Once you have graduated, the joy of having finally finished school will be suppressed by the fact that you need to start paying your student loans.
According to data released recently, over 44 million Americans collectively hold nearly $1.5 trillion in student debt.
Don’t worry, this guide will help you find creative ways that can help you begin to pay off your debts before you get too comfortable in your post-education freedom.
15 Crazy Easy Ways to Pay Off Your Student Loans Faster Than Ever!
Student loans have no prepayment penalty, which means you can pay them off anytime. Why would you pay more money than you have to?
1. Make more than the minimum payment
The best way to pay your debt in five years or less is always to pay more than the minimum. Even if you do not have a stable job yet, an overpayment of as little as $10 could get you off debt faster. It shortens the term of the loan and the interests you have to pay.
2. Start paying while in school
You do not have to wait until you are done with school. If you can find some work with still studying, try paying your debt early. Your repayment period will be shorter. This is particularly helpful if you have unsubsidized loans that still charge interest even if you are in school.
3. Try renting your vehicle
If you have a car, you can make some extra cash by renting your vehicle to complete strangers. Companies like Turo let you do this and you can make some pretty good money doing so! You can charge whatever rate you want that will help you have some pocket money and still pay off your student loans faster than ever. It is a rewarding business and really clever side hustle.
4. Sell photos
Today, more and more people are looking for professional photographers. Some people are also willing to buy pictures of nature’s beauty online. You can take such pictures and sell them on photography stock websites. These fees may be small, but they add up.
5. Join mock juries
Unless you work in the courtroom, most people do not want to find themselves in the courtroom. However mock juries pay well, and they are fun to participate in. You can easily earn up to $200 per day.
6. Rent your friendship
Are you a fun person to be with? Well, there are websites where people are looking to pay for companionship. The best part is that you choose how much you want to charge per hour.
7. Try dog sitting
Pet sitting is a lucrative job today. People are looking for anyone to be their pet sitter. You are guaranteed to get a regular income to help pay off your student loans. You can even get paid for dog walking with companies like Rover.
8. Get paid to test apps
All the hours you spend playing video games can be worth it. You can now get paid to test apps and are paid around $10 per completed review. And it does add up.
9. Teach English
Do you know any foreign languages? If so, you can teach them to people who need to learn. Even better, you can teach English to people who want to come to the US and live here. You can easily sign up to become an English teacher at sites like VIPKid.
10. Be an online tutor
As a graduate, you have probably seen it all, essays, homework, assignments, dissertations, etc. if you are willing to teach and help other students improve their grades you can join this site and write my assignments in Canada.
11. Choose companies that offer graduate benefits
Some companies help you pay off your debts easily by offering some benefits that can help you pay off your debts. They will help you free up some time for other things.
12. Be a designer
Today, people love great graffiti on their clothes. If you have funny or inspiring quotes, you can buy t-shirts and print these messages on them. Sell them for a profit, and you can earn a lot.
13. Be a dating coach
Love is hard to find. Therefore people are willing to spend money to be helped to maintain their relationships.
This is a great job that you can do at home. Most companies will pay you good money per hour of audio. It is a great way to earn some extra cash.
15. Be a clown
Clowns earn a good amount of money per hour to entertain children on special occasions. It is a great job because you do not need to have a resume to be one.
Looking for the best student loan refinance, Reddit? The choice to refinance your student loans is a great way to tackle college debt and lower your monthly payments. Learn about the best banks to refinance and consolidate student loans and start saving!
Making any decision that has to do with your finances is a big step and an important task. Finances are tricky, and it’s crucial to approach it in the right way and weigh your options.
According to CNN, student loan debt in the United States has recently reached $1.5 trillion, which means there are a fair amount of college graduates still in debt. While no one likes to be in debt, lots of people are constantly looking for new ways to approach paying off their student loans in an efficient way. Refinancing your student loans is an option when trying to save money in the long run, so it’s definitely something to consider.
When you start to think about refinancing your student loans you may be on the fence about it because it may or may not be the best step for you. You’ll want to way the pros and cons of refinancing to decide what is the right decision for you and your finances.
Before making the decision you may want to think about a few things like, how much money you owe, what you can afford, and if there has been a change in your credit score or salary recently.
If you have done your research and are ready to refinance then you’ll benefit from learning about our top 5 picks for refinancing student loans.
Each lender has its own qualifications but you’ll want to demonstrate that you have a solid history of repaying back debt, have a decent credit score, and have a stable income.
Even if you aren’t making a six figures salary, you should look into if you’re eligible to refinance. The average recent grad who has refinanced their student loans had an average income of $54,000 and a student loan balance of $49,320, according to Credible.
Credible knows this space well and offers student loan refinancing and private student loans. After providing some quick information to Credible, they will find you the best rate from up to 10 lenders. Credible will even give you $200 if you find a better rate somewhere else.
Refinance Student Loans with Credible
Compare prequalified refinancing rates from up to 10 lenders
Credible users save an average of $18,000
Fill out a simple 2-minute form to compare rates
Checking your rates won’t affect your credit score
So if even if you do not think you are eligible for student loan refinancing, it doesn’t hurt to check and it doesn’t hurt your credit score.
What can refinancing do for you?
Refinancing can sound confusing, but it isn’t. Searching for “best student loan refinance reddit” comes up with a ton of results but the goal of your refinancing your student loans is to pay less on your loans over the long term.
Refinancing your federal student loans or private student loans can get you a lower rate and possibly favorable repayment terms.
According to CNN, On average, borrowers who refinanced reduced their rate by 1.7 percentage points, cut their term by five years and can expect to save $18,668 over the life of the loan, according to the report.
Where to refinance?
The lenders in the table below are our picks for the best banks to refinance student loans and consolidate student loans and start saving more money in 2019! These lenders don’t charge origination fees or closing fees and provide the best rates.
