What student doesn’t worry about paying off their student loans? With tuition rates rising every year and the beginning of loan paybacks rapidly approaching (or even already here, for some of us), there seems to be no light at the end of the tunnel. Whether you have federal loans, private loans or even any other kind of debt to be repaid, here are 3 ways from The Daily Positive that you can begin strong and challenge yourself.
1. Sacrifice is key! If you choose to live the way you have always lived, chances are that you will not be saving enough for normal cost of living expenses and loan payments. Little purchases gone unmonitored can really add up and take resources away from your repayment schedule. This is an intentional step that forces you to buckle down and will prove to be instrumental in keeping you focused.
2. Talk to your employer. Many employers will work with you if you explain to them that you would be willing to take a lower salary in exchange for help paying off your student loans through a compensation package. More and more companies who are looking for new hires straight out of school have loan assistance written into the initial compensation package. If they want your skills, talents, and education, most likely they are willing to provide you with education-related help.
3. Turn your love for something into a side business. Have a passion for interior design? Take a class on staging and make some side money staging homes for sale. Can you speak another language? See if a local school or a group in your community teaches English as a Second Language courses. Do you love making treasure out of trash? Pick up a DIY project from a local flea market or yard sale and breathe new life into it with new paint and funky designs to sell online. You never know how much revenue you could make on the side by simply turning a hobby into a job.
Don’t get so overwhelmed when looking at the big picture that you are idle in taking small steps towards freedom. Being diligent and aggressive in your approach will help you to stay focused on the end goal.