There is no way to describe the feeling of student loan debt. It is a weight that follows college students long after they have earned their degree, and if you are only making the minimum payments, you can find yourself paying for college for decades. The prospect of that debt following you can be depressing, to say the least, but many people don’t see a way out of it, especially as car payments, mortgages, and general life continue to chip away at your regular income.
The best way to pay off your student loans, or any debt for that matter, faster is by adopting a side hustle to make some extra cash. All side hustles have their pros and cons, so it is essential to find one that fits your schedule and lifestyle. These are just a few of the best side hustles for paying off your student loans.
How to Pay Down Your Student Loans with a Side Hustle
When you first start your side hustle, it can be tempting to spend the money you’re earning frivolously, but you must stay vigilant and remember that you started side hustles for student loans, to begin with. The best way to go about it is to create a goal for the amount you want to pay each month and calculate how long it will take to pay the loan off at that rate. There is no way around having to pay interest, so let your monthly payment cover the interest, and then pay a principal-only payment from your side hustle on top of that. When you pay off bigger chunks of principal, less interest will accrue over time.
Best Side Hustles for Paying Off Student Loans
We live in a gig economy, and there are a lot of side hustles out there. The best rule for any side hustle is that if it seems too good to be true, it probably is. These ideas are all vetted and safe side hustles to pay off your student loans.
Pickup and Resell Furniture Online
Sharetown is unlike any other side hustle out there, and it offers big rewards if you are willing to put in a little heavy lifting. The Sharetown idea started when they identified the need for businesses to accept returns for freight items, especially bed-in-a-box and modular furniture companies that promised a free trial.
As a Sharetown rep, you will pick up large furniture items in your area and resell them to someone else in your area for a profit. If you are handy with Facebook marketplace, you can resell them there or on other online marketplaces. If being a Sharetown rep sounds like a good side hustle for you, join Sharetown today to start earning extra money!
Become a Delivery Driver
Delivery services like Uber and Doordash are popular side hustles for student loans, but they come with some risks. People can make good money, but the real money is in tips, and it is never guaranteed that you will be tipped.
These gigs also have you putting a lot of miles on your car and paying for extra tanks of gas. However, it’s usually a simple process to get started as a driver for these apps, and the extra income can add up quickly!
Flipping Items Online
Flipping items online can be a very lucrative side hustle, but it is also plain fun. Many people will do it even when they don’t need the money because they love the thrill of a big score. Others have made a whole career out of it, like the people in the popular show Storage Wars.
Most small-time flippers will buy from thrift stores and resell online, but if you are looking for a decent income, you want to do something more substantial. Flipping pallets is just one way to make flipping more lucrative and profitable.
Create and Sell an Online Course
Is there something that you are really good at? Like, professor-level good? Then, you can create a course in whatever you are a master of and sell it online for a profit. The best part about this idea is you only need to create the course once, and you can sell it repeatedly. The downside is that if your course is too niche or there is too much competition, you may not see any significant profits.
Start a Blog
If there is something that you are passionate about, starting a blog is one of the best side hustles for student loans you can do because it offers multiple revenue streams from ad dollars and product promotion. However, the downside to starting a blog is it takes a lot of work and a significant amount of money to get started. In addition, there is a learning curve to bringing visitors to your site. Lastly, unless you have a truly unique niche, the blogging world can be highly competitive.
Work as a Freelancer
Freelance work is the original side hustle, and it’s probably more in demand now than ever. Freelance work is a per-project gig that may or may not be on contract and pertains to any number of skills.
Freelancing is commonly associated with the digital space, including writing, editing, graphic design, and web development. Freelance jobs are excellent side hustles for student loans; however, they require a specific skill set, and you often have to polish your skills before you can make any significant money in this field.
Get Started Today
Those student loans aren’t going anywhere until you pay them off, so there is no better time than today to get started. There are plenty of ways you can make a little money on the side, but some require a lot more time and start-up money than others. So if you are looking for a turn-key side hustle that doesn’t take a lot of skill or upfront cost, join Sharetown to learn more about our exciting opportunities. Who knows, you may end up making enough money make your side hustle into a full time gig!