Benefits from these student loan refinancing banks
Rest assured, when you choose to refinance your student loans with a new company, they may have a set of benefits for their customers. Some refinancing companies have options to make bi-weekly payments to help with interest or to even have the flexibility to skip a payment during a difficult month. It is good to research your potential companies before choosing who to refinance with and base your choices on the benefits they give.
The choice to refinance your student loans can be a great way to tackle college debt and lower your monthly payments. Everyone wants to save money, and refinancing could be the option for you to pay off your debt sooner and possibly build up your savings a little bit more. While refinancing your loans may not be the best option for everybody, weighing your options will help decide if refinancing might be good for you and your bank account. With lower interest rates, refinancing may help you save a lot of money on your overall student loan debt. best student loan refinance reddit
Other resources to help pay down your student loans
If you are looking for ways to pay off your student loans here are some helpful resources:
Getting a degree in today’s world is expensive. The student loan crisis results from soaring tuitions to elevated expenses of student’s accommodation and food, the entire journey of getting a degree is filled with unavoidable expenses.
Your parents can only help so much with college expenses. A recent report notes that most parents who have contributed to their child’s tuition and room and board only saved less than $10,000. That suggests there’s not much cash, if any, leftover for living expenses while their student is on campus. With the average cost of tuition and fees for the 2019–2020 school year was $41,426 at private colleges, $11,260 for state residents at public colleges and $27,120 for out-of-state students at state schools, according to data reported to U.S. News in an annual survey.
While you cannot do anything about these major expenses, you can still act smart and save some money from your daily expenditures. So, stop fussing about the money you already spent and read the below money-saving hacks that will help you learn how to save money in college.
1. Check for scholarships
A number of universities offer grants, scholarships, and subsidies to help students pay the tuition fees. So, get in touch with the financial aid department of your university and check if you are eligible for any of these scholarships and grants. As most of the universities have a limited number of scholarships to give away, try to apply early without missing the deadline.
2. Buy and sell used textbooks
Rather than spending a lot of money on new textbooks, try buying used textbooks from other students or websites like eBay. This will save plenty of money and you still have the materials you need for your course.
Once your final exams are over, instead of just dumping the textbooks, sell it to other students who might need them to get a little profit. Additionally, if you have made some great lecture notes, exchange them for cash as a bonus.
3. Buy a piggy bank
Just like your childhood days, try saving some extra money in a piggy bank. If not a piggy bank, get yourself a spare wallet which can hold all your extra money. From adding spare change from daily expenses to putting aside a big chunk of money from your wages or student finance, use a method which works the best for you.
4. Check for student discounts
By using your student card, you are automatically eligible for great discounts from a number of products and services from major retailers. From getting discounts on movie tickets to special discounts on online shopping websites and restaurants, take complete advantage of your student card.
This is probably the most exciting part of being a student on a budget, discounts. So, research different options, memberships, and cards you can sign up for to take complete advantage of your student status. Also, keep an eye out for student events where discounts are even higher for one night. Also, take a look into money making apps for students to earn extra money on the side.
5. Make a budget
Consider creating a budget as your top priority. Make a list of all your income sources. This might include your pocket money, allowances from parents, part-time wages, savings, etc. Additionally, make a separate list of your estimated monthly expenses.
These expenses might include your dining out or takeaway meals, grocery shopping for cooking food at home, school supplies, laundry, personal care and travelling. Make some arrangement of saving money from your income sources in the budget and ensure that you stick to this budget every month.
6. Separate wants from needs
As a student, you might get tempted for spending money on things which you might not need later. Try to be more watchful towards your wants and needs. Decide if you need to take a quick takeaway meal from outside or cook a simple meal for you at home.
The same idea applies to material objects like clothes and decorative items. Ask yourself if you need it and if your money is well spent. This puts your mind at ease, is a useful money-saving hack and helps you make informed choices about how you choose to spend your money.
Also, keep a track on your expenses to see if you can save some money either by doing your own laundry or by using a bicycle to your university instead of public transport. This will save small pennies but really goes a long way as a money-saving hack.
7. Replace credit card with a debit card
Holding a credit card will make it easy for you to spend money on unnecessary things. This might lead to overextending your credit limits. Once the credit is piled up, there will be surcharges for non-payments or late payments. Instead, use a debit card where you can keep an eye on your expenses and are aware of the money you have in your account.
8. Do not throw away the leftover food
Do not throw away leftover food unless it is rotten or gone stale. Properly stored food can last in the fridge for 2-3 days or even for a week. Also, you can cook your food in bulk on weekends and just grab it and re-heat it on weekdays.
This will help you save both money and time. Additionally, keep a watch on the expiry dates of certain food products such as dairy, bread, cereals, sauces, and what you buy from the supermarket.
You could also find buying frozen vegetables and meat to be cheaper and last longer. This will definitely prove as a handy money-saving hack as students you are limited on budget and meat is the most expensive part of a grocery shop.
9. Buy in bulk
If you have some extra space in your accommodation, then buy items in bulk. For example, items such as paper towels, shampoos, soaps, and more that have a longer shelf life compared to food. If you don’t have space to store additional items, check with your friends who might need the same things as yours and share the items as well as the expenses.
10. Ditch expensive gym memberships
Rather than paying a lot of money at fancy gyms, check if your university offers a gym membership to its students. University gym memberships are either free or come at minimal charges making it pocket-friendly. If your university doesn’t have a gym, check for some group classes such as yoga, Zumba or aerobics which will help you stay active and fit. If you are interested in playing indoor or outdoor games, then check if there is a provision for playing sports at the university and enroll for it.
Ultimately, there are plenty of ways to saves money as a student but you have to keep track of your spending to do it. It is all your responsibility and it is completely achievable to thrive while on a college budget.
Steve is the owner behind the website Best Essay Writing Company. He is a retired Financial adviser who now helps students find the right support and tutoring services for them. He is passionate about education and learning.
You probably heard about student loans being discharged and now you are looking all around the internet if there are any legitimate student loan forgiveness programs available out there so you can stop paying student loans.
Is it too good to be true?
