Having a difficult time paying off your student debt while in college? Let’s face it, paying off debts while you’re still studying is not that easy. For one, you have no regular source of income. But then again, there are still other options available.
Just remember that when you have an existing student loan, the interest would accumulate through years if you are unable to pay them off on time. This would further increase your financial burden so as much as possible, you have to pay off your debts on time or even earlier.
Here are some tips on how to pay off your college student debt:
1. Save money. First, you really have to save money in order to pay for your loan. For instance, you can save at least ten percent of your weekly allowance or income so that by the end of the year, you have enough money to pay off a portion of your student loan. Try to find means on how to stretch your money. Avoid spending on things you don’t really need such as brand new clothes and skip eating in expensive restaurants or fast food chains. Be practical when it comes to money.
2. Find a part time job. You can also look for a part time job while studying so you can save money to pay off your debt. There are jobs you can try online such as freelance writing, pay per click advertising, blogging, online tutorials, and more. You can start doing work from home so you can save on time and travel expenses. You can also apply as a student assistant in your university. Some universities would give discounted tuition fees and monthly allowance for student assistants.
3. Pay quarterly interest for your student loan. If for instance, you use unsubsidized loan, you can pay the interest every quarter. This will enable you to minimize the amount of interest which you will pay when you graduate. It’s like saving your money for the future. In subsidized loans, the loan would start to accumulate interest especially if it takes longer for you to finish college. Paying the quarterly interest allows you to pay the interest on the original loan amount, which in turn, helps you save money.
4. Look for other sources of income. You can also pay off your student debt by looking for other sources of income. If you can’t get a part time job for example, you can opt to conduct garage sales or other income-generating projects to help you earn money.
These are just some of the things you can do to pay off your student debt. If you are able to pay off your debt as early as possible, it will be to your advantage.
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