Not all of us are lucky to go through college without the help of student loans. While they are a huge help, how to pay off student loans becomes challenging, especially with a tough job market. However, do not despair because you can utilize many creative ways to pay off your student loans.
Above all, you should understand that budgeting is crucial to paying debts because it helps control your finances.
10 creative strategies you can apply to pay off your student loan
- Get A Side Hustle
If you are employed, and your income does not cater to all your expenses, it’s time to consider getting a side job. This will increase your revenue, allowing you to have enough cash to pay off your student loan and still leave some for your savings. A side hustle enables you to pay off your loan faster and avoid penalties.
Some of the side jobs you can pick include:
- Bartending: This will increase your income, and the good thing is you can pick night shifts for a few hours. The tips go a long way in paying off the debts.
- Selling things on eBay: We are all victims of impulse buying, so conduct an audit of your house and sell off anything you do not use on eBay, Craiglist, Poshmark, or Etsy.
- Garage sale: Declutter your house and hold a garage sale for the items you no longer use.
- Driver: You can sign up for Lift or Uber as a driver. Suppose your car meets all the requirements instead of letting it sit in the parking lot. You can drive people around in the evening after work for a few hours.
- Rent out a room: If you have a guest house, you can rent it out on Airbnb, and the income from the rent can be used to pay off the student loan.
- Join Zerobound Program
Zerobound is a platform that brings together volunteers, organizations, and sponsors to connect and support and work with each other. It provides graduates who love volunteering a chance to reduce their student loans by volunteering. Zerobound program works with graduates from all walks of life, especially those from disadvantaged groups struggling to repay their loans or those who need a bit of help.
If you have extra time in your schedule and would like to work for a cause that resonates with your heart, signup for Zerobound, and in return, you will receive financial relief from your student loan.