When it comes to further education, there’s no escaping the fact we have to borrow some money. University tuition fees cost thousands, and there’s little in the way of financial help. The most common route to lending is by taking out student loans.
These days, student loans can often reach five-figure sums. When people graduate from university, they have to find a way of paying their student loan debt back. As you can imagine, it’s a hard struggle if you’re looking for work or already have debt to pay.
The good news is there are plenty of simple ways to clear a student loan debt. For the most part, the answer is to use different approaches to paying the money back. If you’ve got a student loan you need to clean, take a look at these handy examples to help you get started:
Get a well-paid job
It might seem obvious but if you can get a job that pays above the Minimum Wage you can pay your student loan debt off fast. Of course, that’s assuming you don’t have lots of other debts to pay as well!
When you start working your student loan debt gets paid back each month through PAYE. You’re allowed to make overpayments so that you can pay it off faster.
Consider debt consolidation
What happens if you’ve got other debts to clear? And what if you’re “sailing close to the wind” from a financial standpoint? One option is to consider taking out a debt consolidation loan. How that works is simple. You borrow a single amount of money and use the funds from it to pay off your other debts. Debt consolidation loans are especially useful if you’ve got high credit card debts.
As you may have guessed, you can also use the money to pay off your student loan. The result? You only have one debt to pay, and you have more available funds each month.
Do some freelance work
If you’ve got a job already, you could think about doing some moonlighting as a freelancer. Thousands of people do freelance work “on the side” and the extra income will come in useful for you. Using the freelance income to pay off your student loan debt makes sense. Especially if you’ve got a large debt to pay back.
Sell any unused valuables
Did you know that many people have a plethora of valuable items they never use? From electronic goods to musical instruments, you’re bound to have something you can sell. In fact, many people have several thousands of pounds worth of unwanted items. All those things do is just gather dust and waste space in one’s home.
Have a rummage through your possessions. I bet you’ll find some items you could sell that are worth a lot of money. This is perhaps the easiest way to clear down your student loan. That’s because it takes little effort to sell something. And, best of all, you won’t have to pay any tax on the proceeds!
For help and advice with your student debt please visit the Money Advice Service.
DISCLAIMER: These articles are for information only and should not be construed as advice. You should always seek advice prior to taking any action.