by Susan Paige
As the final year of university approaches its closure, students start graduating to step in the actual world. Graduating comes with a sense of exhilaration and thrill. Students are ready to start a new chapter in their live. But there is one aspect of this which is not so thrilling – and that is to pay off student loans.
In most cases, a small period is provided to the students before their first bill arrives. This small period, however passes into thin air in no time. As the loan repayment instalments start, pressure builds. There is a better way than ignoring this situation. By following a consistent approach of saving money, students can repay student loans as quickly as possible.
Here’s how you can do it.
- Create a monthly budget: The most important step to find out how to pay student loans quickly is to create a strict monthly budget. This budget will be like a blueprint in helping you understand where you should spend and save your money. This method will control your spending habits providing a sense of uniformity to your life. You will be able exceed the monthly repayment instalment, and hence will cut short the repayment period.
- Refinance your loans: An effective way to manage your money and quickly reduce your payments is to refinance your student loan. Several lenders out there float student loan refinancing plans, letting you move to a loan with lower interest rates. There is a limit to this option because refinancing can only be done by private companies. Refinancing federal loans can mean losing some of their protection. Web research will help you understand the nuances of different refinancing options offered by lenders in your country.
- Get a side job: Many millennials are open to the idea of taking side jobs over the weekends. Whether you are a working professional or a student, there are many freelancing jobs that can help you in earning some extra income and advancing your skills. Many entrepreneurial ventures, companies, brands and media houses need freelancers to do their work. You can apply for a writing job if you think if you are a good writer or a data entry job if you can manage it well. These jobs have a huge scope in the freelancing industry. E-tuitions are another great way for students to earn while they learn, and repay the education loan using the accumulated earnings.
- Formulize a repayment strategy: This one’s for students who’re dealing with more than one loan. Make a list of all your debts. Repay the most expensive debts first and tackle the other ones later. With this method, you will get a sense of psychological achievement and it will further act as a motivation to repay rest of the loan. This motivation will serve as a key factor in inspiring you to pay off your debt quickly.
- Register yourself on online survey sites: There are websites which pay you for sharing your feedback and opinions. Online surveys are gaining popularity amongst students for making money during free time. Market research companies are always looking for data to help businesses grow. These websites connect you to popular brands and companies that pay you for sharing your valuable insights. Start earning Paypal money today, and build your loan-repayment capability.
- Make your own website: Starting your own website is an excellent way to build a passive income stream. If you make a good website then you can pretty much make money while you sleep. There are guides that can help you build your own website and how to earn money from it. A credible and an informative website will be one of the best assets that you can own. Keep working on your website over time to increase the informative quotient and uses of your website.
- Adopt a minimalistic lifestyle: Minimalism works wonders on changing your perspective on money. Following a minimalistic lifestyle will help you get rid of all distractions that keep you from achieving what is important. It will make your simple by sorting out all the unnecessary junk that you don’t need. Especially when it is about the financial matters, minimalism can help you save money for all that matters the most in life. With this habit of saving money, you can easily repay all your debts quickly.
- Affiliate marketing: If you are an avid user of social media with a good online presence then affiliate marketing can help you earn money almost immediately. Most companies understand the influence social media celebrities have on target audience and pay a decent amount for promotions. If you have a blog, a website or a YouTube channel ready, then you can start promoting these brands. Start small to see how it works and once you get the hang of it, you can expand the scope.
Concluding Remarks
Trust these methods to stay ahead and quickly repay all your student loans. These tricks have assisted many students in paying off their loans fast. A student loan can last longer than you’d anticipate, but if you adopt these methods in all seriousness then there is no reason why you can’t pay it off sooner. It is all about sorting out your priorities and being conscious and committed towards early repayment.
An entire generation of young people is being buried under an avalanche of student debt, and the situation is being made even worse by debt processors (is that what they are? Not sure of the word) like Navient. Ashley has written about this at length. This article trivializes a very real problem!