Five Ways to Buckle Down and Pay Your Student Loan Once and for All
Updated on September 6, 2019
Most of us know how student loans are and how much they can affect our lives. For some, they can really take a toll on us. Some people have large amounts of student loan debt, others only have a few thousand. Most all of us could benefit from having our student loans paid off as much as possible and as quickly as possible. Nobody wants to have that large lump sum hanging over their head or on their credit report for longer than what is needed. Here we’re going to discuss five ways how to buckle down and pay your student loan quickly.
Get a Second Part-Time Job
You can do extra work when you have time off. For example, you can babysit, run random errands, drive for Postmates, or even walk dogs (this can actually be very lucrative). Most of these things are free to sign up with and are actually quite fun.
Sell Some of Your Extra Items from Home
Use eBay, OfferUp, or Let-go to sell any unwanted or extra items that you have at home. All of these sites are free to sign up with so you can start selling today.
Make Money Online
There are hundreds of ways to make money online nowadays. For example, you can transcribe with Babble Type, do content writing with Textbroker, or you can work on Upwork, Fiverr, or Freelancer.com if you have any digital creative skills.
Use Your Tax Return to Pay Off a Large Lump Sum
When your tax return comes in, if you do get a tax return, then you can use it to pay off large lump sums to bring down that student loan much quicker. It’s nice to get a large sum of money but it’s the mindset. Just act like it’s not even coming to you – that way, when you get it, it’s easier to give it towards your student loan.
Make a Minimum Payment Plus Extra
Make your minimum payment plus a little bit extra towards the principal. The lower the principal, the lower they tack on for interest.
Don’t let student loans take over your peace of mind or your sanity. Take it little by little, step by step and you’ll get those student loans paid down and off in no time!