Student loan debt is one of the greatest hardships that young people face today. And it’s only going to get worse from here. But there are ways for you to get your debt down that you least expect.
If you are having a rough time managing your student loans, then here are some solutions to student loan debt that you can try.
Some Solutions to Student Loan Debt
You can always take the conventional route, get a job, and work the rest of your life to pay it off or get a consolidation loan with bad credit, but that would not be beneficial. You can always take the conventional route, get a job, and work the rest of your life to pay it off or get a consolidation loan with bad credit, but that would not be beneficial. With these, at least you learn other trades that may come in handy in the future. In the case of borrowers having difficulty repaying their loans, however, refinancing may be an option. An alternative loan can be obtained from a private lender with more favourable terms than the existing loan. The process of refinancing loans involves only completing thorough research, comparing numerous options, and choosing the best company to refinance your student loan.
1. Teach Abroad
This is one of the best options to get into. Who wouldn’t want to travel the world, meet new people, and see things you never would have been able to?
Teaching abroad has many benefits outside of helping pay down your student loan debt, but none more important than opening your perspective to the outside world.
2. Become a Live-In Sitter
If traveling outside is too adventurous for you, you could instead stay local and become a live-in sitter. Many upper and upper-middle-class families go on vacations and need people to watch their house and/or pets.
You can work out a rent-free deal with the owner for work and a little pay. It may be a temporary solution, but it alleviates the need to pay rent and bills, which leaves more money for other things.
3. Get a Work-Trade Job
In the same vein as a live-in sitter, you can work out a work trade job in hostels or inns. This is dependent on whether your area is a tourist destination or has a lot of visitors.
Either way, free room, and board come in handy when dealing with paying down student loans.
4. Participate in Medical Experiments
A good way to make quick cash to help pay loans is to participate in medical surveys and experiments, or even to just give blood.
Many pharmaceutical companies often run experimental drug tests once cleared for human trials. They often pay well to those who are willing to go through the trial and give them results.
5. Join the Military
A viable option is joining the military. The United States Armed Forces are a fully voluntary force and are always looking for recruits.
Usually, people go to the military first and then go to school taking advantage of the G.I. bill. But some branches have repayment programs for enlisting, especially for fields related to healthcare.
Assuming you don’t have a house or expenses, there are no outstanding fees that need to be paid during times of service which can help to pay down loans.
Get out From Under
Student loan debt can be hard to get from under, but it can be taken care of if you are resilient, hardworking, and innovative. Nobody likes loans, so do your best to get it out the way.
There are many solutions to student loan debt, you can get rid of yours. For other great articles like this one, be sure to visit the rest of our blog.