Student loans are one of the most pressing crises in America right now. Did you know that the amount of outstanding loan debt is nearly $1.5 trillion?
In fact, roughly 45 million Americans are paying back student loans. The more prestigious the occupation, the higher the student loan debt is.
Occupations such as lawyers and doctors are most vulnerable to skyrocketing debt. The unfortunate truth is that scholarships and financial assistance are not enough.
Read on to learn how to escape the enormous monthly payments associated with student loan debt. Explore 5 creative ways to pay off multiple student loans.
1. Use Credit Card Rewards
One popular trend in the financing world is acquiring reward points. Many major financial institutions offer credit cards with generous rewards programs.
For starters, some companies offer a sizable bonus just for signing up. If you spend a certain amount over a fixed duration, you can earn up to $200.
In addition, you earn cash back on purchases at supermarkets, gas stations, or restaurants. The key to this strategy is paying off the entire statement balance and doing it on time.
2. Earn Money on the Side for Student Loans
The digital era affords you great opportunities to earn money on the side. Earning an extra hundred dollars per month goes a long way to paying off loans faster.
One of the greatest benefits is that you can earn money on the side from home. There are countless online jobs in data entry, blogging, and more. Some people even play games like Bingo Online to earn cash.
Another popular option is rider servicing companies like Lyft or Uber. You can make significant extra cash by giving people rides. People enjoy these types of jobs because you can make your own hours.
3. Join the Military
This may seem extreme to some, but joining the military has many advantages. Besides unique work experience and training, the military offers generous loan repayment programs.
Each branch of the military participates in a student loan repayment program. This is the military’s way of attracting recruits.
For example, the Air Force pays up to $10,000 towards student loans. If you are a health care professional, that figure increases to $40,000. Also, active duty and veterans may qualify for student loan forgiveness programs.
4. Find an Employer to Help
The military is not the only employer that helps with college. There are many employers that offer tuition and loan repayment programs.
First, you can forgo the pursuit of a graduate degree until you find an employer that helps. Another option is to leverage multiple job offers into loan assistance. Ask prospective employers for a repayment commitment before signing the job offer.
A Recap of Eliminating Student Loan Debt
Student loan debt can be crippling to a person’s monthly budget. Many Americans are deferring medical care or home ownership due to this crushing burden.
If you enjoyed this article about finding creative ways to eliminate student loan debt, check out our blog for other great content.