Tips to Stretch Your Budget and Benefits After a Job Loss
Whether you’re downsized, laid off, or just plain fired, losing your job is a traumatic event. The following tips can help you stretch your budget and your benefits to cover family needs until you find another job.
* Cut costs wherever possible. Try not to incur additional debt. Work with your credit union to gain access to an emergency line of credit, or to restructure current debts.
* Ask if the company allows severance pay. It varies depending on years of service and type of job held. You may budget better with salary payments than with a lump sum payment.
* Negotiate the severance package. If your spouse can purchase health coverage, consider dropping health benefits in exchange for additional severance pay.
* Weigh COBRA benefits. The Consolidated Omnibus Budget Reconciliation Act, or COBRA, is a federal law that allows you to retain health care coverage at group rates for up to 18 months, but you must pay the full cost.
* File for unemployment immediately.
* Ask for outplacement services. They help you find potential new jobs, create a professional resume, register with employment agencies, and prepare for interviews.
* Check on vacation and sick pay. Employers must pay any vacation time owed when the job is terminated.
* Roll over retirement funds. Ask us at SIU Credit Union about investment services that assist you to roll these funds into tax-sheltered retirement accounts to avoid significant tax penalties.
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Rates effective as of: April 11, 2026
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Membership is open to anyone who lives or works for our member companies (SEGs):
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Secondary Market Fixed Rates
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All listed interest rates are based on loan amounts $100,000 - $149,000 with 5% down payment and credit score ≥ 740. All rates are listed as Annual Percentage Rates. Other rates and terms available. Individual rate is determined by risk based scoring, loan to value, and amount borrowed. Your actual rate may vary. Offer subject to credit approval. All rates subject to change of any time without notice. PMI required on loans where LTV exceeds 80%. Membership required. Federally insured by NCUA. Call 800-449-7301, ext. 3501 for additional details.
Effective Date:
*Annual Percentage Rate (APR)
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SIU Credit Union In-House Fixed Rates
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| 15 Year - Fixed |
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All listed interest rates are based on loan amounts $100,000 - $149,000 with 5% down payment and credit score ≥ 740. All rates are listed as Annual Percentage Rates. Other rates and terms available. Individual rate is determined by risk based scoring, loan to value, and amount borrowed. Your actual rate may vary. Offer subject to credit approval. All rates subject to change of any time without notice. PMI required on loans where LTV exceeds 80%. Membership required. Federally insured by NCUA. Call 800-449-7301, ext. 3501 for additional details.
Effective Date:
*Annual Percentage Rate (APR)
Effective Date:
*Annual Percentage Rate (APR)
SIUCU In-House Adjustable Rate
| Term | 0 Points |
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All listed interest rates are based on loan amounts $100,000 - $149,000 with 5% down payment and credit score ≥ 740. All rates are listed as Annual Percentage Rates. Other rates and terms available. Individual rate is determined by risk based scoring, loan to value, and amount borrowed. Your actual rate may vary. Offer subject to credit approval. All rates subject to change of any time without notice. PMI required on loans where LTV exceeds 80%. Membership required. Federally insured by NCUA. Call 800-449-7301, ext. 3501 for additional details.
Effective Date:
*Annual Percentage Rate (APR)
Effective Date:
*Annual Percentage Rate (APR)
Land Loans / Unimproved Real Estate
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All listed interest rates are based on loan amounts $100,000 - $149,000 with 5% down payment and credit score ≥ 740. All rates are listed as Annual Percentage Rates. Other rates and terms available. Individual rate is determined by risk based scoring, loan to value, and amount borrowed. Your actual rate may vary. Offer subject to credit approval. All rates subject to change of any time without notice. PMI required on loans where LTV exceeds 80%. Membership required. Federally insured by NCUA. Call 800-449-7301, ext. 3501 for additional details.
Effective Date:
*Annual Percentage Rate (APR)
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