There are a lot of people who have student loan balances hanging over their heads. Are you one of these people? Here are some ways to quickly pay off your student loans if you are a homeowner in Milwaukee.
Stick to the Plan
If you can afford the original repayment plan, do it! Most student loan repayment periods are 10 years. If you try to lower your payment or refinance, this could add another 20-25 years of repayment! 10 years doesn’t sound very quick in general, but it is way faster than 30 years! You may also want to consider making biweekly payments. You will end up paying an extra month every year which will shave off extra interest and time of repayment.
Take on a Second Job
Another good way to pay off your student loans and to do it quickly is to take on a second job. As your current job can cover all your necessities and things you need in your everyday life, the income from your second job can go straight to your student loan balance. Sure, you may lose some spare time, but you will have a financial freedom in no time. If you want to speed up the repayment, apply at least half of your new pay to your student loan balance. If you can afford to apply all of it – even better! Make sure you have a good communication with your lender so that they know that you want your money applied to the principal. This will also help you lower the overall interest paid of your loan, as you are paying a big amount at a time. If a second job is too much for you, do some side gigs. There are some online bulletin boards where you can find all kinds of odd jobs that you could do. Freelancing online is also a good idea, and you can use that additional cash. All of this is a lot of work, but the benefits are worth it.
Sell Your Extra Stuff
Make a sale via some of many online sale apps and list your stuff that you no longer need for sale. Get rid of unnecessary clothing items you still have, sell the collectible items that may be worth a fine amount of money. If you are deeply in debt, think about selling your car so you can buy the one which is cheaper to maintain, or refinance your current car loan to have a lower monthly payment. Hold a garage sale and ask your family members to give you their unwanted belongings on which you can make some extra coin.
Sell Your House
If you are a homeowner in Milwaukee, 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 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!