Most people get a normal job and repay their student loans, but people have the option of bucking tradition and going with a creative option instead. People who like to live outside of the box can use one of these options for paying down their student loan debt.
These options help people pay their student loans off faster. Then, they will have extra money they can put into savings.
10 Creative Ways to Pay Off Student Loans
1) Work in a Hostel
Some hostels have work-trade opportunities. People work at the hostels part time and live for free. Then, they take the money that would have gone to their rent and use it to pay their student loans.
This is a good option for people who enjoy being around others. They’ll get to meet new people and get their loans paid off in a timely manner.
2) Participate in Medical Research
The medical community constantly needs help with research, and newly graduated students can help. Sign up for paid clinical trials and use the money to pay off your student loans. People who do this don’t just pay their loans off quickly. They also help the medical community discover new treatments.
3) Join Airbnb
People who live in cities or towns that get a lot of tourism can list their apartments or homes on Airbnb and make extra money. The entire property doesn’t have to be available for rent. People have the option of renting out a single room and then letting the renter use shared living spaces such as the kitchen and living room.
It’s easy to make extra money with this option. Airbnb is very popular, so it’s likely a new graduate will get renters.
4) Put a Vehicle Up for Rent
Most people don’t use their vehicles all of the time. Those people have the option of renting out their cars to people who need them.
The vehicle’s owner begins the process by listing the car on a service such as Turo. The service sets the rental price based on the location, time of year, market value, and other information. If the car is rented, the owner receives the rental money via direct deposit.
5) Drive for Uber or Lyft
Vehicle owners don’t have to rent out their cars to make money. They can also use the vehicles to drive for Uber or Lyft. These services are available all over the United States, although those who live in major cities will get more customers.
6) Make Money from Pets
Pet lovers can make some extra money to go toward their student loans by dog walking or pet sitting. People have the option of starting their own business or joining a service like Rover to list their services.
Pet lovers set their prices and then watch the money roll in. Those who know how to market themselves can make $1,000 a month or more from this.
7) Get a Job That Offers Student Loan Forgiveness
Choosing the right job can go a long way in getting rid of student loan debt. People who work full-time for the government or nonprofit organizations are often eligible for the Public Service Loan Forgiveness Program. Eligible people make 120 monthly payments, and then the rest of the balance is forgiven.
Teachers who work for certain schools get an even better deal. The Teacher Loan Forgiveness Program forgives up to $17,500 in federal student loans. This was designed so teachers stay in the profession.
8) Make Money Freelancing
Freelancing is a quick and easy way to get some extra cash. Freelance sites like Upwork match freelancers with jobs.
Fiverr is another option. The jobs only pay $5 each, but they are really easy. People offer simple services such as reading scripts and get money deposited into their bank accounts when they complete tasks.
9) Move Out
People who own or rent homes have a harder time paying off their student loans. Too much money goes to the rent or the mortgage, so it is impossible to make extra payments. Make the move to a friend’s house or back to your parent’s house and use the extra money to pay off your loans.
10) Get Money Instead of Gifts
Birthday and Christmas gifts are nice, but they don’t pay the bills. Ask people who normally send gifts to send money to pay your student loans instead.
Student loan payments don’t have to be stressful. Use these creative ways to pay off student loans quickly. Then, you’ll have extra money to buy a home or put into savings. That is key to having a successful financial future.
Author: Jeff Gitlen
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