While looking for the real ways to get them discharged and quit paying student loans you also have to watch out for student loan forgiveness scams. There are a lot of them claiming they can get your debt forgiven, which is usually not the case.
There are also the legitimate ones that can guide you through the whole application process that helps you take advantage of any federal programs that might be available for you. So before you stop paying so you can avoid student loans sold to a collection agency you should learn about your forgiveness options.
Student Loan Forgiveness programs have been set into place in order to help aid former students in paying for their education following graduation (sadly, these programs are only applicable to students with federal student loans, not private).
Getting loan forgiveness is a lengthy process that only applies under certain circumstances.
How To Stop Paying Your Student Loans
Besides making more money, you may feel like your options are limited. Here are three legitimate programs that could help you get your loans forgiven:
1. Enroll in income-driven repayment
Most federal student loans are eligible for at least one income-driven repayment plan. If your income is low enough, your payment could be as low as $0 per month.
An income-driven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size. You can enroll in four income-driven repayment plans:
Revised Pay As You Earn Repayment Plan (REPAYE Plan)
Pay As You Earn Repayment Plan (PAYE Plan)
Income-Based Repayment Plan (IBR Plan)
Income-Contingent Repayment Plan (ICR Plan)
If you’d like to repay your federal student loans under an income-driven plan, you need to fill out an application.
2. Pursue a career in public service
If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program.
The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
To qualify for PSLF, you must
Work for a government agency or for certain types of nonprofit organizations
Work full-time for that agency or organization
Have Direct Loans (or consolidate other federal students loans to qualify)
Repay your loans on an income-driven repayment plan
Make 120 qualifying payments
Think you are eligible? You can use the PSLF Help Tool to assist you in starting the Employment Certification Form that you will eventually print, complete, and submit.
3. Apply for disability discharge
Total and Permanent Disability Discharge is available to federal student loan borrowers who are disabled and unable to engage in any substantial gainful activity (employment) because of physical or mental impairment.
The discharge would provide you with relief on your student loans by removing the debt completely that is under your name. You must be able to prove to the Department of Education (DoE) that you are in fact permanently disabled.
Few options to prove your disability
If you have received a notice of award for SSDI or SSA you can submit this to the DoE to review. The notice must state that you are permanently disabled, as well as having your next review between 5-7 years. If your next review is less than 5 years, you will not qualify for a disability discharge.
Your physician can submit a certified form stating that you are totally and permanently disabled. The physician would need to state what is your disability, how long it is expected to last, and whether he or she believes you are unable to engage in gainful activity due to your disability.
If you are a veteran, the Veterans Affairs office can provide documentation to you that you are unemployable due to a service-related injury.
Your disability must have lasted, or is expected to last at least 60 months, or is expected to result in death.
4. Ask your employer
If you are not eligible for federal programs, you may get lucky if your employer can help with those payments. According to a report from Debt.com, about 4% of employers help their employees with their student loan payments. That number is going to increase next year.
All that it takes? Simply asking your employer if they offer assistant with student loan repayment.
The worst they can say is no.
5. Serve your country
If you are a veteran and served your country then you may be eligible for student loan forgiveness. Each branch has its own set of requirements and rules so it’s worth checking out.
If you didn’t serve, you can also benefit by volunteering your time with AmeriCorps or Peace Corps which can also grant loan forgiveness.
6. School closure
The closed school discharge program is available if you attended a school that closed while you were enrolled or if you withdrew 120 days before the school’s closure. (Note that the period changed from 90 days to 120 days as of July 1, 2014).
Only loans received at least in part on or after January 1, 1986, may be discharged. FFEL and Direct Stafford loans, PLUS, and Perkins loans are eligible. Consolidation loans are trickier. A consolidation loan usually consists of a number of underlying loans.
If any of these underlying loans could be canceled, you can apply for a closed school cancellation for these loans only. If granted, you will receive a credit for the amount of the underlying loans related to the closed school.
7. Borrowers defense to repayment (BDR)
The Obama administration introduced the Borrower Defense to Repayment (BDR) rule as a way to provide debt relief to students defrauded by their school.
The legislation was prompted by the closing of Corinthian Colleges, which left approximately 16,000 students with debt and no degree. Although borrowers have been able to seek loan forgiveness from fraudulent colleges since 1995, BDR makes the application process much easier.
For-Profit Schools went through several investigations between 2010 and 2016. What the investigations revealed that in some cases the colleges had over 50% dropout rate, they were overcharging students, using illegal recruitment tactics, misleading students about their accreditation and especially job placement.
Some colleges were even encouraging students to forge documents to get approved for loans they should never have gotten. At this point, these schools have cost the taxpayer around $24 billion dollars.
In the six months prior to leaving office, the Obama administration forgave nearly 28,000 loans.
With the options available there is a high chance that you could get out of student loan debt or more formally get your student loan debt forgiven, it just a matter of taking the time and knowing your options.
Are you looking for easy websites to make money or ways to make money fast outside of your job?
Then you’ll love this article. I’ll share several lucrative ways you make some money through the best websites to earn money.
Why would anyone want to make money with money making websites?
Depending on a monthly salary can be frustrating. With rising living standards, making it to the end of the month can prove to be difficult.
Some people depend on having side income streams to make ends meet, so learning to make money outside of your job is beneficial for most people.
There are plenty of ways to make money over and above your monthly salary. In order to do this, you would have to fully utilize your time and resources you already have. This is possible through these simple money making websites.
9 Money Making Websites To Earn Money Online
Looking for some quick ways to make a little extra cash? Check out these options.
1. Amazon Flex
Amazon Flex – The latest entry to this market space, Flex launched in Amazon’s home market of Seattle and has since expanded to two dozen other markets. You can earn up to $25/hour delivering packages to Prime customers in under one hour. You cover gas, maintenance, and any other car expenses.
2. Mechanical Turk
Mechanical Turk – Another Amazon service, Mechanical Turk lets you do “human intelligence tasks” online for a variety of pay points. One man earned $20,000 doing these small jobs from home while he still had a full-time job!
