How to Pay Off Student Loans While You Travel

18Sep 2019 by ESL Expat No Comments

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Student loans are very helpful for anyone interested in advancing their education, but have you ever thought of how hectic it may be to paying off the loan? These loans may take most of your time that could have otherwise been spent with friends, family, or even traveling to places.

Here are some essential tips that will give you the freedom to travel and pay off your student loans.

Looking at the amount of loan you are to pay before traveling

Traveling is a very beautiful thing to think of, especially away from the normal life working schedule, but this will not be possible if the bills and loans are on your mind. To avoid stress while traveling, you need to look at the debt that you have and consider refinancing your student loan.

This will help you switch to a new payment plan that won’t strain you and allow you to pay it off as you are traveling to different places.

Combing your student loans

If you have more student loans that you pay differently, you can combine them into one big loan. This way, you will know the total amount of money you are required to pay for the entire student loan. Therefore, it is essential to choose the best payment plan.

Combing your student loans will also make it easy for you to pay your loans as no loan is left unpaid.

Having a savings account for the trip

This seems time-consuming, but did you know that saving up for your upcoming trip gives you time to prepare psychologically and also get the best of the trip?

While saving, you can research places to travel, the cheapest time of year to book your flights, and the approximate amount of money that you will spend during the trip. With a high-interest savings account, you can reduce the student loan and go on the trip with some peace of mind.

Working as a freelancer

You may have a profession that earns you a monthly salary, but have you ever thought of earning some extra money on the side?

Freelancing gigs allow you work freedom, as the name suggests, at your preferred time. Freelance jobs, like on Upwork, allow an individual to choose the type of job they are skilled at. You can work as a freelancer from any part of the world even during a trip.

There are dozens of work opportunities on the Internet. For instance, you can teach English online and help students with their assignments. If you are good at writing content or essays you can join such companies as Pro-Papers to earn extra money.

By doing freelance work online, not only can you pay off your student loan, but you can also cater to your travel expenses.

Cutting down some cost

Cutting down on some costs can be difficult, especially when you are used to a luxurious life. Some people will wonder if it’s necessary to cut down on cost thinking of the discomfort that comes with it.

Yes, imagine if you walk instead of using a taxi for short distances in one month and go to a public park that requires no payment for about 2 months. See how much you will save.

Other costs include switching off the AC during the winter and switching off lights in the summer during the day. The amount you save can then be used for paying for travel expenses.

The great thing about cutting costs is that it can be done even during the trip. If you are a person who isn’t obsessed with luxury, you can opt for a cheaper hotel that will help cut down your costs.

Volunteering for programs and scholarships

Volunteering for programs and scholarships can either be part-time or full-time depending on one’s choice and schedule. This way, you can work as a volunteer for about 2 years, depending on the organization before going on a trip. Some volunteering non-profitable companies are like the Peace Corps and Americorps where you get paid after volunteering.

Getting a working holiday visa

Most people would love to relax during the holiday, but did you know that it’s the time when you can earn the most?

When you get a holiday visa to work in a place like Australia, you will get paid between $13-$25. By doing so, you will get to travel and also earn tips in hotels as a waiter or waitress.

Also, there are additional hidden costs that you should be aware of when you are working on holiday in another country. First, remember to include the exchange from one currency to another. Second, know the transfer charges from an international bank to a local bank. This will help you know how much extra cash is required when paying off your student loan.

Lastly, remember to put all these tips into consideration. By doing so, you can have an amazing trip and still pay off your student loans.

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