For decades, people have been told to go to college because doing so would give them the best shot at a great career. Some college graduates are not as fortunate so they get a student loan.

Subsequently, they are forced to take jobs that don’t even require a college degree. We all know that those jobs make paying student loans very difficult! Well, fear not, you will find a solution in this article to pay off your student loan debt.

• How can I pay off my Student Loans Faster?
• Is it Smart to pay off Student Loans Quickly?
• What is the Average Time it takes to pay off a Student Loan?
• Are Student Loans Forgiven After 20 years?

How can I pay off my Student Loans Faster?

1. Pick up a side hustle

One easy way to boost your income is to pick up a job or two on the side. This will help you put as much money into your student loan payments as possible while avoiding interest.

Read Also: 20 Brilliant Ideas to pay off Debt Fast in 2021

Here are a few easy ways to make extra money outside of your 9-to-5 job:

• Charge scooters: Get paid to pick up ride-sharing scooters and charge them at home with apps like Bird and Lime.
• Sell cosmetics: There are a few companies that hire people to sell their cosmetic products. You’d be an affiliate, selling their products in your free time. A few are Avon, Mary Kay, Younique, and Jamberry.
• Become a bartender: Serve drinks at night, and take advantage of high tips after you leave the office. You can find bartending jobs with ZipRecruiter.
• Join Handy: Handy is an app where people can hire a “handyman” (or woman) to pick up jobs around the house — things like cleaning, fixing, or mowing the lawn.
• Become a driver: Make money on your own time while driving people around with Uber or Lyft, if you have the right car and meet requirements.
• Deliver groceries: All right, this may be similar to the above suggestion — but maybe you’re not a people person. Rather than chauffeuring others around, you can simply drop off groceries to their door as a driver for Instacart.

After increasing your income with a side hustle, put all (yes, ALL) the money you made down on your student loan payments. Making just the minimum payment will leave you paying a lot more in interest.

2. Use your spare change

Have you ever kept a jar to collect your leftover change? There are apps that allow you to do the same, but digitally. The Qoins app collects spare change from your bank account and applies it to the debt of your choice. In this case, your student loans.

Qoins monitors your checking account for regular charges and rounds them up to the nearest dollar. When you’ve made enough charges that add up to $5.00 worth of change, the app transfers it from the “funding” account, and stores it in your Qoins account. At the end of the month, Qoins uses the accumulated change to pay your lender.

Because it’s automated this is a great debt repayment tool for forgetful types. Neglecting to make the minimum payments on your student loans puts you at risk for default, which can wreak havoc on your credit score.

Student loans are considered delinquent after missing payment for 90 days. And some private lenders will report you to the credit bureaus after the first offense.

Having that extra payment set to automatically withdrawal really helps for those among this camp. Qoins will notify you of the withdrawal every month, in case you’re short of cash. But overall, it’s a “set it, forget it” way to pay down debt. There is one caveat: You have to pay a $1.99 monthly service fee to use the app.

3. Join the military to pay off your debt

This one’s a bit backward. Most people join the military, then go to school after they’ve served with the GI bill — which pays for a chunk of your college in exchange for enlisting. But that doesn’t mean it won’t work the other way around.

There are a few repayment programs for the different branches of the military, including the Army, Navy, and Air Force, and a repayment plan specifically for health professionals.

The Army student loan repayment program will pay 33 ⅓  percent or $1,500 (whichever is greater) toward the unpaid principal balance, according to The Simple Dollar. This amount is for each year you’re enlisted in active duty.

The Navy loan repayment program requires you to serve for at least three years in your first enlistment. If you’re eligible, they’ll pay the same amount as the Army. And you can receive up to $65,000 in loan forgiveness.

The Air Force College Loan Repayment Program would pay up to $10,000 of your student loan balance.

If you enlist as an active duty health professional, you could be eligible to receive $40,000 a year for up to three years toward your student loan debt.

