Words such as student loans, debt, and loan forgiveness became one of the most talked-about terms. According to the latest policy proposal by the administration, borrowers with an estimated 80% likelihood of default within two years could have their loans automatically forgiven.
Others may apply for forgiveness through an assessment based on 17 factors including, but not limited to, financial hardship, number of years of repayment, and remaining balance.
3 Side Hustles to pay off student loan Earning Over $1,000 Per Month
With all this focus on such developments, one might ask, what about those who may not be covered by such a program or earlier programs? What if there are impediments or delays in such plans? For young professionals elsewhere, how are they handling debt without bankrupting their finances or having to live with family?
Student Loans Drive More Young Adults to Live with Parents
The 2024 study reported that nearly a third of the members of Gen Z and young Millennials live with their parents, with finances and debt leading factors according to a study from the Pew Research Center.
The study showed that while, in more than two-thirds of cases, the financial pressure seems to reduce for young adults when they have been living with parents, it will not precisely create an advantage for young adults in social life or emotional feelings about being independent.
But for the very many people for whom that is just not an option, paying off loans sooner generally means paying more than the minimum amount, which typically requires a higher income and/or a cutback in expenses.
3 Side Hustles to Help You Pay Off Your Student Loans Faster
If you want to pay off student loans faster without needing to invest a lot of money upfront, here are some hustles to consider:
1. Social Media Management Consulting
This is because the social media market is estimated to be as big as $1.5 trillion, a place where numerous organizations are looking forward to reaching their audiences and growing their influence.
If you have experience running business accounts or developing and implementing successful social media strategies, offer freelance consulting services that will help your clients boost their presence. Such a side hustle can bring thousands per month and thus give you more leeway for debt reduction.
2. Selling Online Courses
Selling online courses is another affordable side hustle that will increase your income to help pay off your debts. You can utilize platforms like Udemy to sell your knowledge to people ready for it. You will be having very minimal costs at the forefront, while the demand for niche knowledge in technology, design, and marketing skills is very high.
3. Sports Skills Tutoring
If you’re good at a sport, consider coaching others as a side hustle. Websites such as TeachMe.To connect instructors with students seeking lessons in sports ranging from tennis to golf to pickleball. The highest earners on such sites rake in $2,000 to $5,000 a month, which can go a long way in paying off student loans.
You will be able to level up your earning, lower debt, and get closer to financial freedom and career goals by scaling your skills through a service-based side hustle.
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