Home » Education » College & Universities » College Financial Aid and Loans

How to Pay Off Student Loans

Ranked #16,792 in Education, #337,163 overall | Donates to KIVA

My Challenge to Pay Off Student Loans

I grew up in an upper middle class neighborhood. It was assumed I would attend college. I did.

What I assumed was I would be able to get a job that would allow me to pay off my student loans on time.

That didn't happen. I always worked, but there just never seemed to be enough to always make my loan payments on time.

Here I am 15 years later, finally back on track, just finished a program to get my loan out of default.

Now I've decided I will have pay off my student loans by the end of 2009.

I'm going to make extra money online and paying off my student loans will be the priority for the extra money that comes in.

Who knows, maybe 2010 will be the year I pay off the mortgage, but this year, it's student loans.

(that's a picture of my college)

How to Find Extra Money to Pay Off Student Loans

it's as simple as 10 dollars a day

I have been out of college for 15 years. My student loans should be paid off by now, unfortunately they are not, and thanks to interest I owe more now than I ever did.

I might add, I am currently a work at home mom, I do freelance writing, and Internet Marketing. My income continues to increase month to month, but I'm still not at the point I was when I had a J-O-B.

This is the year I will surpass that level.

I have decided to challenge myself to get them all paid off by the end of 2009. My current student loan debt is somewhere in the upper 20 thousand range.

I'm thinking I am going to need to pay about 2 thousand dollars a month to get them paid off.

It all starts with a simple plan. If you need to make a plan here are some simple steps to be debt free in 3 years.

Here's my plan to make money online to pay off my student loans.

My Plan to Pay off My Student Loans

I have decided to focus on building a niche blog network ~ ok, with this kind of debt it'll take an empire, but it can be done.

I have joined The Niche Blogger where I am learning to build profitable niche blogs.

Each blog I build will make about 10 dollars a day ~ at least by the estimation and experience of the community ownner.

So to make a 2000 dollar loan payment each month I will need to make an extra 67 dollars a day.

At 10 dollars a day per blog I will need to make 7 blogs.

Very doable. The Niche Blogger has us on a schedule to build a new blog every month. So in 7 months I should have this network built. Of course they will be making money as they grow, and as I build the network.

I plan on spending 1 to 2 hours a day on building and maintaining my blog network.

Great resources to devise Your plan to pay off student loans

or credit card debt, or your mortgage ~ you get the point.

Let's get the debt down. Learn how to pay off debt and still have a life.
Loading

How I Make Extra Money to Pay off Student Loans

Tips to Pay off Your Student Loans Faster

1. Consolidate your loans. You will then only have one payment per month and one lender to deal with. It will also lower your payment, but keep making the same payment you were making.

2. Always pay more than the minimum payment.

3. Make two payments in the month. It will cut your interest costs substantially. Just divide your monthly payment in two and make two payments instead of one.

4. Cut out one coffee a day and put it toward your debt. That's almost an extra hundred dollars a month. If you don't drink coffee look where you can cut out the extras and put it toward your debt.

5. Consult with a financial planner or get a financial planning book and make a plan.

6. Face your debt number ~ do you even know how much you owe and to whom?

7. Create a get out of debt plan and stick to it.

Learn how to use the snowball method to get out of debt

Loading

The Total Debt Makeover

by David Ramsey

This is the book the above plan comes from. If you want to learn more about The Snowball Method and how to get out of debt once and for all, this is the book to teach you how.
The Total Money Makeover: A Proven Plan for Financial Fitness

The Total Money Makeover: A Proven Plan for Financial Fitness

by: Dave Ramsey

Amazon Price: $3.49 (as of 02/17/2012)Buy Now

Finally, a book that speaks to everyone, from those who are complete financial disasters to those who pay their bills on time, but overpend and need to reduce their debt load. Too many books about debt focus only on paying your bills on time and reducing your interest rates, while ignoring the people who have too much debt and are too smart about it, never paying a late fee and keeping it all at low interest.

I have never heard Ramsey's radio show, but this book was a huge wake-up call for me. It is motivational and it will get you pumped to get intense about reducing your debt load and living only with the cash you have today. The strategies are excellent, the advice is solid, and people have turned their lives around under Ramsey's guidance. There are a lot of testimonials in this book, perhaps a few too many, but I enjoyed seeing the success stories and seeing the different kinds of people who turned to Ramsey's method.

This book has wide appeal and everyone should check it out once to give their finances a good sanity check.

How much do you have in student loan debt?

Loading poll. Please Wait...

More Ideas to Make Money From Home

every extra penny can go toward paying off your student loan

Loading Fetching RSS feed... please stand by

Build a profitable blog network to earn extra money to put toward your student loans.

Having a hard time paying student loans because you don't have a job?

check these jobs out and make more money to pay your loans.

Solid Waste Worker
City of Tacoma - Tacoma, WA
Solid Waste Workers perform semi-skilled work involving a wide variety of tasks in support of the City of Tacoma's Solid Waste Management programs. Duties... ...
Pipeline Operator I
NuStar L.P. - Yankton, SD
Successful candidate must be able to take immediate measures to protect the safety of the public and the company’s assets. Must follow established procedures... ...
General Labor-Class B Miscellaneous
Kraft - Wausau, WI
Kraft Foods is currently seeking Production Team Members at our Wausau facility.  Successful candidates will perform general production duties in a food... ...
Human Services Specialist I
State of South Carolina - , SC
Conducts individual and group counseling sessions in order to assist individuals in gaining insight into personal problems. Collects, organizes and records data... ...
Babysitter
Kami Summers - Logan, UT
We are looking for someone to come to our home and watch our 2 girls a few hours in the afternoon. We need someone Monday- Friday from 1:30 to 4:30/5. We are... ...
See more results

Powered by Indeed

More lenses to help you make more money to pay off your student loans

every penny counts

Loading

Are you making a plan to pay down your debt?

Are you ready to face your debt and join the challenge to pay off your student loans once and for all?

Join the challenge and keep us up to date on how you're doing.

I will be updating with my progress as I go! So stop by and see how I'm doing.

submit
Show All

by

JackieLee

I am a wife and stay at home mom. I made a goal to pay off my student loans by the end of 2009. I'm building a niche blog empire to earn extra money to... more »

Feeling creative? Create a Lens!

Explore related pages

Related Tags