Joining the military may help you save to pay down even more debt as well. You won’t need to pay any bills while you’re deployed, so in theory, you could use your salary to pay whatever the military doesn’t.

And it may sound like this isn’t a fast way to pay your debts, but consider that the average student debt holder takes more than 20 years to pay back their student loans.

4. Cash out on your college’s collapse

ITT Technical Institute was a for-profit college that closed in 2016. That meant all of the students who were enrolled were out of a degree.

Most of those students were eligible for student loan forgiveness under the closed school discharge. So if your school shut down while you were attending, or shortly after you withdrew, you actually might be eligible for forgiveness.

To obtain student loan forgiveness under the Closed School Discharge you should contact your loan servicer about the application process for getting your loan discharged.

• Be sure to continue to make payments on your loan while your discharge application is being processed.
• Find out what happens if your loan discharge is approved.
• Find out what happens if your loan discharge is denied.

If your forgiveness application is approved, not only will you not have to make any further payments but you will receive a refund of payments made voluntarily or through forced collection.

There are some big gotchas to avoid or you will lose the benefit of the student loan forgiveness if you are eligible.

You may lose your eligibility if you:

• Transfer credits to a different school.
• Graduated and received a degree.
• You accept a “teach-out” plan to allow you to finish your degree at another school.

5. Volunteer away your debt

If you’ve got thousands in student loan debt and you’re not sure what you want to do with your life yet, defer a couple of years and work for free.

The AmeriCorps is a network of community service programs where members work to help advance critical communities. People who sign up for AmeriCorps qualify for loan forbearance.

This means you can postpone payments on both the interest and principal of your student loans, and after one year of service, receive the $5,645 Segal AmeriCorps Education Award to put toward your loans.

Kelsey Burritt graduated from the University of Rochester with an English and creative writing degree. She had no idea what she wanted to do with her degree, but she knew she wanted to make a difference…and pay off some of her debt.

Kelsey’s year in AmeriCorps, which she spent working at an elementary school in Rochester, helped her pay off her debt, and fulfill her postgraduate dream of changing the world in some way.

6. Donate your eggs/sperm

This may just be the weirdest way to get on top of your loans, but helping infertile couples conceive pays off.

Donating eggs can pay on average $5,000 to $10,000 per procedure, according to MarketWatch. And it’s convenient that donation clinics accept most people with college degrees.

Donating sperm pays a little less: $100 to $125 per donation, but the process is easier than donating eggs. And men can donate weekly and make around $1,000 a month.

Both egg and sperm donation require a lengthy process to be accepted, and not everyone is. Here are a few things to keep in mind before cashing out on your reproductive system:

• It’s potentially dangerous
• You have to be a near-perfect candidate to be accepted
• If your egg/sperm is used to conceive, the child may be able to contact you at some point.

7. Trade your plasma for cash

Everyone knows that giving blood is a great way to give back. They also know that giving blood can be extremely profitable. A blood plasma donor can earn almost $50 per donation. You can earn even more if you have certain rarer blood types, since there’s such a demand for them.

There’s often a waiting time of at least eight weeks with the Red Cross, but once you’re in you can become a regular donor and a regular earner.

8. Get a job with an employer offering student loan perks

Student loan debt has become such a hot topic of discussion that some companies now offer help as a perk of the job. The way it works is they’ll service your debt in exchange for working with them. It acts very much in the same way as a pension plan or private health insurance.

The student loan repayment system will help graduates to pay off their debts by offering an employer-matching contributing system. This means that you could rid yourself of that large figure on your balance sheet in roughly half the time.

Take note that only a limited number of companies are offering this as a perk. Plus, you might have to trade in some other perks in order to get it.

9. Diversify your income

A diversified portfolio of income streams used to be considered a luxury. It no longer is and has become a necessity when so many put college on their credit cards. Smart graduates have decided to set up startups and come up with other income streams to get some extra money to pay their debts.

Student loan debt can soon disappear if you have multiple income streams. If you have a passive income stream you can even pay off your student loans without thinking about it.

