7 Interesting Ways to Pay Off Student Loans Faster

I don’t have to tell you that student loan debt has become a big issue.  More than 40 million individuals hold student loan debt totalling more than $1.2 trillion!

As such, people are searching for creative ways to pay down their student loan debt and manage big monthly payments as they embark on their career and manage all their other expenses.

This is a post provided to Debt Roundup from Pete, of Gradible.com.

In my role leading Gradible (now a part of CommonBond), a platform to help people pay back student loans faster, I’ve seen all sorts of creative and interesting ways to pay down your student loan debt, and wanted to share them with you.

Rent Out Your Apartment

  • AirBnB:  Do you live in a city or town that has at least a decent number of visitors? If so, you should consider renting your place out on AirBnb. Just make sure any roommates or landlords are comfortable with you letting the place out, and that you have somewhere to stay while you rent the place.

Rent Out Your Car

  • Turo:  This is a great way to earn extra cash to meet those pesky student loan payments. You can apply to list your car and people who want an affordable rental can scoop it from your house, you can deliver it, or park it at an airport near by.
  • HyreCar – This is similar to Turo, but they don’t operate in as many cities. They are in the bigger cities, but they consider those renting out their cars as partners.
  • GetAround – You can use their app to find cars around you to rent, but you can also list you car for rent. They say you can earn upwards of $10,000 per year.

Recycle/Trade In Your Possessions

If you’ve got extra or used stuff you’re not using too often anymore, you should consider some of the new second hand marketplaces that are popping up to help take these things off your hands and give you some cash toward your student loans.

  • Twice:  Used clothing marketplace
  • Gazelle:  Used electronics marketplace. You can earn money by selling your used electronics, especially Apple or Android phones and tablets.
  • Move Loot:  Used furniture marketplace (only available in San Francisco and NC)

Become a Delivery Rockstar

  • Postmates:  Be an on-demand courier (only available in major metros) and deliver things people need using an app on your smartphone.

Become a Part-time Cab Driver

  • Uber / Lyft:  Both of these services are on-demand driving services. They have different models and payment structures, so be sure to consider them before taking part or choosing between them.  If you want to earn money this way, check out how much you can earn as an Uber/Lyft driver.

Earn Direct Student Loan Payments Online

  • Gradible:  Gradible is the only solution that gives you flexible online earning opportunities that go directly to your student debt. I’m biased (because I started the company) but I really believe it’s an awesome option in addition to the others listed because you can participate from the comfort of your home and use those skills you took the student loans out for in the first place. Check it out!

Test Apps and Websites

  • UserTesting: You can get paid to test mobile apps and websites. If you have a smartphone and/or computer you can join this site and get paid for reviewing sites and apps for errors or poor user experiences. This is a fun and easy way to earn extra money to pay down your student debt.  There’s more information about getting paid testing websites on Sprout Wealth.

There are certainly other ways to pay down your student loan debt faster, like a good old fashioned weekend bar or restaurant job, but I wanted to share some of the more innovative ways that can make your monthly student loan payments less painful. I hope you found them helpful!  Are there other interesting ways to pay down your student loan debt that you’ve used?  Tell us in the comments!

 

Do You Know Your Credit Score?

Even if you don’t plan on getting a loan, a good credit score can affect your ability to get a job, a place to live, and will save you money whenever you need to borrow. If you don’t know your credit score, you can get yours free at Credit Sesame. It’s 100% free with no credit card required to signup. I’ve been using it for years to monitor my credit score.

Check Your Score Now

Leave a Reply

Your email address will not be published. Required fields are marked *

11 Comments

  1. These are some really great ways to make money on the side. I haven’t heard about most of them which could mean I have been living overseas for too long or under a rock. You program you started is awesome and its great that profits can be used to help students pay down debt.

  2. Cool ideas! I wonder how the Relay Rides affects your insurance.

    Gradible sounds pretty cool, will check it out! 🙂

    1. Hey Ben,

      I used to write for RelayRides. They actually provide you with insurance when you rent out your car. Their service protects you, so you don’t need to use your insurance.

  3. These are good choices for making extra money to pay down debt, with some you might need extra patience and trust in others like airbnb or relay. For the most part getting a second job gives you a big opportunity to knock debt down faster.

  4. Didn’t know about few of these strategies, but they’re clearly worth mentioning. Paying down student debt is pretty difficult for many young people, but with hard work and some creativity the entire process can be sped up.