4 Ways To Pay Down Student Debt With Extra Income

4 Ways To Pay Down Student Debt With Extra Income

Student debt has become a significant financial issue that affects about 44 million Americans. As tuition continues to rise, college students will need to take on even more debt to earn their degrees. Unfortunately, entry-level jobs rarely pay enough for recent graduates to repay their loans while buying homes and starting families.

If you’re struggling to repay your student loans, use one of these four opportunities to make extra money. These jobs only take a few hours a week, but they can make repayment much easier.

Perform Small Tasks for Companies and Individuals

Join a website like Fiverr that will connect you to companies and individuals that need someone to perform small tasks like designing a logo, writing transcriptions from audio recordings, and optimizing websites to make them more visible to search engines.

With Fiverr, you only commit to the jobs that you want to do. If you have a busy week at work, then you may not do anything for Fiverr clients. If you have spare time, then you may schedule a lot of extra gigs.

As the name suggests, Fiverr pay starts at $5 per job. Plenty of jobs may more than that, though. Depending on what skills you have, you could earn $100 or more per week.

Sell Products From a Well-Known Company

Direct sales also give you the opportunity to follow your own schedule. A lot of times, though, you can earn more money by selling products than performing the small tasks that you find on sites like Fiverr.

The key to making money from direct sales is choosing a company that potential customers already trust. Selling Amway products can lead to quick profits because most of the people you sell to already know about the company and its products.

Direct sales can also help you save money when you purchase items for yourself. As an independent seller, you get a discount that will help you buy household goods, cosmetics, clothing, and other products that you need. Earning extra cash while lowering your expenses is a certain way to repay your student loans.

Drive for Uber

If you own a car, you can turn it into a money-making opportunity by signing up with a company like Uber. Most ridesharing companies have vehicle requirements, though. If you want to drive for Uber, then you’ll need a car that’s no more than 10 years old and has at least four doors. You can potentially make more money by driving for UberXL or UberBlack, but there are more requirements.

Assuming that you have a car that fits the requirements, you can drive a few hours a week to pick up extra money. You only drive when you want to, so you never have to worry that your side gig will get in the way of your full-time job.

Make Items and Sell Them Online

Do you have a talent for making clothes, jewelry, art, or crafts? If you do, then you could turn your hobby into a money-making venture by joining a website like Etsy. Etsy lets you sell a wide range of products directly to online shoppers. The website keeps a small percentage of the sale, but you get the rest of the money.

People sell all kinds of things online, so don’t count yourself out just because you don’t know how to make traditional crafts. Some sellers make beautiful quilts, but others make cornhole games, tree swings, and organic soaps. As long as you can find a way to commodify your hobby, you can start making money online.

A lot of graduates have difficulties repaying their student loans. If you’re still in school, then you might want to think about using one of these money-making ideas now so you can begin repaying your debts as soon as possible. If you’ve already graduated, then you just need to find a little time in your schedule to work a side job. As long as you choose an option that lets you set your own schedule, you can repay those loans quickly without letting your career suffer.

Ashley Carter

Ashley is a full time student writing her way through college. When she's not writing she enjoys hiking and any other outdoor activity imaginable.

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