10. Is it possible to escape your student loans?

The US is a country that has come down heavily on people trying to get out of paying back student loans. It’s now the only loan that can be passed to your family when you die. It also can’t be discharged by declaring bankruptcy. In short, there’s no real way to get out of paying your student loan debt.

Some students have even taken to running away from the US and starting a new life in another country. Technically, this is a way of avoiding the repayments, but those who left must keep in mind they can never return to the country they were born in.

Is it worth it?

If you have no intention of ever returning to the US it’s a good idea, but making such a decision at a young age isn’t wise. You should seriously consider whether your debt situation is truly that bad before you make such a rash move.

Is it Smart to pay off Student Loans Quickly?

Saving for emergencies and retirement, and getting rid of credit card debt, are more important than paying off student loans early. You should pay off student loans early only if you’ve built a solid financial foundation by:

• Saving at least one month of basic expenses for emergencies.
• Setting up automatic contributions to a retirement account like a 401(k) or Roth IRA.
• Paying off any debt — usually credit cards — that has a higher interest rate than your student loans.

If you’re anxious to pay off student loans fast, pay a little extra while working toward your savings and investment goals. Here’s why meeting these goals first is important, and how to pay off student loans early if your financial footing is already strong.

Start your emergency fund

An emergency fund is critical when you need to replace your tires or get unexpected dental work. If you’ve sent all available cash to your student loans, you may have to put those expenses on a credit card — costing you more money over time.

Ideally, your emergency fund should include three to six months’ worth of expenses. But that can feel about as intimidating as paying off student loan debt. Instead, aim to save enough money to feel comfortable, but not so much that it kicks your other goals down the road.

If all you can afford to put aside right now is $500, that will get you out of many common jams; add more once you’re in a better financial position.

Invest for retirement next

Get the company match on a 401(k) if you have one. If not, save as close to 10% of your income as possible in an individual retirement account.

If you have a 401(k) with matching dollars, that amounts to a guaranteed return on your own contributions. Even if your federal loans are at 6.8% — the highest rate for undergrads in recent years — or you have private loans that are even higher, get that match before you begin paying off student loans early.

Once you’re on track for retirement, you’re free to whale on those student loans all you want. Check your progress with a retirement calculator.

Pay off student loans early — the smart way

Get rid of credit card and personal loan debt before turning your attention to student loans. These types of debt generally charge more in interest.

When it’s time to focus on college debt, there is no prepayment penalty so you won’t be charged if you pay off student loans early. Here are five options if you want to pay more than you’re required to each month:

1. Pay off capitalized interest. If your student loans are still in their grace period — generally the six months following graduation or leaving school — pay off any interest that has accrued. That will keep your balance from growing, making it easier to pay off fast.
2. Make extra payments. Sign up for autopay, which will automatically deduct your required payment from your bank account each month and can lower your interest rate. Some student loan servicers will let you deduct an extra payment and send it to a certain loan.
3. Make biweekly payments. You can also make biweekly payments manually online, which will help you stick to a disciplined schedule.
4. Take advantage of your employer’s generosity. Some employers pay off student loans as a workplace benefit. Ask your HR representative if this is available to you, and enroll as soon as you’re eligible.
5. Refinance student loans. You can also shorten your repayment timeline by refinancing student loans. With good credit and stable income, you could qualify for a new loan at a lower interest rate through a private lender. Many lenders offer a five-year loan term; you can also pay extra and get rid of the loan sooner.

Use a student loan payoff calculator to see how much each of these repayment strategies could save you.

What is the Average Time it takes to pay off a Student Loan?

College graduations are a time for inspirational words and optimism about the future. But the post-college world can also bring sobering realities.

Educational services company Cengage surveyed 2,500 recent and upcoming graduates for the Cengage Student Opportunity Index and found that respondents, on average, believe it will take six years to pay off their student loans.

In reality, it will take closer to 20.

Cengage found that 51% of the recent and soon-to-be college graduates surveyed have student loan debt, with an average reported a total of $22,919 in student loans upon graduation. And some estimates these totals maybe even higher.

