Reducing Your Student Loan The Smart Way

No one wants to graduate with a huge student loan, so why not consider reducing it while you’re still at college or just out of one? That way, it’s not hanging over you for years.

The burden of student loans is much heavier than a decade ago. On average, a college graduate today has about $25,000 in student loan debt. In 2005 that figure was a mere $10,000. Education is going to be costlier over the years. So, what should a student do?

A student can either try to take fewer loans or pay off the loan by earning their earning potential, once they graduate from college.

Ways to reduce the student loan burden

1. Online Education

Sometimes taking online courses can reduce your student loan burden, as they usually have lower fees. Students can be connected to the teacher at any time over the internet. Classes are held in a virtual classroom where a teacher can see the student and vice-versa. So there’s not much difference between online and on-campus education.

You can take an online course that might automatically entitle you to higher pay. Reputed organizations like Harvard Online, Cambridge, and many more offer a range of courses, in different employment areas.

These university courses list eligibility, fee structure, and curriculum details, and these provide career options once you graduate. You can study at length and make an informed decision.

2. Taking up a side job

The best way to do this is by working and studying at the same time, by taking evening and holiday jobs. Temporary jobs are a great idea as you get work experience as well.  Tossing burgers in a fast food joint at the minimum wage reduces your loan burden, much quicker if you earn more.

Not only will skilled part-time work help you reduce your debts, but it will also be an excellent experience to highlight to prospective employers. It could also extend your network of professional contacts. Here are some ideas about fields that are popular with those seeking temporary posts:

3. Loan shopping

We bargain at every possible transaction. So, why shouldn’t we bargain to get the best loan? Shopping for a loan is the best way to reduce your student loan interest rate. You can either go out to various lenders or use loan brokers who can forward you offers from different lenders.

4. Picking courses that offer high-paying jobs

I want to highlight 4 courses here, which have a high potential for getting a high-paying job, once you graduate.

Fitness

Enjoy sports and meeting new people? Why not think of a part-time career as a fitness coach? Many gyms hire freelancers and you might even be able to start building up a lucrative portfolio of private clients.

Make sure you’ve got the right qualifications, though.  Gyms will be looking for staff who are young and healthy with an enthusiastic attitude. You might even find taking a course sparks an interest in a career in ‘lifestyle coaching’, advising people on improving their health and well-being through exercise and nutrition.

This could be a very portable skill set to have. It might also help you find work at overseas resorts or children’s summer sports camps during the holidays if you want to travel abroad.

Information Technology

People who know how to write computer programs, fix hardware problems, and keep business networks up and running are always in demand. But it’s a competitive market. Getting an appropriate qualification will help demonstrate to employers that you know what you are doing while increasing your confidence in finding solutions.

Writing

Taking a writing course is a no-brainer. Not only will it help you write your college essays and teach you how to construct exam papers, but it might also earn you a part-time living – or even launch you on a successful career as the author of bestsellers.

There is a wealth of online jobs involving writing, from crafting copy for articles, websites, and reports to proofreading, editing, and helping students with their work. The more you do, the better you will get at it. But there are some crucial ground rules that it helps to learn, otherwise, you will waste a lot of time and energy in front of the computer screen with disappointing results.

Become an ESL teacher

Taking a TESOL course is ideal for those who think they might eventually want to pursue a teaching career and want to spend some time abroad. There’s a huge demand for teachers who are native English language speakers in non-English speaking countries.

It means that you can teach overseas students, take up a teaching post in another country, or work while traveling abroad– all are great experiences for the aspiring teacher.

These are just a few of the options to pay off your student loans as quickly as possible. Investing in yourself might be the best decision you ever made.