3. Task Rabbit
TaskRabbit.com: Cleaning, shopping, and delivery, handyman, moving help, general help and summer tasks are a few of the categories that you can hire yourself out in.
CheckPoints.com: App that offers manufacturer deals while you’re in the store. You earn points for simply scanning the barcode on an item in a store. No purchase of the product is necessary. You can redeem the points you collect for free gift cards, airline miles, and other perks.
5. Easy Shift App
EasyShiftApp.com: Become an on-demand secret shopper. You’re assigned “shifts” by product manufacturers who want people on the ground to go into stores and confirm that their merchandise is being displayed properly. The pay rate for a shift is between $3 and $8 and the money is remitted to you via PayPal.
Foap: Make money by taking photos. Plus, you can charge as much as you want per photo.
7. Field Agent
Field Agent: Find local jobs in your area and complete them within two hours for cash.
Fiverr.com – Are you an expert at reviewing resumes? Designing websites? Improving PowerPoint presentations? Developing marketing materials? If you can do any of these things or more, there’s a market for your talents on Fiverr.
eLance.com – Offer your freelance services to others in a variety of fields.
These are the Best Websites To Make Money! Go Get It!
One of the great things about the internet is that it’s such a great way to get into business for yourself.
No matter where you live, as long as you have an internet connection, you can make money online.
In this article, you found some of my favorites ways to make money online with these easy sites that’ll help you earn in 2021.
We hope this helps you in some way. Please feel free to contact me if you have any questions at all about these money making websites!
We rank the best student loan servicers so you know which student loan servicer is best and which one is not in 2020.
Getting a federal student loan is a must for most college students. Aside from the fact that it offers low-interest rates, the payment options are also more flexible and manageable. Unfortunately, the federal government does not allow students to choose their own loan servicers, or the companies responsible in managing the students’ loans.
Once a student applies for a federal loan, he will immediately be assigned to a private loan servicer. The student can be appointed to any of the existing servicer companies in the United States. Once assigned, the servicing company will take charge in managing payments, providing options, and giving overall support for the student loan holder.
Lender vs. Servicer
Some people get confused and use these two terms interchangeably, when, in fact, these are two different entities related to federal loans. The lender is the entity responsible for providing the credit to the applicant to be used for higher education fees. Meanwhile, a servicer is a private company tapped by the US government to manage the existing student loans of students.
This means that a student who applies for a federal student loan only needs to contact the Federal Student Aid once and then send an application. Once approved, it will assign the student to a servicer.
The student should then remain in constant communication with his federal loan servicer to work with him in providing servicing plans, helping in loan consolidation, and assisting in different tasks related to the loan.
Federal Loan Servicers in the US
If you are an incoming college freshman and you want to get a federal student loan, you better be ready and know the possible loan servicers that may be assigned to you. Below are some of the most popular loan servicers for student loans. Because you’ll never know which of them will manage your loan, it will help to understand more about them:
About 90% of all federal student loans today are assigned to one of the Big Four servicers, which are Great Lakes, FedLoan Servicing, Navient, and Nelnet. Unfortunately, three of these servicers are also among the most hated according to complaint statistics. Navient, FedLoan Servicing, and Nelnet received 1,027 complaints per million serviced accounts during the previous year. You may have seen news about the Navient lawsuit, and that they are facing six lawsuits alleging illegally cheating borrowers out of repayment rights through shortcuts and deception.
Being assigned to Great Lakes will not be the perfect experience, either. However, as far as the other servicers are concerned, Great Lakes is your best bet for a service provider in the country. It only received 36 complaints per one million customers last year.
Aside from the Big Four, there are also five nonprofit servicers: Cornerstone, Granite State, HESC, MOHELA, and OSLA. These servicers vary when it comes to customer satisfaction, but the more favored ones seem to be OSLA, Granite State, and HESC. If you want to learn how to get in contact with your student loan servicer, you can see this post here.
Is There a Way to Choose Loan Servicers?
If you are fed up with the federal loan servicer assigned to you, you have the option to get another servicer. However, you can only do so by choosing any of the two options:
Consolidation – This will allow you to apply for a new student loan and combine it with your existing credit. It’s an option that lowers the monthly payments but extends the loan term. However, this will also require you to pay bigger interest over time.
Refinance – This will allow you to get a new student loan, but from a private lender. Your existing federal loan will be transferred to a private lender, such as a bank or a loan union. Remember that private lenders generally have higher interest rates and more strict payment schemes so it’s best to think about it.
Whether you’re assigned to a good-rated or bad-rated loan servicer, it is entirely up to you whether you’ll be able to cover the monthly payments or not. Some customers blame servicers when, in fact, it was entirely their fault that they failed to stay updated with their debts.
It will take discipline maintaining a good relationship with money, so you can dictate what it can do for you, and not the other way around. Successful financial management cannot be achieved right away—it takes constant self-control to make paying off your loan a priority. Never treat your credit as a liability, but rather an investment for your education.
If you think you can’t handle federal student loans, you can always consider getting a scholarship. You can check with the college you are enrolling in, state and federal agencies, foundations, religious and education groups, or even your parents’ employers for opportunities. Most scholarships are merit-based or by achieving specific academic standards, while some are based on financial necessity.
AJ Balois is a Content Manager at BPI-Philam, a bancassurance company, based in the Philippines. She’s been working in the banking and insurance industry for seven years. Upon realizing the power of being financially literate, AJ promised to share her knowledge through informative and educational content.
If you have a low income, here is how to create a budget that will help you save money and be sure your expenses are covered.
Although there are many budgeting blogs and tips, many of these don’t appear to be relevant when you have a low income.
Fortunately, there are ways that you can budget on a low income, and here we’ll explore this topic in more detail, so you can start getting your finances in order.
Work Out Your Basic Expenses
First and foremost, you need to know what your basic expenses are. These are things that you must pay each and every month, so they include costs such as rent, transportation, utilities, and food. These basic expenses will dictate how much “disposable” income you have available, which we will explore later.
