17 Creative Ways to Pay Off Student Loans

According to Forbes, the average student debt per person is $28,950. That’s a lot of debt. Student loan debt like that can make it hard to make ends meet. Fortunately, there are so many ways to pay off your student loans. Some of them may even surprise you.

To help get you started, we’ve made a list of 17 creative ways to pay off your student loans. 

>> MORE: What is the average student loan debt?

Become a Freelancer 

Being a freelancer gives you the freedom to work around your schedule. Plus, you can work as just about anything online. You could be a virtual assistant, do graphic design, or write articles. Pangea is a great freelance website specifically designed for college students and graduates. They offer a minimum pay of $15/hour and guidance in starting a freelance career. 

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. 

Work as a Grocer Delivery Driver

You can get paid to deliver groceries with apps like Shipt or Instacart. Customers will put their orders in through the app, and you’ll go to pick up the items and deliver them to their house. You can get paid between $16 and $22 an hour, plus tips. 

Donate Plasma

New plasma donors can earn up to $400/month. Your plasma can then be used to develop cures for certain diseases. So, not only will you be making money but helping to make advancements in medicine. Isn’t that great? Visit donatingplasma.org for more information on getting started. 

Use Your Tax Refund 

For many adults, a tax refund can be incredibly exciting, as you now have some extra income on your hands. While you only get a tax refund once a year, this extra money can be used to help pay down a lot of your student loans. Talk to an accountant or do research to learn more about tax refunds. 

Drive for Uber or Lyft 

With Uber and Lyft, you can get paid for driving. The best part? It doesn’t have to be a big time commitment. You get to set your own hours and choose the number of rides you pick up. You’ll also have the opportunity to earn tips. 

Have a Yard Sale or Sell Items Online 

You know what they say. One man’s trash is another man’s treasure. Nowhere is this more evident than in yard sales. You can sell old clothes, textbooks, or anything else at a physical yard sale or on websites like eBay. 

Walk Dogs 

What if we told you that you can get paid for hanging around dogs? Well with websites like Rover and Wag, you can. You can set your schedule and walk dogs whenever you’re available. While there may be service fees on the websites, you’ll also have a chance to earn tips from clients. 

Babysit

If dogs aren’t your style, then what about kids? There are a lot of parents who need help watching their kids. Reach out to family and friends to see when you can babysit. You can also use websites like Care.com to expand your services to other people. 

Negotiate a Raise

If you’re in good standing with your company, you can negotiate with your boss for a raise. This income boost can help you earn more money to put toward your debt. Be sure to build a case as to why you deserve a raise first, and then schedule the meeting with your boss. 

Tutor

Just like you needed help with some classes, so do other students. Reach out to college students you know or to your old school and make it known that you’re available to tutor others. You can also use online websites like Tutor.com to help students virtually from wherever you are. 

Find an Employer With Debt Payoff Benefits 

Some employers are willing to give you extra money to put toward lowering your student debt. So, you’ll be able to get work experience all while paying off your student loans. You can use Dwindle Student Debt, a job site that specializes in listing jobs with debt payoff benefits, to find these opportunities. 

>> MORE: The most effective debt payoff strategy you need to know

Utilize Creative Debt Payoff Strategies 

Making some extra income can be a great idea to pay off debt. However, there are several other strategies you can implement to pay off your student debt faster. 

Refinance Your Student Loans

Another great option is to refinance your student loans. Student loan refinancing can get you better loan terms like a lower interest rate. You’ll need at least good credit and a strong income to qualify. Refinancing is available for both federal and private student loans. However, you’ll lose federal benefits like income-driven repayment plans or loan forgiveness if you refinance federal loans. So, just take the time to consider whether refinancing is the right move for you. 

>> MORE: Best student loan refinance rates

Autopay Discount

An autopay discount is when you get an interest rate discount for signing up for automatic student loan payments. You can get a rate reduction of up to .50%. As great as this sounds, not every lender offers it, so be sure to ask if this is available for you.  

Student Loan Forgiveness Programs

Student loan forgiveness programs will partially or completely forgive your remaining student loans. They can be a great way to get rid of your federal student loan debt. The federal government offers different programs you can apply to. They all have their own requirements, so talk to your loan servicer to see which is best for you. These programs are not available for private loans. 

>> MORE: What is student loan forgiveness

Biweekly Payments

Biweekly student loan payments can help you pay off your debt faster. Divide your regular payment into two, and then make that half payment every other week. Doing this will get you a little bit ahead on interest and can even result in 1 more full payment per year. On the other hand, biweekly payments can be a little challenging to make. Only do it if you have the additional income to do so. 

Final Thoughts from the Nest 

This list is a great starting point, but you’re by no means limited to just these options. There are a lot of different ways to pay off your student loans faster. You just have to look for them. 

If you decide that refinancing is one of the solutions you want to try, use Sparrow to help you. Sparrow partners with 17+ lenders that offer great refinancing options. All you have to do is fill out the Sparrow application. This application will then match you to what you best qualify for from our lenders. Complete the Sparrow application and get started on paying off your loans quicker.