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20 Most Creative Ways To Pay Off Your Student Loans

20 Most Creative Ways To Pay Off Your Student Loans

You may have had no option but to take out student loans to pay for college. However, this does not imply that you must spend the next 20 years paying off your debt. Being burdened with debt is a feeling that no one enjoys.

You can reduce your interest costs by thousands of dollars and accelerate your debt repayment by allocating additional funds toward your student loans.

The average student debt per individual is $28,950, according to Forbes. That debt is substantial. Such student loan debt might make it difficult to get by. Thankfully, there are numerous options available for repaying your student debt. You may even be surprised by a few of them.

20 Most Creative Ways To Pay Off Your Student Loans

It’s worth the work to figure out how to pay off student loans quickly. Early debt repayment will lower your total interest costs, saving you money and enabling you to pursue other financial objectives, such as buying a new home or vehicle.

Here are some actions that could help find the most innovative approach to paying off student loans and further advice on becoming debt-free.

1. Raising Monthly Installments

You can reduce your interest payments by increasing your monthly installments. As a result, you’ll pay less money overall. Loan servicers may automatically apply your additional funds to your next month’s bill.

Make sure you instruct them to keep the payment for next month as scheduled and put any overpayments to your current balance. You have the option to pay more in full at any time during the month or in smaller installments.

For student loans, in particular, you must ask for principal-only payments, which guarantee that extra money goes directly toward your remaining balance.

You may typically make these modifications online with loan servicers. If not, contact your student loan servicer via email or phone.

2. Make Payments While You Are Still Attending School

Commencing debt repayment while enrolled in college is an additional method to expedite the loan repayment process.

Many student loans do not require this, and for some, it will not be feasible. However, you may benefit in the long run from making an early student loan payment now if you have a solid part-time job and some extra cash.

3. Refinance Your Student Loans

Refinancing your student loans is an excellent additional choice. Refinancing your student loans can result in improved conditions, such as a lower interest rate. Student loans from the federal and private sectors can both be refinanced.

Refinancing federal loans, however, will result in the loss of government benefits like income-driven repayment programs or loan forgiveness. Just give it some thought and decide if refinancing is the best course of action for you. To be eligible, you must have a solid salary and at least excellent credit.

5. Autopay Discount

When you sign up for automatic student loan payments, you can receive an interest rate discount known as an autopay discount. A rate reduction of up to 50% is possible. Even though this sounds fantastic, not all lenders provide it, so make sure to inquire if you can take advantage of it.

6. Student Loan Forgiveness Programs

Programs for forgiving student debts will forgive all or a portion of your outstanding debt. They might be a very effective strategy for paying down your federal student loan debt.

There are various federal programs for which you can apply. Each has specific restrictions, so discuss your options with your loan servicer to see which is best for you. Private loans are not offered for these programs.

7. Biweekly Payments

Making payments on your student loans every two weeks helps accelerate debt repayment. Make a half payment every other week after dividing your regular payment in half.

By doing this, you will be able to make one more full payment per year and will even receive a little head start on interest. However, making payments every two weeks can be a little difficult. Do it only if you can afford the extra money needed to do it.

8. Begin a Side Hustle

One excellent approach to earning extra money is through a side hustle. You may rent out a spare room or parking space, sell clothes, or make a second income as a freelancer or consultant. After that, you can apply all of that extra cash to your loans.

You’re aware of their remarks. A person’s garbage might be another person’s treasure. Yard sales are the best place to see this. Anything can be sold, including used clothing, textbooks, and items from online auction sites like eBay or a physical yard sale.

9. Take a Part-time Position

After your day work is over, you may earn a respectable sum of money in tips by taking up a part-time job like bartending. By doing this, you’ll be able to accumulate a little more cash for loan repayments.

10. Part-time jobs you can earn with

You can find a very good chance to earn through these part-time jobs as follows:

Driver for Grocery Delivery: Delivering groceries might earn you money if you use apps like Shipt or Instacart. Through the app, customers will place their purchases, and you will pick up the things and bring them to their homes. You may be paid $16 to $22 per hour, in addition to gratuities.

Tutoring: Other students require assistance with classes just as much as you do. Make your availability to tutor others known by contacting former classmates or college students you know. Additionally, you can assist students virtually from anywhere at all by using services like

Run a Lyft or Uber Ride: Driving for Uber and Lyft allows you to get compensated. The finest aspect? It doesn’t require a significant time investment. You get to decide how many riders to pick up and how long to work. Additionally, you will have the chance to receive tips.

Walk Dogs: Unexpectedly, spending time with dogs can earn you money. Yes, you can, thanks to websites like Wag and Rover. You are free to decide when to walk the dogs and on your terms. Although the websites might charge for services, you will also have the opportunity to receive tips from customers.

Babysit: Many parents require assistance in babysitting their children. To find out when you can babysit, get in touch with your loved ones. Additionally, you can broaden the scope of your services by using websites such as What about kids, then, if dogs aren’t your thing?

Take Up Freelance Work: You may work around your schedule when you work for yourself. Additionally, you may work virtually any job online. You may write articles, work as a virtual assistant, or create graphics.