According to Student Loan Hero, 69% of students from the Class of 2018 took out student loans, graduating with an average debt balance of $29,800.

And according to the College Board, the average cumulative student debt balance in 2017 was $26,900 for graduates of public four-year schools and $32,600 for graduates of private nonprofit four-year schools.

The Department of Education reports that the typical repayment period for borrowers with between $20,000 and $40,000 in federal student loans is 20 years, and a 2013 study of 61,000 respondents conducted by One Wisconsin Institute found that the average length of repayment for student debt borrowers is 21.1 years.

And loan repayment is not the only dimension of post-college life where new grads’ expectations may differ from reality.

Job site Monster recently surveyed 350 soon-to-be graduates and found that 59% expect to find a full-time job in less than two months and 28% expect it to take less than one month. Cengage reports that 93% of near-graduates believe they’ll land a job related to their educational background within six months of graduating — but only 60% will do so.

LendEdu analyzed a College Pulse survey of 7,000 college students from nearly 1,000 colleges and universities and found that students, on average, expect to earn $60,000 in their first job out of college.

But the National Association of Colleges and Employers (NACE) calculates that the average starting salary for graduates from the class of 2018 was closer to $50,004.

Nevertheless, 82% of those surveyed by Cengage are optimistic about their futures — and with good reason. In 2018, college graduates earned weekly wages that were 80 percent higher than those of high school graduates.

Workers with bachelor’s degrees reported median weekly earnings of $1,173, compared to $712 a week for those who have a high school diploma.

“One thing is clear to me: college remains a solid investment. But students are largely underestimating how long it takes to pay off their student loan debt,” Michael E. Hansen, CEO of Cengage said in a statement.

“This means they’re probably not prepared for the life choices they’ll have to make, like putting off buying a house or starting a family. Everyone involved in the higher education system must work together to lower college costs beyond just tuition.”

Are Student Loans Forgiven After 20 years?

There are three ways to have student loans forgiven and none of them are easily attainable. The first is based on the type of career you choose. The second is based on you how many years you make on-time payments while enrolled in a qualifying repayment plan.

The last one requires a set of extraordinary circumstances that rarely come into play, but nonetheless could result in loan forgiveness. The first two are available for federal student loans only and the last one is achievable for federal or private student loans.

Be aware that there is an important difference between having a loan “discharged” and having one “forgiven.” Loan forgiveness typically is given to someone who performs works at a qualified job, such as teaching in a high-need area, for a specific length of time and has the amount left on their student loan forgiven.

Loan discharge is rare, but can be granted to borrowers who can’t repay the loan for a variety of reasons such as death, disability, fraud, identity theft and in very scarce circumstances, bankruptcy.

Public Service Loan Forgiveness Program (PSLF)

Public Service Loan Forgiveness was created by the College Cost Reduction and Access Act of 2007 to lessen the burden of student loans for highly-qualified graduates and encourage them to pursue careers in the public service sector.

This forgiveness option is available for Direct Federal Student Loans; Direct Plus loans and Direct Consolidation loans. Private student loans are not eligible for Public Service Loan Forgiveness.

To receive loan forgiveness under this program, you must be a full-time employee (at least 30 hours per week) in a public service job and make 10 years of on-time monthly payments (120) after consolidating your federal loans in a qualified repayment program.

This forgiveness option applies solely to Direct Federal Student Loans. Private student loans are not eligible for Public Service Loan Forgiveness.

To receive loan forgiveness under this program, you must be a full-time employee (at least 30 hours per week) in a public service job and make 10 years of on-time monthly payments (120) after consolidating your federal loans in a qualified repayment program.

Public Service Jobs Qualifying for Public Service Loan Forgiveness:

• Any job in a government organization at the federal, state, local or tribal level
• Not-for-profit organizations that are designated tax-exempt under Section 501(c)(3)
• Other not-for-profit organizations that are not tax-exempt but provide a qualifying public service
• Full-time AmeriCorps and Peace Corps volunteers

The most common public service careers are in education, law enforcement, health, public law, and veterinary medicine.