Fortunately, there are some great expense tracking apps that can help you to determine where your money is going each month. When looking at the two most popular apps as a Personal Capital vs Mint comparison, you will need to see which platform you feel most comfortable using. Both of these apps have features to make expense tracking and budgeting easier.
Once you start getting a handle on your finances, you can also use these apps to start planning for the future, including paying off your student loans or even saving for a deposit to buy your own home. However, for the moment, your main priority is likely to be to stabilize your finances and try to manage your modest income as best as you can.
Of course, if you don’t yet feel comfortable using an app, you can work out your expenses the old fashioned way, with a pen and paper. Just gather your bank and credit card statements to note down all of your regular expenses. You will need to prioritize your essential expenses, so don’t include that morning latte in your costs, just yet.
Your list of essential expenses should include:
Add up the expenses that are needed to survive comfortably each month to create a baseline to start your budgeting efforts. Once you are aware of how much you have to cover each month, you can start to add in other expenses as you can afford them.
Set Your Budget
Once you have established your basic costs, you will be aware of just how much you have to spend each month. The fundamentals of how to make a budget are quite straightforward; take the figure you calculated above from your income to determine if there is a surplus. You can then plan in any additional costs that make your life more comfortable.
Try to be realistic about your expenses and look at things you can afford. So, while you may not be able to afford fancy new clothes every month, it is inevitable that you will need a few new items throughout the year. Additionally, you’re not likely to want to spend all of your time stuck at home, so plan in a fund for entertainment.
However, once you have worked out all these costs and set limits, you will need to stick to them. Write out your budget in full and keep it handy, so you can track your spending and ensure that you stick to your budget.
This can be a challenge on a low income, but we’ll discuss some ways to increase your financial flexibility in more detail.
Try to Minimize Your Biggest Expense
One of the biggest challenges of managing a budget on a low income is covering all those essential expenses. If your budget is particularly tight, you may wonder how you’re supposed to have a life when you can barely cover your rent, food, transportation, and other essential costs.
To make sure that you’re not living like a hermit, it is crucial to start looking at any large expenses that can be minimized. The chances are that your largest expense is your rent, but it is not always possible to change this. Many people are tied into a lease, where it would be extremely costly to move even if they could afford first and last in a new place.
However, if you have space in your home, you could find a roommate to help share the costs. Many students are already sharing a home with roommates, but it may be worth discussing the situation and deciding if there is room for another person. If you have the space for a couch and television in your kitchen, you may be able to convert your living room into another bedroom.
If you can’t minimize your rent, don’t worry as there are other large expenses that can be trimmed to create a little financial breathing room. Even something as simple as learning to cook can save a small fortune in food costs. You can easily make two or three dinners for the cost of a take out, so this can drastically reduce your expenses.
According to a Forbes report, it is five times more expensive to order restaurant delivery compared to cooking at home. So, you should really rethink your takeout habits. In fact, if you want to save money, throw out your takeaway menus and keep a shopping list handy, so you can plan your groceries.
Another way to cut the costs of your groceries is to shop in bulk and buy only seasonal produce. There are lots of discount grocery stores around, so it may be able to save money by traveling a little further to a cheaper store rather than relying on the store on the corner. Of course, you can only make savings if you buy foods you like in bulk; there is no point in buying a 10 pound bag of rice if you only like to eat rice dishes once every week or two.
You can also save money on groceries by shopping to offers. Look out for offers on your favorite items including:
Buy one get one free,
Three for two
When you see an offer, stock up. Additionally, look out for coupons, as a dollar here and 50 cents there can really start to add up.
Stick to Cash
Another issue with budgeting on a low income is sticking to the budget. It can be very easy to overspend by 5 dollars here or there and find that you’re really over budget by the end of the month. One of the best ways to avoid this is to stick to a cash budget.
In simple terms, instead of using your debit or credit cards, you will have the cash to spend on most of your expenses. Of course, your rent and some other expenses may be taken directly out of your bank account, but keeping a cash budget for spending, including grocery shopping, nights out, and clothing will help you to keep better track.
The most effective way is to have an envelope for each type of spending. So, if you’ve budgeted $100 for grocery shopping a month, at the start of the month, put $100 dollars in an envelope marked groceries. Each time you visit the store, pay out of this envelope.
While this may seem a little daunting, having the physical cash will stop you from overspending. No one likes the embarrassment of not having enough money at the checkout, so you’ll be forced to check how much you have before you start loading up your grocery cart.
Restructure Your Debt
According to an AIG report, over one-third of college students already have credit card debt totaling more than $1,000, and many of them have no plans to pay it off in the near future. If you’ve been struggling to manage your finances on a low income, you may have already been using your credit cards for basic expenses, including rent and food.
So, in addition to trying to manage your expenses, you now have to cover the payments on your credit cards.
Fortunately, many credit card companies appreciate that their customers may struggle to manage their debt and may be willing to negotiate your terms. If you’ve been struggling to pay even the minimum payment each month, it is worth giving your credit card company a call to see if they will put a freeze on your account interest.
While this may not seem like much, if you are not accumulating interest on your credit card account for six months or a year, you will be able to pay the same amount, but start tackling the balance. This will create a little breathing space, so you can start to plan your long term finances.
Look for “Free” Money
If you’re struggling to cover all of your expenses on your income, be on the lookout for free money. This doesn’t mean finding a $10 bill on the street, but rather all of the potential money that is available to you that you may not have taken advantage of, such as tax refunds, bonuses, and even special offers.
There are lots of apps and platforms that will pay you cash back or gift cards just for doing your usual regular activities, including shopping in certain stores, playing online games, or browsing the internet. Many of these apps require the completion of simple tasks that are easy to fit around a class schedule, and while you’re not likely to make a full-time income, they can provide a nice side hustle.
For example, Swagbucks allows you to accumulate points to save for free gift cards by performing short online tasks. Once you’ve accumulated enough points, you can exchange them for a gift card that can be used to buy groceries, enjoy a meal out, or just treat yourself to a little something. This can be a great reward for sticking to your budget, without needing to find the extra money to buy something.
