Economy

Most Popular Ways to Repay a Student Loan

Most Popular Ways to Repay a Student Loan

Like many other students, you probably owe back money on a student loan. In fact, it has been said that students have racked up more than $1.48 trillion in student loan debt. But like many others, you are trying to get that debt gone for good. However, it can be tricky so here are some of the most popular ways to repay your loan.
Budget
Probably one of the best ways to start is learning to budget. Work out how much money you get a month, subtract bills, necessities and a little extra for safety. You will soon see that you have extra money you didn't realize you had. Now you are used to a budget, use that extra money to pay back the loan.
Automatic Repayments
This is said to be one of the top ways to pay back a student loan. Many people say due to it being automatic, they don't tend to notice much money going out but at the same time, their student loan is going down.
If you do this on top of having a budget, you may even have money left over for yourself to save or spend.
Side Gigs
You probably already have a job, whether its retail or a 9-5 job. However, you have finished education so you will most likely have a skill to put to use. Even if your particular skill can't be used, there are many side gigs you can do. For example, cleaning, gardening, painting, decorating, writing, custom graphic design. The list is endless and there's always people out there who will pay for your service. Use this money as your repayments and your main jobs wage will be for you to use elsewhere.
Our advertising partners offer repayment duration of 12 to 120 months. I.e. 8000 in 48 monthly payments to the 4.50% rate. amount tot. due: 8,756.64; APR max: 10:50%

You May Also Like