Creative Ways to Pay Back Student Loan Debt

Six months after your college graduation, you get the dreaded notice in your mailbox reminding you that you have to start paying back the massive amount of money you loaned in exchange for that pretty little diploma you earned. Panic sets in when you see all those numbers. Why are there so many numbers?!

You earned your degree in communication, not finance, and have no knowledge of what your first steps should be to conquer this debt. Even though you may be intimidated by the surmounting debt, it is possible to pay it off and pay it off quickly.

As females though, we are faced with another challenge on the road to paying off student loan debt. A huge problem called the wage gap. Gloria Steinem said it best, “Women still average much less in earnings over a lifetime than men do and have to pay back the same college debt.” So that just means that we have to work a little bit harder to find creative ways to pay back our student loans. Like we didn’t have enough problems as it is? Cue the outrage.

After a couple deep breaths, pull out your notebook and your checkbook and let’s get to chipping away at that debt with these steps:

Pay More than the Monthly Payment

The idea of paying more money than you actually owe every month seems challenging, but it’s definitely necessary. If you owe $300 every month, try and stretch that as much as you can, even if it’s only to $350. That’s progress. This will allow you to chip away at the debt faster, therefore decreasing the amount of interest you are racking up on the loan with the more time that passes.

Pick up a Side Hustle

Look into options where you can make some money on the side in addition to your full-time job. There are hundreds of fun, easy ways to land a side gig and earn some much needed cash you can put towards your loans. Whether you become a stylist for Stella & Dot or a freelance social media content creator through CloudPeeps, you should automatically put your earnings right towards your loans. Whether you make $1000 or $10 a month with your side hustle, pretend like you never made that money to begin with and put it towards your loan.

Sell Your Stuff

After college, you may have all these clothes that you are too embarrassed to wear as an adult or clothes that simply didn’t fit you anymore. You probably also have all these random furniture items that were useful in the dorms, but don’t fit into your current space. Sell these items on Wallapop or other websites/apps that allow you to sell your new or used items. Use that money to pay a little extra the next time you make a loan payment.

Stash Away a Dollar a Day

Putting aside a dollar a day into a jar or even a section of your online banking seems like nothing at the time, but it adds up at the end of the month. Use that $28-$31 towards your monthly loan payment you are already making. This is such a small, but beneficial step in helping to pay your loans off quicker without sacrificing more than you can afford. Also consider putting your spare change into a jar and at the end of six months turning those coins into cold hard cash that you put towards your loans.

Paying off student loan debt is a challenge, but one that can be accomplished in a year or less with creative solutions. What are some creative ways you are paying off your student loan debt?