely be willing to let him out of the lease if he can find someone to take it over. He should talk to them to see how they would like to handle the logistics. After all, most landlords are going to want someone who can pay the rent, rather than someone they have to pay to evict (and while they can threaten to sue, they probably won't ever see that money); if he can find them a replacement tenant, it's a much better situation for them. In DC there's always a lot of movement of people in and out, so this shouldn't be too difficult. Yes, that leaves the difficulty of where he is going to live, but perhaps he can find a cheaper roommate situation. Or move in with friends or family, keeping an open mind and being willing to move if necessary. Alternatively, does he have enough room in his place to take in a roommate? He's in a lousy situation, and is going to have to take some drastic measures.
And yes, defer those loans.
And too late now, but I bet when he gets back on his feet he will put a priority on building up that emergency fund.
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