5 Aggressive Ways to Pay Off Student Loan Debt
For many, student loans represent a burden that will plague its borrowers for years to come. The common goal is to eliminate these student loans as soon as possible, but that is much easier said than done. There are so many expenses on top of student loan payments and it truly is tough to find extra cash to pay more earlier. Outside-of-the-box ideas can go a long way towards solving these types of problems.
If the regular salary is not enough, there are plenty of other ways to score some extra cash towards those monthly payments. They require a bit of determination, but they most certainly generate cash either through sales or savings. Here is a list of some of the most aggressive ways to pay off student loans faster.
1. Live Out of Your Car
Is rent a problem? Then live out of your car and cut out that expense completely. While having an apartment roof over your head is nice, the car has a roof too, and it works just the same. Trading in the apartment for a nomadic life in your vehicle is definitely an aggressive move, but it just might be the right move towards eliminating loan payments sooner.
2. Sell Your Possessions
Getting rid of your possessions is a great way to earn extra cash. Chances are you may have some extra clothes or furniture that someone else wants. Just get rid of as much as you can. There is a good probability you can earn enough for a monthly payment every single month. Better yet, there are countless ways to market things to the public with sites such as eBay, Craigslist, and plenty of mobile apps.
3. Cut Out A/C and Heat
There are some people who simply love to blast the air conditioning or heat and ignore the actual weather outside, but every second of climate control costs money. An entire month of running the A/C or heat can cost a pretty penny. By simply cutting out this expense, you can definitely earn a decent amount by the end of the month towards loan payments.
4. Donate Eggs/Sperm
Believe it or not, there is a demand for female eggs or male sperm. There is a medical procedure to extract eggs from the female ovaries at the end of a menstrual cycle after a hormonal injection. Since these eggs can be used for many different high demand studies or services, there is a high value for donating eggs which is what some students have begun taking advantage of. Men can donate too, just go to a sperm bank.
5. No More Alcohol
This may not appeal to the average college student, but alcohol is a rather large expense for some individuals. Just like the air conditioning, if you cut out the alcohol from your diet, you most definitely are going to save money. Saving that money for the end of the month can provide funds for making that monthly loan payment.