Repayment Plans Qualifying for Public Service Loan Forgiveness

• Income-Based Repayment Plan (IBR)
• Income-Contingent Repayment Plan (ICR)
• Pay As You Earn Repayment Plan (PAYE)
• Revised Pay As You Earn Repayment Plan (REPAYE)

Note that the 10-year Standard Repayment Plan also is considered a qualifying plan, but because it is a 10-year plan, there won’t be any funds left to forgive. If you plan to enroll in a PSLF program, you need to enroll in a repayment plan that extends your loan term beyond 10 years.

To apply for PSLF, you must fill out a Employment Certification Form every year and make pay stubs, W-2 forms or other documentation available as requested.

The first wave of student loan borrowers eligible for loan forgiveness met their final required payment in October of 2017. News stories say that many of the people who thought they had qualified, were denied loan forgiveness because they didn’t meet the prescribed requirements.

According to a 2017 report from the Consumer Financial Protection Bureau, more than 550,000 borrowers are expecting to have their loans forgiven. If you are enrolled in the program, you should track your progress at least once-a-year to be certain you are meeting all requirements.

However, President Donald Trump has proposed eliminating the program to anyone who hasn’t enrolled by July 1, 2018. Congress hasn’t voted on that proposal as of the Spring of 2018. For more information on this path to loan forgiveness, visit Public Service Loan Forgiveness.

Teacher Loan Forgiveness Program

The Teacher Loan Forgiveness program was created in 1998 to encourage teachers to take jobs at elementary schools, secondary schools and educational service agencies that serve low-income families. The U.S. Department of Education publishes the list of low-income elementary schools and secondary schools each year.

You need to teach fulltime at a qualifying school for five full and consecutive years. Then you are eligible to have from $5,000 to up to $17,500 in loans forgiven.

Only Direct subsidized and unsubsidized loans qualify. PLUS loans do not qualify. There are 13 states that offer some form of loan forgiveness for teachers, with varying requirements.

Apply to the program by completing the Teacher Loan Forgiveness Application and submitting it to your loan servicer.

Loan Forgiveness for Nurses

Registered nurses, nurse practitioners and members of nursing faculty, who work in high-need population areas or areas where there is a critical shortage could qualify to have up to 85% of their loans forgiven under the NURSE Corps Loan Repayment Program.

Qualified candidates can have 60% of their student loans forgiven for working two years in an underserved area. Another 25% could be forgiven for working three years. Some states also offer loan repayment assistance.

Go to the Loan Forgiveness for Nurses website to see if yours is one of the 33 states that has one and what the eligibility requirements are.

Loan Forgiveness for Doctors

The healthcare professions, especially physicians, dentists, pharmacists and mental healthcare workers, have several options, both national and local, to receive loan forgiveness.

The requirements and the amount forgiven vary dramatically, depending upon which program you enter. For example, the Navy Financial Assistance Program offers up to $275,000 in loan forgiveness in return for an eight-year commitment for active and reserve duty. The National Health Service Corps offers up to $50,000 in loan repayment for two years of work at an approved site.

Loan Forgiveness for Lawyers

Like most professions, there is a financial incentive for lawyers to spend a few years practicing in public service or government offices in order to have some portion of their law school loan forgiven.

For example, the Department of Justice provides up to $60,000 in loan forgiveness for lawyers who work there for at least three years. The Air Force Judge Advocate program offers up to $65,000 in loan forgiveness.

The best place to start looking might be your own law school since several colleges forgive some or all of the student loans for students who make less than $60,000 a year.

That amount varies, so check with your school to get actual requirements and amount forgiven. If you can’t qualify for a forgiveness program, look into refinancing your law school debt.

Loan Forgiveness for Military

Each branch of the military has programs that help qualified members pay off their student loans, but the loan amounts forgiven and the requirements that must be met vary dramatically.

