- Donate Eggs Or Sperms
Donating sperm is not as rewarding as eggs, as each donation earns about $100 to $125. The upside of donating sperm is that the process is faster and easier than donating eggs. And men can donate sperm several times a week, which can round off to a significant amount at the end of the month.
Not everyone is eligible to donate, so you’ll only qualify after meeting the requirements, but before using your reproductive system to earn money, you should consider it dangerous. Furthermore, if the egg or sperm is used to conceive a child, the child may contact you in the future.
- Look For A Job With An Employer That Offers Student Loan Financial Relief
In the past few years, student loans have become a bone of contention among borrowers because of the challenging economic times, which has rendered them either jobless or have an income that is not enough to cater for their bills.
This has prompted some employers to provide their employees with a way to service their student loans in exchange for committing several years to their company. This program is similar to that of a pension plan or employee health insurance.
Therefore, it would be best to get an employer offering student loan perks when looking for a job if your employers match their loan contribution. This means that you’ll be able to pay off your student loan debts much faster.
Finding such a company is a goldmine; unfortunately, only a few companies benefit their employees. And you will be required to sacrifice something to enjoy this benefit.
- Cut-Off Some Expenses
We all have some expenses we can do without, and if you want to be debt-free, you must eliminate some of those expenses. You can reduce your costs by:
- Dining in
- Buying expensive clothes
- Making your own coffee
- Cutting back on subscriptions
- Buying non-perishable items in bulk
Read Also: How to create a monthly budget
The surest way to do this is by taking a deep dive into your spending. You can do this by manually tracking your spending for about three months or using free online apps.
Ensure to record every purchase in real-time to avoid forgetting. After you have nailed down the expenses you need to cut off, ensure that the money is used to pay off your student loans. Also, gather all the change you get in a jar at home.
Alternatively, you can use digital apps that help you collect spare change from your bank accounts and use the difference to pay off your student loan debts. You may feel like this amount is not huge, but if it’s applied to your principal amount each month, it will make a significant difference in your interest.
Some of the other methods you can use to pay off your student loan debts include:
- Utilizing school-related tax deductions and credits
- Enroll in autopay
- Make additional payments
- Move to a no-income state, such as Texas, Washington, or Florida.
Paying off your student loan should not be as hard as people put it. As long as you motivate yourself and set a target, you will be debt-free in a few years. You must make sacrifices if you want to pay it fast, finding a roommate or cutting back on luxuries are a sure way to finance your student loan debt. Ensure that you are keeping track of your loan repayment.
Final Thoughts
All the creative ways discussed above for paying off student loans faster are great, but sticking to them and staying consistent is tricky. But, once you decide and come up with sound strategies regarding your financial situation, nothing will hold you back. As we’ve discussed above, you’ll be required to make some sacrifices if you want to pay off your student loan debt faster.
Do you have student loan debt? Which method are you using to pay it off faster? Please share your opinion and questions in the comment section.