When you’re on a low income, even the thought of saving can be daunting, but it is worth adding into your plans. Even if you can only manage to save $20 a month, it can provide a buffer if you have an unexpected expense or bill. While it may take a little belt tightening to provide some savings each month, once you get used to automatically putting a little away each month, it will seem easier.
Increase Your Earnings
Even if you’re great at budgeting, a low income should only be a temporary situation. Whether you’re still in school or working an internship, your low income should only be in the long term. However, it may be possible to increase your earnings until you can reach a higher income potential.
Once you’ve lowered your expenses and cut costs, making $400 a month more can have a dramatic impact on your quality of life. Fortunately, there are a number of ways that you can start making a little extra each month. As we mentioned above, there are money-making apps that can provide a decent side gig to earn a little extra each month.
However, there are other ways to increase your earnings. You could ask for a raise or promotion at work. Many employers appreciate employees asking for more responsibilities, and you could be rewarded with a raise.
If this is not possible, you may need to look at applying for better paying jobs. While it can be challenging to manage a job around your school schedule, there are some decent opportunities, which can allow you to boost your income.
You could also consider turning your interests and current skills into an income stream. If you’re on an academic path, consider tutoring, if you enjoy media, consider becoming a YouTube creator. These types of opportunities should not detract from your studies and can also be a welcome feature on your resume when you apply for employment or a post grad course.
Being on a low income can be a real challenge, particularly when you’re at school and want to enjoy socializing with your friends. However, there is no need to get trapped in spiraling debt, if you can budget correctly. Budgeting need not be daunting, and with our tips, you can take control of your finances.
Budgeting your money on a low income can allow you to ensure that all of your necessities are covered and maybe even find a little extra cash to pay off debt and start a savings account. You’ll need to get used to tracking your spending, but once you get the hang of budgeting, it is a valuable tool for the future.
Analysis of the recent Department of Education (DOE) data shows that only 56% of borrowers are paying back their student loans, while 32% of borrowers are either postponing payment or not paying at all. Experian analyzed data from the Department of Education (DOE) to see how borrowers are managing their student loan debt.
Here are some of the findings:
$722 billion (56%) is in repayment as of Q3 2019.
$127 billion (9.8%) is currently in deferment.
$129 billion (10%) is currently in forbearance.
$155 billion (12%) is currently in default.
8.8% of people with student loan debt are still in school.
The student loan debt crisis is growing and interest rates on these loans continue to rise. Is your degree worth the excess of student loan debt you incur?
I feel for those with high student loan debt sometimes reaching close to $100,000. We all know that one person was sold the college dream and have $80,00-$100,000 in loans and now working jobs that don’t even utilize their prestigious degrees.
Crippling student loan debt is a serious problem; Americans owed nearly US $1.6 trillion in student loan debt as of October 2019, more than three times the amount of debt from just a decade ago.
Total U.S. Borrowers With Student Loan Debt: 44.2 million
Student Loan Delinquency Or Default Rate: 10.7% (90+ days delinquent)
Total Increase In Student Loan Debt In Most Recent Quarter: $29 billion
New Delinquent Balances (30+ days): $32.6 billion
And the states with the most debt are staggering:
What’s the Real Return on Your Student Loan Debt?
In this country, it is ingrained in our brains at a very young age that it is either university or you will be working at McDonald’s. Generations before us, or our parent’s generations, there were jobs all over the board to be had.
Return on this college degree investment, back when our parents graduated made it a worthwhile endeavor. Now there are more college graduates than employment opportunities in every industry.
BLS predicts that between 2012 and 2022, the U.S. will see a net increase of 15,628,000 jobs. But of that number, only 4,230,500 will require a minimum of a college degree. Crippling student loans would only be worthwhile if you make sure you have a job offer lined up after college. Private student loan companies hand out loans to anyone with a pulse, and interest rates are more than 4%.
These rates increase year after year, not to mention that colleges and universities increase tuition 6% year after year. Tuitions have risen across the board 1000% by 1978. Colleges offer a multitude of majors with virtually no employable opportunities, colleges offer new editions textbooks every semester just to take more money out of your pocket.
Higher education has become one of the most profitable business models in the country. The fact that everyone is basically entitled a student loan, some of which do not have the ability to pay after college remains me of the subprime mortgage crisis. This is basically the way it is designed, the trillion-dollar debt is all by design. The majority of college students graduating are enslaved to their debts, being forced to postpone a costly wedding, buying a home, and children.
Got Student Loans? You Have Options
The silver lining to this story is that more millennials are pursuing higher education, even if they are taking out loans to do so. Some economists are troubled by the fact that fewer people under 30 are buying homes and other goods as more are paying for college, but higher education is, on the whole, a solid place to put your money.
In 2017, the median earnings for young adults with bachelor’s degrees were 50 percent higher than those of their counterparts with high school diplomas. But for many members of Generation Debt, the benefits of having a diploma may seem a long way off.
If you want to learn more about your student loan options, here are some good student loan resources to consider:
Looking for the best private student loans? Reddit
Funding your education using student loans can be pretty useful. Here is an insightful guide on all you need to know about the best private student loans of 2021.
You have deftly tackled the nerve-wracking pressure of getting into the college or university of your dreams. You have the scores, a host of co-curricular activities to show your mettle, and the only thing left to do is secure a student loan to fund your education.
Quite a significant number of students are in your shoes right now. In fact, studies reveal that a whopping 71% students course through college with the help of student loans every year on an average. Not that startling, if you think about the high cost of education at the leading higher education institutions all across the world.
Since you are at the threshold of applying for one, it is best to proceed with all the knowledge that you can get your hands on regarding student loans. Presented here is a quick overview of the crucial facts and factors pertaining to student loans along with 6 best private student loan options you can explore.
The Difference Between Federal and Private Student Loans
Did you know the likes of Barack Obama and plenty of Hollywood actors (including Jane Lynch and Finesse Mitchell) all had to use student loans, whether federal or private? They couldn’t even escape the high cost of college, which is usually over $30,000 in the United States for a 4-year public college.
