“How will I ever get rid of this debt?”
This thought is a recurring character in the book of my mind and one that can often send me down the rabbit hole. My imagination starts to wander and I try to think of quick fixes: Should I sell an organ? Become a stripper?—and other morally and legally questionable options.
Not my proudest moment, and yet, I doubt that I’m alone in these kinds of thoughts. I’m sure some weird schemes have crossed your mind when trying to devise a plan to get out of student loan debt as soon as possible.
The good news is there are ways to pay off student loans that don’t require you to compromise your life or your morals—ways that go far beyond the “cut out lattes” or “move back in with your parents” advice that we so often hear.
If you’re wondering how to get out of student loan debt, here are some weird ways to pay off student loans:
We all know that rent can be one of the most expensive chunks taken out of our budgets. This is especially true if you live in a big city. When I lived in New York, even with a roommate, I was paying $800 per month in rent. It’s hard to get ahead on your student loan payments when so much of your budget is allocated to rent.
Some experts recommend that you move back in with your parents. If you’re like me, that is absolutely not a feasible option. Luckily, there are other unique ways you can live rent-free or have super-low rent.
1. Move far away and teach abroad: I have a friend who made very good money teaching in Korea. His rent was paid by a company and his expenses were very low, so he pocketed a lot of their salary each month. Imagine if you could live rent-free, have a decent salary, and experience another culture, all at once? This option is great for the adventurers out there.
2. Live in other people’s houses and watch their pets: If you’re up for the challenge and don’t mind moving around, being a pet sitter and/or house sitter can give you a place to stay for free, in exchange for a little bit of work (Pros: pooch pals and cuddles. Cons: dog poop). I have yet another friend who actually does this—she pays no rent and moves from house to house each week. If she doesn’t have a booking, she stays with friends for a few days. If you’re interested in doing this, even just for a few months, check out DogVacay, Rover, Care or TrustedHousesitters.
3. Become a vagabond and live rent-free by working in a hostel. Many hostels have work-trade opportunities where you work part-time and live for free. Living the dream! Privacy not included.
4. Turn your ride into shelter. This option is a bit extreme, but people have done it before. You can live rent-free by living in your car. Obviously, this comes with a unique set of challenges and isn’t for everyone. You might want to contact Pimp My Ride first.
5. Join the tourism industry. Many seasonal jobs at tourist hotspots can offer good pay and lodging. Look into opportunities to work at a ski resort or during fishing season in Alaska.
6. Build a Tiny House. Who needs personal space anyway? Save money and embrace the tenets of minimalism while paying off debt. Just make sure that when you hang out with friends, you meet up at their place.
Cut Out the Extras in Your Food Budget
As a young adult, food and drink can play a major part in your budget. It’s a common way to socialize with others and celebrate. Not only that, but we each have our own food preferences that can hike up our budget quickly.
If you’re curious how to get out of student loan debt ASAP, consider making these bold moves:
7. Go Vegan. It’s no secret that meat and dairy can be expensive. I have no problem spending $8 on a block of fine, delicious cheese. But if meat and cheese are ruining your food budget, consider going vegan. If you go this route, be sure to get your protein and B12 from other sources.
8. Or just cut back on meat and dairy. I’ve personally cut back on eating cheese because of the cost. (sad face)
9. Go on a No Booze budget. We all know that drinking has us consuming a lot of empty calories, but it can also be sucking up a lot of your money. Depending on how much you drink, you could save hundreds of dollars each month. Your liver will thank you, too.
10. Bring a flask. Maybe you don’t want to cut out alcohol completely, but you still want to save money to pay off debt. Consider bringing a flask with you when you go to bars or are out with friends. After all, alcohol is much cheaper to buy at the store than at the bar. That’s what Joe Mihalic did to help himself pay off $90,000 in seven months.
Do Your Part for Modern Medicine
If you’re wondering how to get out of student loan debt, you’re probably thinking of ways you can make a lot of money in a short amount of time. One way you can legally do this is through modern medicine.
11. Be a medical guinea pig. One weird way to make money is by participating in medical research. You can make hundreds or even thousands of dollars by taking part in weird research studies. Find studies on ClinicalTrials.gov.
12. Sell your blood plasma. By donating your blood plasma, you can make some extra cash and help save a life. Each donation center has set rates, but you could make a few extra bucks to pay off debt.
13. “Donate” your eggs/sperm. Women who meet certain requirements can make thousands of dollars by donating their eggs. It’s not an easy process, so you’ll definitely be earning your wage. Donating your eggs could get you $5,000 – $10,000 per donation. Unfortunately men get a much smaller amount; however, there is also less work involved. Men can expect to make $35-$50 for every donation.
These weird ways of making money and getting out of debt can significantly cut down on your repayment term. Of course, these options are only for those who are adventurous, open-minded, and sick and tired of their debt to the point where they want it gone, yesterday.
Have you tried any of these options? What other weird ways to pay off student loans would you add to the list?
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.47% – 6.97%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.47% – 6.71%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|