Aug 25

How To Pay For Student Loans – Be Debt Free

How to Pay For Student Loans

College can be extremely expensive and often times students need a little help paying for it. Student loans are sometimes unavoidable, but you shouldn’t have to be a slave to student loan debt for the rest of your life. After all, you got a college education in order to better your life, right?

If you are wondering how to pay for student loans, the following are just a few simple ways that might just help you pay them off faster.


Ask Your Employer to Pay Off Student Loans

This may seem like a far-fetched idea, but many people do ask for assistance from their employers when it comes to paying for their education. Not all companies/employers can do this of course, but larger companies are often more than willing to negotiate a student loan payoff.

How to Pay for Student Loans
If you are in the interview process with a potential employer, you might want to bring it up and negotiate a lower starting salary in exchange for a loan pay off. The company is essentially investing in you when they agree to do this.

If you have been with the company for a while, you might consider asking them for assistance paying off your loans. Explain that you have been a loyal employee for X amount of years and you wish to continue moving forward in your career. The best time to bring this up would be at your annual review.


Have Your Payment Auto-DeductedHow to Pay for Student Loans

There are two reasons this is a good way to pay off your student loans. The first one is obvious… it insures that you actually make payments every month because it is automatic. You don’t have to think about it and after a while, you get used to working with the remaining balance in your bank account. This makes it easier to not accidentally spend your money before you’ve made your loan payment. Try to figure out the highest amount you can put towards the loan (the higher the better) and make that an automatic payment. Your loan will start to vanish that much quicker.

Another reason that Automatic Payments are a good idea is because many lenders (and all government lenders) will offer a lower interest rate for those who make their payments this way. A lower interest rate could cut years off of your time in debt.


Apply Your Tax Refund to Your Loan

Everyone loves getting a refund from the IRS when tax time comes around and most young people straight out of college end up getting a refund. Instead of going on a spending spree or buying the latest video game console, consider putting that refund money towards your Student Loan. After all, a refund is actually just money you overpaid to the government, so it was yours all along and if it was in your possession throughout the year you would be making larger payments to your loan.

You can also implement this strategy when you get any type of “bonus” at work or fall into a sum of money (maybe you play the lottery). While getting a bonus at work is always great, paying off that student loan faster will be better in the long run. My suggestion is that you take a small percentage of the bonus and treat yourself (a date night or a new outfit), but put the rest immediately towards your student loan.


Create Passive Residual Income

This last strategy is actually a great one that can set you up for a more lucrative future even after you pay off your student loan. Passive income is great because money continues to roll in after the initial work has been done.

Check out my article for more information on Passive Income

The concept of passive income is relatively simple. Think of it as a vending machine vs a fast food place. A fast food restaurant can only make money during the hours in which it is open and operating. With a vending machine no one needs to be present for it to make a profit. The “work” (inventory is stocked in this case) has already been done earlier allowing income to roll in even at midnight when the owner is asleep.

How to Pay for Student loansOne of the easiest ways to create passive income is to build a website and monetize it. Once you have a website up and running, you will have to create content in order to get visitors to your site. Here’s where it becomes “passive”… visitors may come to your site at any time, not just when you are “working on the site.”

While building a website and making money with it may seem impossible, it doesn’t have to be. Check out my Number 1 Recommendation for learning exactly how to do this. It’s a step-by-step course program (much like college classes) that won’t leave you in a pool of debt. Cool, huh?

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Generating Passive Income

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– What is Passive Income –

As the job market gets tougher and tougher to enter, many people are trying to find a way to create passive income online. But what exactly is Passive Income?

Create Passive Income Online

Passive Income is income that is generated after the work has already been done…..  It is sometimes referred to as residual income and in some cases is also recurring.

While money comes in regardless if any work is being done at the moment, the fact is that in order to begin creating passive income, one must put in the time and work ahead of time.  Think of it like this:

Active = work and time (this ALWAYS comes first)

Passive = Income (this is the result of the time and work)

After getting a business set up and running, the income will continue to flow in without more work needing to be done.  Although it is always a good idea to keep working at your business and finding other sources of passive income to tap into.  That way if one of the sources dries up, you will have others to rely on.

Recently I went through the historic flooding in Houston after Hurricane Harvey came to Texas.  While I was attempting to keep water out of my house and was without power for a while, my online business was continuing to work for me.  I actually made $98 one day during the storm.  That is the essence of passive income.

 



– Finding Sources of Passive Income –

Overall, the best sources of passive income are affiliate programs. Getting into the affiliate marketing business is the easiest way to get started. There are a ton of affiliate programs out there in almost every niche (product category) imaginable.

I’ve listed some common sources of passive income below:

1.Survey Site Referrals – Getting a ton of referrals at a site like PaidViewpoint.com will generate passive income.  Your referrals will continue to make you money even when you are not online. The site makes it easy to earn money by completing simple, quick surveys… so getting referrals is a breeze.

2. Affiliate Program Referrals – If you are a member of Wealthy Affiliate, you can get passive income recurring every month from anyone that signs up under you. That’s $23/month per referral. Programs like Avantlink also have a great referral program.

 

Create Passive Income Online

 

3. Selling Affiliate Products – Creating a website that has product reviews with affiliate links is a great way to make passive income.  Once you have put in the work and built out your site, traffic will continue to roll in and you will make commissions from any sales.

 



– My Favorite Source of Passive Income –

Click the Banner below to set up your free account and get started creating passive income online.  This is my favorite source because it literally teaches you STEP by STEP how to create your business and become successful.

The creators of this incredible educational program set you up for success. They have designed a training program that not only teaches you everything you need to know, it also allows you to earn money while learning. No traditional college or University that I know of does that. If you are looking to supplement your income or create passive income, sign up for free today and get started.

 

 

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