Pangea is an excellent freelance website tailored especially for recent grads and college students. They provide advice on launching a freelancing career in addition to a minimum income of $15 per hour.

11. Teach Abroad 

Teaching abroad can save you money depending on where you teach. A lot of countries have lower costs of living than the United States. So, you can save money on both rent and general living expenses.

Be sure to research where you want to teach before you go. You will need to be certified to teach abroad.

12. Offer Your Services in Science

Participating in research projects is a simple method to get additional money. Selling blood plasma, donating sperm or eggs, or taking part in medical research might earn you hundreds or even thousands of dollars.

Although it may not be the most common method, there is still a chance to pay off student loans this way.

New donors of plasma can make up to $400 per month. You can then use your plasma to create treatments for certain illnesses. Thus, in addition to earning money, you will contribute to medical improvements. To learn more about how to get started, go to

13. Transfer to a State Where There is no Income Tax

States do not all levy taxes in the same ways. In the United States, there are nine states without an income tax. Rather, they usually use a higher sales tax to offset tax deficits.

It might not be worth it for low-income individuals to relocate to a jurisdiction where income taxes are waived. But you may save a lot of money if you earn a lot of money! You can then use those savings to pay off your existing debts.

14. Utilize Your Tax Return

Many folks find that receiving a tax refund can be very exciting since it means they have extra money to spend. Even though you receive your tax refund once a year, you can utilize the additional funds to lower the balance on many student loans. For additional information about tax refunds, see an accountant or conduct research.

15. Request a Raise

You can bargain with your boss for a raise if you’re in good standing with your employer. You may make extra money to pay off your debt with the help of this revenue boost. Arrange a meeting with your manager after making a strong case for why you should receive a raise.

16. Find a Job That Offers Benefits for Paying Off Debt

Certain employers are prepared to provide you with additional funds to help you pay down your education debt. Thus, you’ll be able to pay off your education loans and gain work experience at the same time.

To locate these possibilities, try Dwindle Student Debt, a job listing website that specializes in providing rewards related to debt payoff.

17. Avoid Capitalizing Interest

By making monthly interest-only payments both during the six-month grace period following graduation and while you are still enrolled in school, you can avoid capitalized interest.

You can also continue to make monthly interest payments to prevent your debt from increasing if you decide to postpone repayment of your student loans through forbearance or deferment.

While you’re in school, interest will be charged on your loan, except for federal student loans that are subsidized and a few other unique situations.

Your unpaid interest will accrue once you begin making repayments, increasing the total amount owed on your student loans. You will, in short, be paying interest on interest.

18. Choose a Suitable Repayment Plan

The quickest strategy to pay off your student loan is to adhere to the normal plan if you are unable to make additional monthly payments.

There is an automatic 10-year standard payback schedule attached to federal loans. Additionally, private loans usually have a 10-year payback schedule, while some lenders can provide 20 – to 25-year schedules or other possibilities.

Although the federal government provides aid to individuals experiencing difficulties with repayment, such as income-driven repayment programs, be advised that these choices may cause your payback deadline to be extended to 20 or 25 years. Similarly, you can extend your plan by 30 years by consolidating your college loans.

Unless you refinance, private lenders typically do not let you modify your repayment schedule. If you can make the monthly payments and your ultimate objective is to pay off your debt quickly, the 10-year standard plan is a good option.

19. Utilize a Cash Windfall

Any unforeseen or bonus income, such as an inheritance, lottery winnings, settlement from a lawsuit or insurance claim, employment bonuses, a sizable tax refund, or a cash birthday gift, can be considered a cash windfall.

Should a large sum of money appear out of nowhere, you might be tempted to spend it on frivolous things. Alternatively, you may use all or part of it to reduce the balance of your student loans, which would significantly reduce your debt.

20 Most Creative Ways To Pay Off Your Student Loans
20 Most Creative Ways To Pay Off Your Student Loans

20. Consider Your Budget & Approach Your Debt Strategically

Stretching your current cash flow can be achieved by making improvements to your budget. You can attempt cutting costs by buying used clothing, moving to a less expensive apartment, and skipping meals. Make use of the additional funds to settle your school loan obligation.

Whatever your approach, make an effort to do it deliberately. If you put in enough effort and dedication, you should be able to pay off those loans quickly. Debt snowball vs. debt avalanche are two popular approaches to debt management.

Debt snowball method: Reducing your debt by starting with the smallest loan and building momentum to pay off further debt.
Debt avalanche method: You can save more money over time by paying off the debt with the highest interest rate first.

  1. Debt avalanche method: You’ll end up saving more money if you tackle the debt with the highest interest rate first.

2. Debt snowball method: Paying off your lowest-interest loan initially provides you with a boost to keep getting rid of more debt.


Though this is by no means an exhaustive list, it’s a wonderful place to start. There are numerous strategies for paying off student loans more quickly. All you need to do is search for them.

Opportunities abound, ranging from debt forgiveness and side gigs to student loan refinancing and payback plans. All you have to do is investigate and don’t be embarrassed to seek expert assistance.


Imran Lawan

I am a professional researcher whose focus is around engaging and knowledgeable information for students.

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