The best to find out all that is involved in military loan forgiveness is to visit the Complete Guide to Military Student Loan Forgiveness and Repayment and find the program that best suits your situation and branch of the military.

Federal Perkins Loan Cancellation

Federal Perkins Loans have a separate forgiveness program because your school is the lender, not the federal government. To apply, contact the financial aid office at the school that administered your Perkins Loan and request the application forms. You need to be a full-time employee in a qualified career.

Qualifying Perkins Loan Forgiveness Jobs:

• Soldier in hostile fire or imminent danger pay areas
• Firefighter
• Law enforcement or corrections officer
• Nurse or medical technician
• VISTA or Peace Corps volunteer
• Librarian with a master’s degree (employed by Title 1 eligible schools or public libraries that serve those schools)
• Attorney employed in a federal public or community defender organization
• Employee for public or nonprofit organization that serves high-risk children and their families from low-income communities
• Staff member for educational component of the Head Start program
• Staff member for a state-licensed or regulated pre-kindergarten or child care program
• Professional provider of early intervention services for the disabled
• Speech pathologist with a master’s degree (employed by Title 1 eligible schools)
• Special education teacher for children with disabilities in public, other nonprofit schools or educational service agency
• Teacher in a field designated by the state as teacher shortage areas (math, science, foreign language, bilingual education etc.)
• Teacher in a designated educational service agency that serves students from low-income families
• Faculty member at a tribal college or university

You can have up to 100% of your Perkins Loans cancelled or broken down over five years.

• 15% per year for the first and second year
• 20% for the third and fourth years
• 30% for the fifth year

Loan Forgiveness for Income-Based Repayment Plans after 20 or 25 Years of On-Time Payments

The second type of loan forgiveness is based on how long you make on-time payments, under a qualifying repayment plan. You do not need to be working in a specific career field to qualify for loan forgiveness based on your repayment history.

Generally, you will make on-time payments for 20 or 25 years, depending on the repayment plan. The remaining loan balance is forgiven after that period of time. Be aware the amount forgiven is considered taxable income.

The Pay As You Earn Repayment Plan qualifies you for loan forgiveness after 20 years of on-time payments. This repayment plan will generally offer you the lowest monthly payment. To enroll in this repayment plan, you must demonstrate financial hardship. You may remain in the program, however, after the hardship has resolved.

The Revised Pay As You Earn repayment plan is similar to the PAYE plan, only you don’t need to demonstrate financial hardship to qualify for the program.

The Income-Contingent or Income-Based Repayment Plans qualify you for loan forgiveness after 25 years of on-time payments.

Read Also: Payoff Personal Loans Review

Information for applications for Income-Based Repayment can be found at StudentLoans.gov. You will need documentation on personal and financial information. Your loan servicer also can provide an application.

Forgiveness based on 20 or 25 years of on-time payments is only available to Federal Student loans. Private student loans do not qualify.

Student Loan Discharge

There’s one additional way to achieve student loan forgiveness which is called discharge. It is generally awarded by a judge and can apply to both Federal and private student loans. Discharge is granted under extremely rare circumstances.

Circumstances for Student Loan Discharge:

• Permanent disability or death
• Victim of identity theft
• Unauthorized signature of the loan by the school without your knowledge
• False certification of student eligibility

Discharging student loans through bankruptcy is extremely rare. It is technically not impossible, but demonstrating undue hardship is very difficult. Read more about the differences between forgiveness and discharge.

Final Words

It’s easy to talk about ways to pay off your student loans faster, but actually doing it is the hard part. Once you decide which loan payoff strategies make sense for your financial situation, put a plan in place that includes regular check-ins to keep you on track.

While you’ll likely need to make some short-term sacrifices in order to pay off your student debt faster, you’ll reap the benefits once you’re loan-free, and be happy you put some extra effort (and funds) toward paying your loans off early.

If you stay motivated to follow all of these methods, you’ll be free from debt faster than you can imagine.