There are many people in the US with student loans weighing them down. The debt crisis is in the TRILLIONS! Are you one of these individuals? Here are some ways to quickly pay off your student loans if you are a homeowner in Kansas City.
Stick to the Plan
If you can afford to make the payments on the original 10-year schedule, it is best to continue doing so. By refinancing the loan, which can be a good option to reduce the interest rate, you may end up with a longer-term loan. 10 years is a long time to pay, but it is much shorter and cheaper than 25 or 30 years. If your interest rate is pretty high and you dont want to refinance, you can even save money by making bi-monthly payments of 1/2 of your regular monthly payment.
Take on a Second Job
Another way to quickly pay off your student loans is to take on a second job. Since your current job can cover all of the necessities now, your second job income can go straight to your student loan balance. You may lose some of your spare time, but just think of your financial freedom! Apply at least half or ideally all of that money to your student loan balance to speed up repayment. Make sure you communicate with your lender that you want the money applied to the principal so they don’t apply it to the next payment instead. This will also lower the overall interest paid on your loan since you are taking big chunks out of the balance.
If you do not want to commit to a second job with a schedule, you could pick up side gigs. There are online bulletin boards where people can post random odd jobs they need help with and you can put that extra cash straight towards your balance. This will be a lot of work, but the benefits are worth it.
Sell Your Extra Stuff
We all have extra stuff just laying around unused. Perhaps it is time to take a hard look at your possessions and start to sell things that you no longer need or want. There are many online marketplaces such as Facebook marketplace, craigslist, eBay and more. Perhaps you can have a garage sale and sell a lot of things all at once. Each item may only add up to a little bit of money, but collectively this can be thousands of dollars in your pocket that you can put towards the loan.
Sell Your House
If you are a homeowner in Kansas City, the easiest and quickest way to pay off your student loans with a big chunk of money is to sell your house! You may even be able to negotiate with the buyer paying a majority of the fees to have more money to put towards your balance. Take into consideration downsizing now to pay off those student loans and have more money for the future. You can also take advantage of the low-interest rates when you are looking for a loan for your new home. You can put thousands of dollars towards your student loans, or hopefully, pay off the balance in full, and find a different house to live in, and save extra money with the lower interest rates on mortgages. You will also save in some unexpected places, like the electric and water bill and the actual time it takes to clean your house. You might be able to find a smaller, more energy-efficient home closer to your work and save you time and gas money every day!