Tips to Pay Off Student Loans for a Busy Professional or Parent

Tips to Pay Off Student Loans for a Busy Professional or Parent

The reality of balancing a full-time job, a family while attending a secondary institution can be stressful. It is beneficial for one working towards improving their career as one sacrifices their mental health, social life and personal time. Are you in this situation? You are not alone. The New York Times reported in a McKinsey Global Institute Report:

“In the United States, 16 million to 54 million workers may need to switch occupational group by 2030, and they will need to learn new skills or increase their level of education to find work, according to a recent McKinsey Global Institute Report.”

Here are some ways for you to pay off student loans as an adult student.

  1. Side Gig

What is a side gig? It can be a part-time job, a paid internship, small business or freelancing. Freelancing or running a small business can be done after work hours or on the weekend. You can maximize your time by working as a virtual assistant or remote employee on your own time while you are working a full-time job. Think about a passion such as writing, web design, consulting or real estate.

You can use this income to pay off student loans in an efficient way at your convenience.

  1. A Minimalist Lifestyle

A misconception of minimalists is they live in small apartments or eat canned food to survive. A minimalist lifestyle means living below your means. It can involve downsizing a 3,000 square foot home to a 1,500 loft. You can go to the grocery store with coupons or purchase retail items when the seasons changed to take advantage of discounted items.

  1. Refinance Student Loan

The idea of paying rent or a mortgage, groceries, transportation costs and education can be frustrating. Most people decide not to go back to school for this very same reason. One of the best ways to lower a student lower a student loan payment. It can help to lower the interest rate which automatically reduces a monthly payment. Most banks suggest refinancing every six months provide that payments at this time are on time.

  1. Used Student Supplies

On some campuses, a wrack with used textbooks is available. You can find used textbooks online or rent a book if possible. The downside to renting or getting a used book is not able to sell it after its use at a higher rate. In the end, it can save you hundreds or thousands of dollars depending on your major and the amount of time spent to finish a degree.

  1. Study at Multiple Institutions

An example of studying at multiple educational institutions to save money is taking a prerequisite for example at a community college that is transferable to completing a degree. If you attend a local University accepts other courses at online institutions, for example, it can help to reduce the cost of education. Don’t feel bad about completing a course at a community college. Most community colleges provide quality education at the level of a university.

To Conclude

We hope that this article offers a variety of ways for you to pay of a student loan while working a full-time job. Whether you decide to purchase a used textbook from a local bookstore or start a freelance business on the side, it takes a bit of sacrifice to achieve higher gains in continuous education. The ultimate goal is to earn the education for the job or business you pursue in the future to pay off the costs. A minimalist lifestyle or refinancing a student loan can help to clear the mind of unneeded stress. Good luck!

Makeda Waterman

Makeda Waterman is an online journalist with writing clips on CNBC Make It., Yahoo Finance News, Huffington Post, and, among others. She is passionate about helping people enhance their career.

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