Before we apply for student loans, here are the basics of federal and private student loans.
Federal and Private Student Loans – Know the Difference:
Federal Student Loans
A federal loan stands for a loan that you borrow from the government. You are basically using the taxpayers’ money to get your college or university degree, hence repaying federal loans come with a different level of responsibility altogether.
However, since interest rates are comparatively lower in federal loans and one does not require having a great credit score, most students take a lax approach when the time comes for repayment. You will also find options for paying as per your level of income or alternative repayment options if you apply for federal loans.
Private Student Loans
In case you opt for a private student loan, a credit union, bank or online lender provides you with the money that you need to pay your way through getting a higher education degree. They can have varying rates of interest (that is usually dependent on the loan provider and the type of interest you choose) and have comparatively rigid repayment options.
However, since the rules regarding what you do with the loan money are quite lax in case of private loans, you can come up with ingenious tricks to pay it off way before it starts accumulating interest.
Top 6 Best Private Student Loan Options
Prior to approaching a lender for a private student loan, you must know that you will need to have to meet a number of criteria for your loan to be approved.
Carefully consider if you have a good credit score (or having a creditworthy co-signer will also do the trick) and have read their terms and conditions before you apply.
Here are the six best private student loans that will help you pay off the high tuition fees for college or university.
LendKey offers repayments terms ranging from five to 20 years. They have numerous excellent 5-star reviews on TrustPilot and the process is easy to complete.
Borrowers can include parents of students, parents of graduates and degree holders as well as current undergrad and graduate students. To be eligible, U.S. citizens and permanent residents must have proof of citizenship or residence permit as well as proof of income. Potential borrowers can check their eligibility online and then receive offers from LendKey’s networks of community lenders.
The minimum loan amount starts at $7,500 and goes up to $250,000, with rates as low as 3.85% or 4.86% depending on if you go with a variable or fixed APR.
Don’t meet the requirements or want to qualify for a lower interest rate?
LendKey allows for borrowers to add a cosigner to the loan to help borrowers meet eligibility and get the interest rate that works best for them. This isn’t the only benefit to considering a LendKey loan, they also offer unemployment protection. If you lose your job or have just finished school, loan payments are placed on temporary hold.
Funding U, also known as Funding University, has been around since 2016. This is a company that offers student loans to students without credit or a co-signer at eligible four-year colleges.
Funding U doesn’t fund you based on your credit score, but your grades in school and projected earnings after graduation. If you are a junior or senior in college, you can qualify for a Funding U loan. However, if you are a freshman or sophomore, the approval process is more strict.
It’s a smart option for students because:
You don’t need a co-signer or credit history to get a loan.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.
DACA students with a work-eligible Social Security number can qualify.
If you wanted to apply you can see what rate you’ll get and it’s a soft credit check. The loan term is 10 years and loan amounts up to $10,000 and the range of interest rates is in line with other private student lenders.
This list is not a comprehensive one by any means. There are definitely many more student loan options available to you — both private and federal — that we encourage you to research and consider as well.
The loans listed here are some of the best in regards to benefits and future opportunities, such as the interest rate reduction for meeting various requirements.
Your Best Option for Private Student Loans
You can benefit from using our top pick, LendKey, to help you pick the best private student loan with the lowest rates:
When choosing a loan, remember to consider variable versus fixed rates and also the repayment plans offered. You might not have the resources to repay a loan immediately after you graduate and enter the workforce. In that case, deferment options and grace periods are highly beneficial.
Whether it a public, non-profit private or for-profit private higher education institution, you can ease a considerable portion of the financial burden if you choose to go for private student loans. It is a common case for almost every student aspiring for higher education. Consider all the factors carefully before you apply for one, read our student loans 101 guide, and make sure that you are wise with spending the money.
With oodles of confidence, a fiery passion for academics and all-around know-how of the workings of the world, you will surely be able to repay your student debt once you start earning a living after graduation. Good luck in securing a suitable private student loan to give wings to your scholastic aspirations!
Any questions on any of these best private student loans for 2021? Sound off below!
Are you interested in downloading the best money making apps that pay you real money?
Today I’m going to show you some new strategies to make some extra money fast simply by clicking a few buttons on your cell phone (in under 5 minutes).
The best part? A lot of these require no effort at all.
I get it.
Sometimes you need some extra cash to pay a bill or you’re trying to save up for something you want.
You don’t want to fall behind on bills and are wondering how to make money today or what apps pay you real money?
Sure, another 100 dollars earned today wouldn’t hurt.
We’ve all been there, but what do you usually do when that happens? This is an exhaustive list of things that anyone can do, today, in order to make money online fast through the best mobile applications I’ve found.
If you’re strapped for time, I’ll go ahead and share the best money making apps that you can add to your side hustle arsenal.
How to Make Money with Apps
Ready? I’ll only list legit ways that I’ve personally used to make money, and make it fast. We will first start with the quick wins, companies that’ll (legit) pay you money just for signing up:
SurveyJunkie: Makeup to $50 per survey in your spare time from home to take online surveys, participating in focus groups and trying new products. Join SurveyJunkie Now
Next, we’ll move on to other ways to earn with your mobile phone.
1. Survey Junkie (Best Money Making App)
iPhone: 4.5 – 17,660+ reviews
Android: 4.3 – 8,220+ reviews
Payment methods: Paid in gift cards, or cash via PayPal
Quick summary: With Survey Junkie, you’ll complete easy tasks to earn cash and rewards. If you like taking fun and interesting surveys, this is a good app for you. You can earn points that can be easily be redeemed.
Taking online surveys to make that extra money is a no-brainer!
You definitely won’t get rich or make thousands of dollars per day with surveys alone, but you won’t waste much time, and you can make some money the easy way. Here is my favorite (and highest paying) survey site:
Survey Junkie pays between $2 and $50 per survey, and many of them take less than 5 minutes to complete. So if you took on average 10 surveys per day, every day for a month, you could make $375+ per month. If you took more surveys a day — the possibilities are endless.
