An Underrated Tool for Paying Off Your Student Loans
Need a little help paying off your student loans? Here are five ways to help get out of debt.
According to the Federal Reserve, in 2019, over 40% of adults aged 18-29 had student loan debt. Repaying these loans can be a daunting task, but unconventional approaches like gig work platforms such as the Bacon app can provide a reliable tool for building a more independent future.
1. Flexible Scheduling with the Bacon App
As a recent graduate, you may be enrolled in further studies, internships, or might be on the job hunt. The Bacon app allows you to work flexible hours, fitting around your other commitments. This flexibility ensures you can start chipping away at your debt even before landing a full-time job.
2. Diverse Opportunities for Varied Skill Sets
Whether you studied arts, business, or engineering, the Bacon app provides a variety of jobs across different industries. It's a chance not only to earn but also to apply and enhance the skills you've learned, all while working towards becoming debt-free.
3. Boost Your Repayment with Supplemental Income
Having an additional stream of income can significantly speed up loan repayment. The Bacon app can complement your primary job, providing that extra cash to meet monthly loan commitments or even make advance payments. The U.S. Department of Education’s Office of Federal Student Aid suggests that paying more than the minimum amount can reduce the loan's total cost. Even a few shifts a month can make a meaningful difference in your monthly income, and therefore your monthly loan payments.
4. Learn Financial Discipline
Working gigs can teach you about managing irregular income streams. By setting aside a specific percentage of your earnings from the Bacon app directly for loan repayment, you cultivate financial discipline – a skill that benefits you long after the loan is repaid.
5. Connect with Employers and Build Your Network
As you take on various gigs via the Bacon app, you interact with different employers and professionals. Networking can open doors to full-time job opportunities, potentially landing you a job that not only aligns with your career goals but also offers benefits like student loan repayment assistance.
Student loans don't have to be a neverending burden. By harnessing the power of gig work platforms like the Bacon app, you can strategize your loan repayment while gaining valuable experience and skills. So, as you embark on your post-college journey, remember that every bit counts, and the road to financial freedom might just be a gig away!