Paying back student loans can be a never ending pain and challenge in your life. Back when you were a student and you first took out your student loans chances are good that you did not realize at the time the full impact of having this debt on your life. Whether you have borrowed a lot of money or only a little, the reality is that to pay back student loans you are going to have to sacrifice, and stretch. It will not be easy but it can be done and there are ways to do it in less time than you might think is possible.
Here are five ways to pay back this debt in less time and without having to live like a broke student forever.
1. Start your own business. While you might think that it is impossible, there are lots of ways to do this with a minimal investment of under $500. The easiest ways to do this include network marketing or direct sales or freelancing for clients offering them any skill that you have that is in high demand. You can do it part time while you are working and generate enough extra income to pay them and even more. I personally started my home business while I was in graduate school and while it was difficult at times to balance, work, school and my business, I created income and generated a high database of leads and customers while I was still in school. I also found that having a home business as a student was a nice way to get a break from studying. Furthermore, when I graduated it took me almost four years to get a full-time job and I was able to use the income from my home business to pay back student loans and other bills while I was job hunting.
2. Get an extra job for a few hours one night or day per week and then set aside that money to add to your minimum payment for your student loans. Doing this consistently for a year or two will make a big impact and in fact, you will be surprised at the impact that this will have. I'm also done this, and the reality is that even an extra $100 a month can decrease the amount of time it takes to pay back your loans because you will pay less interest.
3. Set a goal to pay back student loans in a certain time frame. Make your goal reasonable and doable. For example if you owe $40,000, setting a goal to have it paid off in 3 years would be reasonable but it would also require you to do some work and to sacrifice.
4. Make a list of all of the skills that you possess that people would pay you for. Develop ways for people to hire you to do those tasks and then find 2-3 people per week that you can work for in your spare time after you are through working your regular job. Examples include things such as bookkeeping, web design, how to use Facebook and other social media sites, writing articles for people, house cleaning, and babysitting.
5. Make your minimum payments on your student loans until your credit cards are paid off. If you do not already have credit card debt then you are even better off and you can start paying more on your loans. Stop using your credit cards except for an absolute emergency such as a medical disaster.
In summary you can pay back your student loans but you will have to work at it. The consequences of not paying them back are severe and can cause you to have major financial problems so you need to do what you can to get them paid as soon as possible.
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