Note that the government has paused all repayment on federally held student loans through the end of 2022, with no interest to be charged during that period and no loans to be held delinquent or in default.
* * *
Student loan debt can stretch an entry-level salary thin. If you are struggling to make ends meet, you may be wondering how to make money without getting a second job. Earning more could help you get out of student debt faster while providing extra cash for your savings.
While side hustles can be a great income booster, the internet is swamped with shady companies. To help you identify real side-gig opportunities, we’ve vetted 15 legitimate ones.
How to make money without a second job
These unique ideas may help you learn how to make passive income without having to make a big investment of time.
If you already work a full-time job, you may want to try to make extra money without getting a second one:
1. Rent out a room
2. Sell gift cards
3. Give out microloans
4. Create blog content
5. Open a new bank account
6. Become a mystery shopper
7. Post affiliate links
8. Sell old clothes and accessories
9. Test out listing features
10. Invest your change
11. Shop at real stores
12. Crafty? Open an Online Store
13. Refer products
14. Rent out your car
15. Sell your smartphone pictures
Plus: How you can use that extra money
If you have a spare bedroom or even just a couch, you could make extra money by renting it out to short-term vacationers. Budget-conscious travelers book accommodations on sites like Airbnb or VRBO.
Depending on your location and the space you have, you could make more than $500 a month or more.
Gift cards are a simple gift idea — you’ve likely received a few for the holidays, your birthday or graduation. Instead of letting those cards gather dust in a drawer, you can turn them into cash by asking family and friends if they would like to buy them directly from you.
Next, try selling your gift cards on a gift card exchange website like GiftCash.com or CardKangaroo.com. Depending on the card’s brand, you might be able to get as much as 92% of the card’s value.
If you have some money in savings, you might make it work harder for you by investing with peer-to-peer lending. With services such as Lending Club or Kiva.org, you can help individual borrowers by partially funding their personal loans. Lending Club is a more traditional venue for investors and startups, while Kiva’s focus is working with underserved organizations around the world.
Some people need a loan for a dream wedding or to launch a business. You can lend them some money, and the returns you get on your investment are based on their risk profile and credit worthiness.
To diversify your investment, you can give out several small loans rather than one big one.
Freelance writers can make a lot of money, but it takes a lot of time, commitment and experience to command higher prices. For those who need extra cash fast, content mills can connect you with clients and pay you quickly.
The rates you’ll earn will be much less than what you’d get on your own, but you don’t have to do any of the administrative work or find clients yourself — you can get to work right away and start earning cash.
One resource is Verblio (previously known as BlogMutt). Once you become a Verblio writer, you can complete as many assignments as you want each week. While pay starts at $10.50 for a 300- to 400-word post, it can add up, and according to Verblio’s website, it goes up from there.
Verblio pays you for your work via PayPal every Monday, so you’d need to have a PayPal account to receive compensation. Still, it may be a quick source of money when you need it.
You could earn money just by opening a new checking or savings account. For example, TD Bank is offering as much as $300 to new customers who open a TD checking account as of May 20, 2020. However, the downside is that there are often caveats attached, like having to have a specific amount in direct deposits before you get the extra money.
But it may be worth contacting banks directly to find out if they offer any cash-based promotions. A few hundred dollars could be a way to jumpstart your emergency fund.
Be warned, though: There are risks to opening new bank accounts for the bonuses. Learn about possible drawbacks, and three times this option makes sense.
If you enjoy shopping, you might want to consider being a mystery shopper. These side gigs are usually run by third-party vendors who pay workers to go incognito into stores, then report on their experiences. Mystery shoppers may purchase items and then get reimbursed for their purchases.
A good place to start learning about mystery shoppers is MSPA Americas, formerly named the Mystery Shopping Providers Association of North America).
This trade association represents the customer experience industry in the U.S., and its website provides a wealth of information about mystery shopping in the retail industry.
Looking to sign up with a company right away? One option is BestMark.com, a company that hires mystery shoppers and has received an A+rating from the Better Business Bureau.
If you have a website, blog or social media account, posting affiliate links could be an effective way to make money on the side.
You can join affiliate networks like Amazon, ShareASale or ShopStyle Collective. Post links on your sites to your favorite products and earn commission when someone purchases the item.
If you don’t have a huge following, platforms like ShopStyle Collective can be helpful, as they pay you per click on the authorized links, not per purchase.
If you have clothes you no longer wear or accessories you never use, make some extra money by selling them online.
Poshmark and eBay are two sites where you can sell your items for the price you set. While you can make more money with these sites than with other platforms, you may have to wait a while for a buyer.
ThredUP is great for when you don’t want to do all of the selling yourself. You simply send in a bag of items and they pay you a percentage of ThredUP’s selling price.
If you have a little spare time, you can make money testing out listing features with Amazon Mechanical Turk. When you sign up, you can take on tasks like checking spelling, looking for item numbers or comparing products.
Each task pays just a few cents, maybe up to a dollar an hour, but you can easily complete many in a few minutes.
When you’re learning how to make passive income, investing is a good place to start. But it can be overwhelming getting set up. Acorns takes the pain out of investing and helps you start by using your spare change.
