Create a timeline and manageable goals to pay off your student loans quicker!

Some of my graduated friends are paying off their school loans within 2 – 3 years and they have shared how they do it! My personal goal is to pay off my student loans within 2 years of graduating, and I’m eager to get on top of it now rather than later. After talking to my financially intelligent friends, this is what they recommend:

1. Pick up side-hustles.
This doesn’t have to be a chore – get creative to find something you’re interested in! This could be a weekend gig or an in-between class type of job. Whatever you can do to increase your income definely helps your financial status –it’s the fist step. The next step mastering how you take care of your money or make your money work for you. But we’ll get there.

2. Skip the Extras
This is everybody’s least favorite part of paying off loans (besides giving gobs of money away at a time). I firmly believe that you don’t have to skip your daily coffee to be financially successful. However, in this particular stage of your journey to wealth, you have to pack lightly –which means make your own coffee for a while. Here’s some ideas to lower your expenses:

• Get rid of your premium account on Spotify.
• Do your own manicures.
• Try tanning lotion rather than a monthly tanning membership.
• See if a parent will contribute to your financial success –ask them to pay for your Netflix.
• Ditch cable – get Netflix or Hulu.
• Ride your bike or walk when possible 
• DON’T EAT OUT (so much)! Start saving on groceries.
• Comment below with more ideas!

3. Get a Roommate
If you’re following the Magical Formula for Financial Success, you’re trying to maximize your income and lower your expenses. A huge way to save on your monthly spending is to find a roommate. A great website that connects you with potential roommates is http://www.roommates.com.

4. Make money while you sleep.
There are TONS of ways to make money online, and my favorite is the idea of making money while you sleep. If you create a blog, video, membership site or downloadable file (such as an e-book or PDF), people around the world are viewing your content and making you money. Find what you have that others want and sell it online.

5. Pay off your subsidized loans first
The difference between subsidized and unsubsidized loans is that the government is paying the interest for you while you’re in school with subsidized loans. With unsubsidized loans, the interest keeps accumulating while you’re in the classroom. These are the loans you want to pay of AS SOON as you can.


All of these tips are simply creative ways to follow the Magic Formula for Financial Success. Have you found more ways? Share it with us all in the comments below!

Keep growing.

-College Cents