There are a lot of scammy survey sites out there, but Survey Junkie has over 11,000 positive reviews on TrustPilot, the highest of any survey site. It’s legitimate.
Payment methods: Paid in gift cards, or cash via PayPal
Quick summary: With Swagbucks, you can put cash back in your wallet for answering fun surveys and polls. You can also get free gift cards and cash for shopping and discovering content online. Plus, they’ll even give you a $10 welcome bonus.
Swagbucks is another great survey app to make some extra money in your free time. As a new member, you can earn up to $35 per survey!
They are known for giving out fun, top-paying surveys. And you can also get paid to play games and watch TV!
We all heard the old saying “time is money” right?
Instead of playing games on your phone like everyone else and feeling bad for wasting your time — now you can get paid for it.
Getting paid for playing games sounds like a dream. But if you download a free new app, and then download games from it and play, you earn money.
As you level up you can earn more money for cash rewards or gift cards.
This is a great opportunity for those looking to get paid for something they enjoy, like winning free gift cards and cash for playing games. I use it and it is legit and has over 35,404 positive reviews in the Google Play store.
If you’re interested, I recommend you download the app from the Google Play store for free by clicking here.
If you love the feeling of buying lotto tickets or scratch-offs and dreaming about the money you stand to win — then you would seriously enjoy playing Lucktastic (download for Android only).
This free app offers the same daily scratch-off cards that you find at your local convenience store — but here you can play for free and win real money.
I was hesitant at first but this gaming app has over 327,695+ positive reviews in the Google Play store.
You can win up to $10,000 in card cash prizes and there are daily $500 Amazon gift card giveaways. The threshold for payout is only $2 and you can get daily opportunities to win big when you download the Lucktastic app for free.
Gig economy workers are the real winners in the COVID-19 era, as the demand for food delivery is booming. If you wanted to cash in and earn over $20 each day — here are the best food delivery apps that pay the most:
DoorDash: DoorDash is the #1 food delivery app to make money delivering food. You can earn on your bike or even by walking and make up to $20 an hour.
Instacart: If you have a car then you can use it to deliver groceries with Instacart. Just log into the app whenever you want to make extra cash and the orders will come. You can earn $20 an hour.
Postmates: Postmates is another popular option to make money delivery groceries, takeout, or even alcohol. Plus, there is no dress code so you can wear whatever you want during deliveries.
If you do plan picking a delivery app to make extra cash in your free time, consider driving for multiple food delivery apps at the same time in order to be more profitable and make more money in between orders. If you haven’t yet, click here to sign up for Instacart, DoorDash and Postmates!
This free app will scan your emails for any purchase receipts from dozens of online retailers. You don’t even have to know about the price drop in order to get your refund. It’s 100% free and will save you a lot of money. I pocketed around $50 in the first few weeks of signing up. Remember, it’s 100% free!
MyPoints has been featured on so many publications like The New York Times, TechCrunch, Yahoo! and more (and for good reason).
You can earn money with MyPoints for shopping online, playing addicting games, taking surveys, and reading emails. This company has been around since 1996 and has already paid out $236 million to its 10 million members.
Plus you can get a $10 Amazon or Visa gift card just for being a new user. Just spend $20 or more using its shopping portal to redeem the bonus.
Once You Have $1,000 in Your Checking Account, Do These 5 Things
Once you built some cushion in your bank account — you’re on the right path. Money making apps can only get you so far, it’s time to think about longer-term financial goals.
What’s the next step you should take?
Here are ways to take your finances to the next level:
Leave Your Family $1M
Who doesn’t want to be a millionaire? While we don’t all have trust funds waiting for us, there is still a way to provide protection for your loved ones with up to $1 million in term life insurance.
Wouldn’t it be great if you could do this for as little as $8 a monthwithout dealing with all the hassle of wasting your time or money? You don’t have to have money in your pockets to get a free quote from Bestow.
If you’re interested, I recommend you sign up for more information from Bestow by clicking here.
Having money in the bank for emergencies can help you improve your financial standing. You’ll want three to six months’ worth of expenses in your emergency fund. Be sure to stash your money in the right savings account that’ll grow your money.
Start with a high-yield savings account like CIT Bank that offers a Savings Builder that will pay a great APY and still give you instant access to your money in case of an emergency. You can open it with $100 and deposit $100 a month to help you get to $1,000 in less than a year.
While you’re at it, why not increase your net worth with a free stock? Robinhood is a free investing app for your phone. I really mean free all around – free to join and they don’t charge any fees to buy or sell the stock.
Better yet, if you join through this link you can get a free stock like Apple, Ford, or Sprint when you join (must complete signup).
Fundrise is definitely one of the best passive income apps. This app was originally an iOS app and it has just become available on Android.
By downloading this app, you can start investing in real estate all around the US in as little as 30 minutes and it’s super easy to get started. Then you can literally beat the stock market year after year and start making money in your sleep
There Will Always Be Money Making Apps that Pay You
There you have it. If you’ve finished the list, you’ve just made at least $100 through these apps that pay you real money. We wish you the best of luck on your journey on how to make money!
Just remember, with most of these services, consistency is key, so be diligent about completing your daily check-in and continue to use the service if you want to earn more lucrative amounts of cash or gift cards.
It’s always better to use these opportunities as additional cash for smaller purchases, rather than to rely on them for a steady income.
If you didn’t claim your $5-10 cash bonuses already, don’t forget to check out the best signup bonuses below:
SurveyJunkie: Make up to $50 per survey in your spare time from home to take online surveys, participating in Focus Groups and trying new products. Join SurveyJunkie Now
Student Loans Advice can help you manage your student loans smarter and earn more money to pay them off. We are helping to transform the $1.6 trillion dollar student loan debt problem by showing you real rates from America’s community lenders. We’re ensuring thousands of borrowers are making educated financing choices and putting themselves in the best position to repay their student loans.