For many of us, “our debt” is the only debt we’ve ever had to deal with. And student debts… they are a really scary thing. Young and inexperienced, we take student loans without understanding what we are doing at all!! It might be really difficult to pay it off, and many people have struggled for their whole life regarding that. Despite how difficult it may seem at times, there are examples of people who pay off student loan without having to take a second job. So, how exactly do they do it?
In this post, we’ll go over a few ways to pay off your student loan debt as quickly as possible without needing a second job. So make sure to read till the end.
How to pay off student loan without a second job?
We’re glad you asked!
Step One: Make a Plan
You may have heard this time and time again, but it’s worth repeating. If you fail to plan, then you plan to fail. Planning doesn’t need to be complicated either. Simply keep a budget of your spending each month and determine if you’re able to put money toward your student loans with the money left over from your expenses. Plan on what expenses you can reduce and see how that will help your overall situation in the long run. Set goals for yourself for how much extra money you want to put toward student loan payments each month and commit to working toward those goals.
Step Two: Consider Debt Consolidation
Paying off your debt is made easier when you have multiple sources of income. That being said, debt consolidation is an option to consider if you’re consistently finding yourself in the red. There are several different types of debt consolidation options but we’re going to cover two of the most popular ones here that many people think of when they’re looking at debt consolidation: credit cards and home equity loans (HELOCs). With both options, it’s important that you pay off your loan as quickly as possible. The quicker you pay it off, the less interest fees will be charged on the principal.
Step Three: Speak with a Loan Rep
If you’re considering consolidation options and there’s a particular loan rep who has been of great service to you, consider speaking with them and asking them to set up payment arrangements for your loans. Ask the rep if they have any recommendations for you on which loans you should pay off in order to get the fastest return on graduate student loans.
Step Four: Don’t Get Rushed Into Signing Up For Extra Credit Cards
When it comes to paying off student loan debt, nothing is more important than managing your credit cards responsibly. The way in which a student spends money while in school will determine their credit score for the rest of their life, so it’s important that you pay off your student loan quickly. Giving yourself time to pay off your loans and control your spending will help you manage debt responsibly for years to come.
Step Five: Look for Frugal Ways to Cut Back on Spending
Cutting back on spending is one of the best ways to get yourself out of debt. The less you spend, the more you can pay toward your student loans each month which means that you’ll be able to pay off your debt quicker and with less total interest fees. We’ve listed a few ideas below that might help you cut back on spending in order to free up extra cash for student loan payments:
Several ideas to pay off student loan without a second job
- Cancel pricey subscriptions like Netflix. You’re not going to want to do this but if it’s a matter of putting more money toward your loans or keeping the subscription, cancel it and get rid of the distraction.
- Turn off the automatic payment on your bills. Taking care of this yourself saves you money while also reducing your overall interest burden. Who has time to sit in the mailroom and count their checks before they get paid every month anyways?
- Don’t order takeout or go out on a date night every weeknight. Save that money to pay off your loans instead.
- Make it a goal to walk or bike anywhere you need to go instead of driving or taking public transportation. It’s actually a great form of exercise and will help you keep yourself in shape for the long period of time.
- Have a barbeque every weekend instead of eating out for dinner. You’ll be able to put your savings account into overdrive by doing this.
- Start couponing if you’re diligent enough with it. Saving money in the grocery store is something that many people are surprised to learn that they can do, but there’s a lot of research and patience involved with couponing.
- Find places where you can volunteer in your community. Many organizations will take volunteers who aren’t paid, which means that you’ll get to give back to the community while also racking up rewards points toward things like gas and food shopping.
Bonus Step: Join a Student Loan Forum or Community Group on Facebook
When you’re struggling with student loan debt, it can be easy to feel alone. While it can be tough to know what to do about your situation, there are many other students who are going through the same experience. Joining a forum or group on Facebook will help you find people that you can connect with on a more personal level.
We’ve covered a few tips on how to pay off student loan debt without having to take on a second job. If you’re having trouble keeping up with your payments, it’s important that you take action now rather than later. If a consolidation option has worked for you in the past and is something that you’d like to consider for your future student loan needs, consider speaking with your loan rep and talking about the different options available to you.