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 Minneapolis St Paul.
Stick to the Plan
If you have an original student loan plan of how you are going to pay it back stick and have the funds to do it, just do it. Most federal student loan repayment periods are ten years and are at a lower interest rate. If you can not make those payments, you could try to lower your payment or refinance to student loans. This could add another 20-25 years of repayment and cost you thousands of dollars you may not have! Ten years doesn’t sound very quick in general, but it is way faster than paying over30 years! You may also want to consider taking on a biweekly payment schedule. You will end up paying an extra month every year, which will shave off additional interest and time of repayment, that money in your pocket.
Take on a Second Job
Another way to quickly pay off your student loans is to take on a second part-time job. We are assuming your current job can cover all of the necessities, including mortgage, utilities, insurance, taxes, etc… With a second job, you could put that income directly on your student loan balance. You may lose some of your personal spare time, but just think of the financial freedom you will have after paying down your loan! Apply at least half of your income from the PT job towards student loan balance to speed up the repayment process. Make sure you communicate with your bank, or whoever has the note for our student loan, that you want the money applied to the principal so they don’t apply it to the next payment instead. Making principle payments will also lower the interest paid on your loan, taking big chunks out of the principles balance. If you do not want to commit to a second job with a rigid schedule, you could pick up side gigs depending on your personal skill levels. There are online bulletin boards where people can post random odd jobs they need help with. These jobs can be at businesses or ever person homes that mat needs something done. By doing these things, you can put that extra cash straight on your student loan balance. This will be a lot of work, but the benefits would be freeing when the loan is all paid off.
Sell Your Extra Stuff
Being a home owner you may have extra stuff around. Take advantage of online yard sale type apps, craigslist or even ebay to list your extra unwanted stuff for sale. The old saying is true, someone’s junk is someones else’s treasure. Go through your closets and even things you think you should just throw away list them for sale. You may be surprised at what sells. Get rid of clothing you do not wear anymore or collectible items that may be worth some extra money. These can be hard decisions to make, you may think that your collectible item you really want to hold on to, but think about the student loan and what it costs you every month it’s out there. Maybe consider selling your newer car with higher payment to get a more affordable one with better gas mileage and lower or no payments. You can always try to refinance your current auto loan to have a lower payment each month. You could also hold a local garage sales as often as your city allows and ask friends and family for their unwanted belongings to add to your sale. the more creative you are, the better chance we will have at paying down that student loan
Sell Your Minneapolis St Paul House
If you own a house in Minneapolis St Paul, the easiest and quickest way to pay off your student loans and gain some freedom is to sell your house and take the funds to pay off all your debt! Depending on who you talk to, you may even be able to negotiate with the house buyer into paying a majority of the closing fees. When selling your house and having your closing fees taken care of, you will have more money to put towards your student loan balance. Selling your home now and paying off all your debt, including your student loan, will give you a chance to catch your breath. Take into consideration downsizing your home now to pay off those loans and have more money for the future. Then you can also take advantage of the low-interest rates that are out there now when you decide on looking for your new home. You will be able to invest thousands of dollars towards paying down the student loans, or hopefully, pay off the balance in full. Then find a different house to live in and save extra money with the lower interest rates on your new mortgage. 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!
Call Minnesota Cash Home Buyers at (612) 444-5088 or send us a message today to discuss how to quickly pay off your student loans if you are a homeowner in Minneapolis St Paul.
We at Minnesota Cash Home Buyers pride ourselves as creative consultants in helping people out of unpleasant situations. Our company in the most basic form, buys house for cash. But, on a much bigger picture we help to give people options for their situations that they might not have thought about.
We know people get over their head with the excitement of home ownership and may have purchased to much house or with all the pressures of bills hitting them, can not do all the repairs a house to keep it up. Owning a house in Minneapolis St Paul is expensive and holding costs are going up everyday. There are only two ways to combat this
- Reduce your bills
- Sell the house with all the things that need repairs
We have helped people sell their current home and they were able to pay off their debt and then helped them find a new home at a lower interest rate that cost them less to own. Its not an easy process and doesn’t work for everyone, but its an option. You have nothing to lose, reach out to one of our local Minneapolis St Paul staff members and tell them your situation. Who knows you might be able be done with your student loan issue this month.