Whenever you make a purchase, the Acorns app rounds up your purchase and invests the difference for you. Over time, these micro-investments can add up to big returns. A basic account with Acorns costs $1 a month.
If you shop at brick-and-mortar stores, you can earn gift cards by using the Shopkick app. When you sign up, the app will list stores near you that offer “kicks,” or rewards points, for visiting — you can earn points just for walking in.
Plus, you can earn more by scanning item bar codes with the app or making your normal purchases, and redeem your points for gift cards to your favorite stores or for cash credit via PayPal.
If you have crafting or artistic abilities, you might want to sell your goods via an online platform, like Etsy, which sells vintage and handmade items, along with art and crafting supplies, or Amazon Handmade, a marketplace for handmade goods. Depending on your marketing skills and products, you could earn money on the side with an online shop while enjoying your hobbies and exploring your talents.
People often consult their friends and family for recommendations, so if you have a favorite product, you can help your loved ones and earn money at the same time.
Many companies, including banks or credit card firms, have referral programs. You sign up for an account and get a unique referral link you can share via email or on social media. If someone purchases a product or signs up for the service you recommended, you get a potentially lucrative referral bonus.
If you don’t use your car every day, you can turn it into a money-making machine by renting it out through Turo, which connects car owners with renters in your area. On average, owners who list their car on Turo make upwards of $500 a month.
You can rent out your car whenever it’s convenient for you, such as only on weekends or during certain times of the year.
If you love taking pictures with your phone while you’re on the go, you can sell those photos for cash.
Small businesses constantly need stock photos for their blogs and social media channels, and your smartphone pictures may be exactly what they’re looking for.
Services like EyeEm, Foap and Adobe Stock (formerly Fotolia) allow you to list and sell your photos through their apps. Pictures can sell for $5 to $250 or more, depending on the photo.
These are 15 ways of how to earn more money without getting a second job. You can use these alternative sources of income to help pay off your student loans, pay down other debts or simply boost your savings. Some side jobs take hours, while others may only take a few minutes a day.
Looking to make even more money without a second job? Check out these simple side hustles you can start tomorrow.
Maya Dollarhide contributed to this report.
Interested in refinancing student loans?Here are the top 9 lenders of 2022!
|Lender||Variable APR||Eligible Degrees|
|2.49% – 11.72%1||Undergrad & Graduate|
|2.50% – 6.30%2||Undergrad & Graduate|
|4.13% – 7.39%3||Undergrad & Graduate|
|2.49% – 7.99%4||Undergrad & Graduate|
|2.49% – 7.99%5||Undergrad & Graduate|
|3.24% – 8.24%6||Undergrad & Graduate|
|2.48% – 7.98%||Undergrad |
|1.74% – 7.99%7||Undergrad & Graduate|
|3.69% – 9.92%8||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.
The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.
To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of September 6, 2022.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $9 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of April 29, 2021. Information and rates are subject to change without notice.
3 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.
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.
As of 09/09/2022 student loan refinancing rates range from 4.13% APR – 7.39% Variable APR with AutoPay and 2.99% APR – 9.93% Fixed APR with AutoPay.
4 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.
You can choose between fixed and variable rates. Fixed interest rates are 3.99% – 8.74% APR (3.74% – 8.49% APR with Auto Pay discount). Starting variable interest rates are 2.74% APR to 8.24% APR (2.49% – 7.99% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA.
5 Important Disclosures for Navient.
6 Important Disclosures for SoFi.
Fixed rates range from 3.99% APR to 8.24% APR with a 0.25% autopay discount. Variable rates from 3.24% APR to 8.24% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
7 Important Disclosures for Purefy.
Purefy Student Loan Refinancing Rate and Terms Disclosure: Annual Percentage Rates (APR) ranges and examples are based on information provided to Purefy by lenders participating in Purefy’s rate comparison platform. For student loan refinancing, the participating lenders offer fixed rates ranging from 2.73% – 7.99% APR, and variable rates ranging from 1.74% – 7.99% APR. The maximum variable rate is 25.00%. Your interest rate will be based on the lender’s requirements. In most cases, lenders determine the interest rates based on your credit score, degree type and other credit and financial criteria. Only borrowers with excellent credit and meeting other lender criteria will qualify for the lowest rate available. Rates and terms are subject to change at any time without notice. Terms and conditions apply.
8 Important Disclosures for Citizens.
Education Refinance Loan Rate Disclosure: Variable interest rates range from 3.69%-9.92% (3.69%-9.92% APR). Fixed interest rates range from 4.49%-10.11% (4.49%-10.11% APR).
Undergraduate Rate Disclosure: Variable interest rates range from 6.39%- 9.60% (6.39% – 9.60% APR). Fixed interest rates range from 6.58% – 9.79% (6.58% – 9.79% APR).
Graduate Rate Disclosure: Variable interest rates range from 3.69% – 9.16% (3.69% – 9.16% APR). Fixed interest rates range from 4.49% – 9.35% (4.49% – 9.35% APR).
Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 3.69%- 9.09% (3.69%- 9.09% APR). Fixed interest rates range from 4.49% – 9.28% (4.49% – 9.28% APR).
Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 3.69% – 9.16% (3.69% – 9.16% APR). Fixed interest rates range from 4.49% – 9.35% (4.49% – 9.35% APR).