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Last Updated on 2015-07-07 by Kassandra
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Hey guys! Kassandra with ProsperousHeart.com here!
Now, who am I? I’m just a woman who truly cares about helping you achieve time and financial freedom — and if you are about to go to college, are currently attending college, or came out of college with a student loan?
I know where you’re coming from.
And THAT, my friends, is is why I wanted to share 5 Tips to Pay Off Your Student Loans in Record Time!
It can be quite difficult for students to put themselves through college because of the costly tuition fees. Most students will take out private or public loans to help pay for their studies.
However, the drawback to these loans is that it can often take many years to repay the debt. On top of that, most loan companies charge an interest fee on the total amount borrowed. If payments aren’t made on time, additional fees are also added to the bill.
Try these 5 Tips to Pay Off Your Student Loans in Record Time:
1. Pay On Time
When a payment is missed, a fee is added to the next payment. This can add up to a significant amount. Make it a habit to pay as early as possible.
Whenever you have extra money, pay some towards the loan.
2. Stay In
The simple act of staying in and avoiding partying with friends can have a huge impact on your finances. Sure, it won’t be as much fun, but there are a lot of other activities you can do that aren’t as costly as going out.
3. Work Hard
Even if you remove all unnecessary expenses from your budget, it may still be a struggle to repay those loans. What about increasing your income with an extra job or two?
Chances are you won’t be able to get the highest paying job as soon as you graduate, but you may be able to secure several part-time jobs or some freelance work
In order to repay your student loans in short order, be willing to put in the effort and work hard. It will be worth it in the end.
Check these out to get you started:
- Gardening
- Mowing lawns
- Baby sitting
- Dog walking
- Apartment sitting
- Freelance writing
- Freelance photography
- Waiter/Waitress
- Selling subscriptions
- Yard-sales
- Creating Websites
- Become An Online Entrepreneur
4. Consider living with a roommate
It might be a less than ideal situation for you, but it can be worth the amount that you save on rent if you get a roommate. The money you save can be used to repay your student loans.
5. Create a payment plan
It’s important to focus on paying a certain extra amount each month on the loan. Every little bit extra that you pay toward the principal shortens the time it will take you to pay off the loan.
Use a spreadsheet to calculate a percentage of your income that you would like to use to repay your loan.
There are countless tricks and tips that you can implement to get rid of that pesky student loan. Remember, debt can be crippling. The number one goal is to remove all debt from your life, so it doesn’t hold you back.
If you can focus your energy into repaying your student loan, it will be gone in no time at all. Then, you’ll be able to use that money that you used to send off to your student loan lenders for a house or other investment.
That’s all from me for now, my friends! If you’re watching this on YouTube, please click on the SUBSCRIBE button below, and if you’re watching this on my blog — fill out the information box below to get updated on when I create my latest blog post! This is Kassandra with Prosperous Heart, and I hope you all have an INCREDIBLE rest of your day.
You made a really good point about delaying certain plans until student loans have been paid off. It seems like they would be more difficult to pay off if you go on a lot of expensive trips. Student loans can be daunting to pay off, so the sooner that you can pay them off the better. Thanks for the tips!
My pleasure! Hope it helps you or someone you know. I was a college student myself once, so I know a few of the pitfalls. Hopefully this reaches a lot of students to help them avoid too much debt by the time they graduate. (And hopefully not debt at all!) Thanks for stopping by and leaving some comment love!
Good advice for paying off your student loans. Creating a plan for yourself is going to get you a long way when it comes to moving past your debt.
Thanks so much, Drew! I appreciate you taking the time to comment. 🙂 And yes – having a plan is definitely going to get you to your financial goals a lot faster than just “wishing” it to happen.