Ever found that dream job, been offered it, only to turn it down because it doesn't pay enough? Was the thought that followed:



                                                    If only it wasn't for that student loan payment?


You aren't alone. 


Thanks to activist groups such as Student Debt Crisis and The Project on Student Debt, this issue is getting attention in mainstream media.

An internet search today for “student loan debt” news provided a cross section of articles from sites such as: Time, USA Today, Fortune, and NY Times. 

The picture they paint?

People, highly educated people, who are too overextended to afford a house payment, people who have to move back in with their parents, and people who have worse credit scores than their peers from decades past.

I often advise clients to consider taking lower paying jobs to gain experience or higher levels of satisfaction. More and more, they tell me they can’t. And it’s not because they don’t want to give up luxuries; instead, it’s because there aren’t any. That $500 (or more) a month loan payment makes the prospective job pool even narrower.

Of course, student loans aren't the only barrier to accepting less income, having children or dealing with medical issues can result in the same financial stranglehold.

So what can you do?

1. Make the Most of It: Your vacation time? Use it to recharge. Fight for opportunities to grow and expand your skill set. Apply for promotions. Negotiate for higher pay. Branch out and try new things when the opportunity arises. If opportunities aren't there, strike out and make them.

2. Work out a lower monthly payment while you are at a starting level salary. The payment will increase when your income is projected to increase. This is not a perfect answer, because the interest is growing and there’s no guarantee you’ll be ready for the increase, but it may be worth a shot. 

See: Income-Based Repayment at consumerfinance.gov (Consumer Financial Protection Bureau).

3. Ready to put your all into paying off the loans, see this post at Forbes: 
How I Paid Off $90,000 In Debt In Three Years

4. Another possible negotiation: ask the potential (or current) employer for a one-time bonus/payout to use toward your student loan. (A big chunk up front can take years off the loan.)

5. You could also work more. I think the 40 hour work week is too much, so I consider this a last resort, but if can pull this off it will make a difference. You’ll have extra income to put toward your loan(s) and you’ll have less time/energy to spend your money on fun things. (Not really win-win.)

                                 Fired up about Student Loan Debt? 

See:

Student Debt Crisis You’ll find resources, stats, and petitions. Be a student debt activist!

Higher Ed Not Debt There’s an excellent short video and oodles of information. (Need catharsis?)

Default: The Student Loan Documentary A 27 minute video that was shown on PBS in 2011.

The Project on Student Debt Many fact sheets with information about student loan trends.

Know one of these people? They hate their jobs, but they aren't looking for a new one.

Why? Because, they tell you, there are No Jobs out there! 

I won't argue the job market isn't suffocatingly difficult these days. But it isn't true that there are no jobs. 

According to the Job Openings and Labor Turnover Survey (JOLTS) program, we had nearly 4 million job openings in the U.S. this past December (2013).

So really--there are jobs! When someone tells you otherwise, tune her out. The most important thing to keep in mind when considering the competition is you must be the most desirable candidate. 

There are so many ways to do that. The more you do to set yourself apart from other candidates, the more air there is to breathe. Keep reaching for the top.

Tools for getting to the summit:

• Resume--Learn basic marketing tools to apply to your resume. Spend time listing your major professional accomplishments and make the specifics the meat of your resume. Get a professional proofread. If you don't have access, high school and college students are excellent at spotting grammatical errors and things that cause confusion. (Seriously.) 
• Cover Letter--Do not have a "one size" mentality when it comes to this important tool. Seriously, if you look at your cover letter as a necessary evil, you're missing the point. This is the place where you get to make yourself known--in your own voice. Are there things you really want to emphasize? Here's your chance to talk and not just summarize (resume style). Show how much you know about the company, the position, and the team. Make an impact.
• Network--The single best way to secure a job interview is to network your way in. A friend of the hiring manager, a current staff member, whoever it is that can help you get your foot planted firmly in the door. This is your chance to connect yourself to the job before you sit in the hot(interview)seat. 
• Commit to the Search--There are all kinds of scary numbers I could throw at you here. The worst is probably: If you're employed, you need to commit 20 hours a week to the search. If you're not employed, it needs to be 40--treat finding a job like a full time job. 
• While I agree with the concept as advice, I will not tell you it's the only way. How many of us can get done in 4 hours what it takes someone else 12 to do? Learn to make the hours you have count: network; hone that resume; scrap the endless online applications for jobs with which you have no direct connection; write fresh, original cover letters.
• During those hours, stay focused. Shut down the browser, keep personal email closed, turn your ringer off. Commit your energy to the job search and save enough energy to do all those fun things later--you might even end up with something exciting for your Facebook status.
• Network (it's worth repeating)--It really is the best way. Make sure you read up on networking--it's an art as much as resume writing and interviewing. If we were talking percentages, I'd suggest you put 75% of your effort here.