Employee or Independent Contractor?

Here’s how freelancing can help you repay student loans

Image by Cari Dobbins from Pixabay

During this ongoing COVID pandemic, a large number of students are not getting jobs and therefore, unable to pay for student loans. In the recent economic situation, paying for student loans is becoming incessantly difficult for fresh graduates, which results in incurring overwhelming student loan debt. So you should think of other options to earn money to repay your student loan debts. With the widespread use of the internet, there are many freelancing options that you may resort to earning money.

Why is freelancing beneficial for you?

Freelancing does not require you to make a huge investment in computers and other business related items. It is the simple, easy, and effective way that helps you make money with the help of the Internet. This can be said as a very good opportunity to make some extra money online. If you have good writing skills, you can make the most use of them by doing freelancing. In this work, you get paid for the number of articles you write. The greatest advantage of working as a freelancer is that no fixed time schedule is allotted to do this work. You can work according to your own convenience and make money online.

Freelance jobs that  can help you repay your student loans

The good news is you can make a considerable amount from home without spending a pie. If you are able to make that money online, you will be able to use that money to repay your student loans. There are in fact various ways and even some interesting ways in which you may be able to earn money.

Check out some of the interesting money-making or freelancing ideas that can help you earn money.

Start online tutoring

You can again earn money online by offering tutorials. Tutorials are a popular lot among the students and thus, you can earn extra money by tutoring students online. There are different sites that need such online tutors. So, research online to find out where an online tutor is required.

Become a freelance blogger

If you have a flair for writing, you can start a blog or you can also start freelance blogging. Freelance bloggers are required for many companies that deal with websites and academic content. You need to get the contract for writing articles for a certain company from your home. This is a great option that can help you to earn a good amount of money.

You can become a web content writer

Freelance content writing is yet another way of generating online cash. There are many who have a flair for writing and can use it to make money. Get in touch with a webmaster who wants articles for his website and is ready to pay a lump sum amount of dollars for all those to write for him. Just educate yourself on a particular topic so that you can easily make online money and use it in repaying your student loan.

Selling things online

You can sell some items both offline or online. If you have a tendency to make new things like food items or craft materials, you can sell them in your neighborhood or online. With time, your popularity will increase, and thus your earnings will increase too.

Designing website logos

If you have a knack for designing and drawing, you can get the online job of designing logos for various websites. All of the websites have their own logo and if you have some great ideas, you will be able to make some decent money.

Start your own blog

Blogging is a good way of making money and it does not involve much money as it is the most cost-effective way of earning bucks. Decide on a particular subject on which you want to start your blog and make sure there is enough demand for that particular subject so that a large number of audiences come to your blog, read through it, and also sign up with your blog.

Tips to repay your student loan debt

You need to follow certain methods or strategies for Paying Off Your Student Loans. So here are some important tips on how to deal with student loan debt and keep payments under control.

●  To meet the cost of education expenses, it is advisable to apply for federal loans instead of private loans. Federal loans usually offer low-interest rates and have better repayment plans. On the other hand, private loans charge high-interest rates and often have hidden rules that cause you to pay more fees in the long run. Also, dealing with private loan lenders can be a daunting task.

●  Accumulate all the financial documents to determine the amount and the loan type you owe. Find out the balances on each of your loans and how much you will pay each month to pay down the balances.

●   After you come to know the balances and the type of debt owed, request the creditors to extend the payment option. This will allow you to make small payments each month right after school when you are earning less money. Later on, when the reduced payment schedule ends, you will hopefully earn more money and therefore, will be able to make more payments. Although extended payment plans will accrue more interest rates, they will be tax-deductible at certain limits.

●  Another repayment option is an income-based repayment plan, which limits the payment amount to a certain percentage of your discretionary income. This will help you keep your payments current and save money as well.

●   If you have tried all the repayment options but are unable to make payments, request a forbearance or deferral on your loans that will temporarily suspend your payments. During a forbearance, you can pay off your other high-interest debts or manage your finances through unemployment.

Lastly, with the current economy and bleak job market, many people are facing problems with their finances. It is better to try to earn and save money. Both of these will help you in repaying debts and better money management. The idea of freelancing is very good. The advantage is that you can try out more than one option at the same time. For example, you can club together freelancing and blogging, you can also sell items online and maintain affiliate programs with that. These are all part-time jobs and can be done from the comfort of your home.

Back to Top