Student loan debt has been rising steadily for years.
Now, as we’re seeing interest rates go up, many are finding themselves unable to pay their loans on time.
But what if you can still earn some extra cash in the meantime?
The idea of “self-sustaining” income is a hot topic right now, with many people considering how to use this newfound wealth to get by, or to just pay off some debt.
And while many are considering the “selfish” way to do it, there are plenty of reasons to pursue it.
Here are some tips on how to earn some additional income while you’re on the road to bankruptcy:What’s a “self sustaining income”?
You can think of self-sustainability as being the ability to take care of yourself, whether that means taking care of your family or simply finding time to do things you enjoy.
For instance, if you work out, go out, cook, or go on a hike, you might be able to survive on your personal income and not need a job to support your family.
But if you live in a house with a lot of roommates or a pet, that might not be enough.
If you are self-sufficient, you can earn your income from any source, whether it’s working in your own place, renting out your own space, working in a small business, or selling goods online.
You can also earn a lot from your time, such as volunteering, helping other people, or participating in your community.
What are some common debt repayment strategies?
If you’ve got student loan debt and you’re looking to save some money on your monthly payments, here are a few debt repayment options that might be more financially viable.
First, if your monthly payment is too high, you may need to consider refinance your debt.
This is a process where you can get some additional cash in a lower interest rate environment.
You’ll need to submit a form to the lender, which you’ll be able view and edit.
For example, if the rate on your debt is 10%, you may be able refinance to 6.75%.
Another way to save money is to use a “debt swap.”
This is when you can borrow from a credit card and use it to pay off your debt in full over time.
You may be required to pay a fee to the credit card company, but it’s usually waived.
You can also use an installment plan, which allows you to pay back a portion of your debt, with interest, in installments.
There are a variety of installment plans to choose from, but the most popular is the “saver” plan, where you’re able to pay monthly interest until you reach a certain amount.
You may also consider paying off a credit line to your credit card or credit card issuer, and then refinance that debt to a lower rate in a later period.
There’s a wide variety of ways you can pay off student loan debts.
If it’s not feasible for you to refinance the debt at the same time, you could also consider an installment payment plan, such the “creditor discount,” which allows a creditor to give you a credit check before you can actually make a payment.
Another option is to get a loan modification to cover the remaining balance, or a “prepayment loan,” which will allow you to avoid paying principal until you make your payments.
There are other repayment options as well, like installment loans or credit cards that will let you pay off the balance of your loans, as well as loan modifications that will allow for lower interest rates.
For those who can’t afford a credit score or aren’t willing to pay interest, there’s a number of options out there.
You might consider a mortgage or equity loan, or maybe you’ll want to make a little extra money to take out a home equity line of credit.
You could also take out some student loans yourself, and pay off them over time to pay for expenses, or even take out student loans for your spouse.
If all else fails, there might be ways to help your family financially through the process.
The government offers a few tax credits for paying down student loans, and some states have a credit freeze that allows you or someone you know to apply for a tax credit, even if you aren’t able to afford it.
You also have a lot less money to spend on items that may help your credit score.
But, you also don’t have to pay any interest on your student loans.
If your parents or siblings are in debt, they may want to consider paying some of their own money down.
There might be some tax credits available to help pay for these things.
But there are other ways to get some extra income.