Should student loans be included in emergency fund?

[MLSFan]

Not up to speed on loan rules, but arent federal loans income based? With no income, is there still a payment?

[Fedupwiththis]

Originally Posted by MLSFan

Not up to speed on loan rules, but arent federal loans income based? With no income, is there still a payment?

That can be done but its not automatic. Federal can be put on hold, or income based you just need to call them an apply. Even with a 6 month cash emergency fund including my student loan payments I'd likely put them on hold right away just to be safe. If I found a job quickly I'd just double up the following months payment.

[duster1979]

Originally Posted by MLSFan

Not up to speed on loan rules, but arent federal loans income based? With no income, is there still a payment?

The process for signing up for IBR is kind of a pain, whereas all you have to do to apply for a forbearance is answer a couple of questions on a form. The forbearance is typically approved much more quickly, as well.