5 Ways to Pay off your Student Loan Debt!

My student debt (as of graduation) is almost $40k. The current average for student loan debt is $25,000. A few years ago when I started this blog, the national average was $19K. I consider my debt modest compared to others who have graduated with $100k+ debts.

I intend to consolidate as much of this as possible in the next few months, and I figure that with me aggressively paying off the debt (re: more than the minimum), I'll be completely loan free in 2-5 years. (You can check out this Student Loan Calculator from CNN Money to see how long it'll take for you to pay off your debt.)

There's also a lot of loan re-payment programs and options available for those with student loan debt.

1) Teach for America

Most corps members are eligible to receive an education award of at least $5,350 after successfully completing each year of teaching (totaling $10,700). You can use the education award toward:

Repayment of qualified student loans (a loan in your name that was provided through a federal or state agency)
Payment of current or future educational expenses at a Title IV institution of higher education (includes most colleges and universities).

You might also be eligible for loan forbearance while serving in AmeriCorps. Loans that are in forbearance still continue to accrue interest. AmeriCorps will pay 100% of the interest that accrues on your qualified student loans (those provided through a federal or state agency) while you’re in the corps. Interest payments will not be deducted from your AmeriCorps education award.

2) Teach English in Another Country.

EPIK is a South Korean government run program that offers things like: airfare reimbursement, possibly paid housing, and potential earning bonuses. I have a friends who's been teaching in S. Korea for nearly 4 years now, and the only reason she has student loan debt is because she's been too busy traveling all over Asia!

Many students who turn to TESL (Teaching English as a Second Language) do it abroad because countries like S. Korea have modest living costs compared to most American cities, and the demand for Native English speakers is high. (Actually, if I can't get a decent gig in a year, I'm probably going to apply for this.)

3) Work for the Government and let THEM pay your loans!

Administered by the Office of Personal Management, if you work with a qualified US GOV dept you can get up to $10,000 in loan repayment A YEAR! To top it off, you'll get a nice coozy desk job and all the donuts you can eat ^_~

4) Sell your eggs/sperm/plasma!

Average payment is between $4,000-$10,000 for women's eggs. Now, this process includes fertility treatments, check-ups, and extraction, but for the right person with the right characteristics, this could be a VERY profitable option for them.

If you are a healthy 18-40 year old man, it is conceivable that you could be earning up to $1,200 a month. (Yes, all that for just have 'private time' with a cup.) Check out this list of sperm banks throughout the US if you're interested.

Selling your plasma can be extremely profitable, if you know what you're doing. I used to be a part of a study program that would vaccinate me and then harvest the antibodies that my plasma produced over several months. I was paid a little over $70/wk for 2 visits (4 hrs average). Throw in the free vaccination ($20-$200) and I was getting paid for my healthcare! (My Dad actually made $100/wk, payments vary on what type of vaccinations you qualify for.) Check out this link to find out more.

5) Tutoring Online.

According to tutor.com, a Chemistry tutor can average anywhere from $700-$1,200 a month working consistent part-time hours on their site. There's several sites out there, including eTutor.com, which also offer graduates a chance to offer their newly obtained skills to those still in school. Add this income to any regular job you have, and you'll easily pay down your debt and save up, in a matter of years.

Don't forget: If you meet income reqs, you can take a tax deduction of up to $2,500/year for interest on your loans. If you'd like to read more about this, check out investopedia's page on it!