5 Creative Ways to Repay Your Student Loans | 09.27.11

Posted in Repayment, Student Loans By Student Loan Network Staff

Man Holding Help Me Sign
Student loan repayment is a constant struggle for many students and grads. From working 2 jobs to cutting back on other expenses, repayment is no easy task. That’s why we’re bringing you some creative solutions to solve your financial woes.

1. Start cyber-begging

It’s becoming more and more common to see students start their own blogs and websites dedicated to soliciting donations for their student loan accounts. This is now known as cyber-begging. If you’re even a little web-savvy, this could be a great way to share your story with the world. Keeping a blog lets donors know how you’re progressing in your career, showing them they donated to a worthy cause – you.

2. Join an existing repayment site

If blogging or web development isn’t your thing, don’t sweat it. There are existing sites that do the grunt work for you. One such website it Lily’s List. Started by four mothers wanting to make a difference, this student loan gift registry allows people everywhere to donate to a student’s loan. There is a $15 membership fee, but well worth it for students with family and friends willing to donate.

Another website that offers a similar service is SponsorMyDegree.com. This website allows students and grads to either pay off their current tuition or repay their student loans through the donations of sponsors. Sponsors can be people you know, complete strangers, or even corporations. It’s free to register, so why not?

You should also note that registering for these site won’t guarantee you money. You’ll have to work hard marketing and promoting your cause to make the most of these sites. Utilize Facebook, Twitter, reach out to companies or organizations you associate with, and spread the word! You won’t reap the benefits without a little effort.

Tip: If you set up your own sponsorship page before your graduation, you could get a lot of help when it comes time for graduation season! Ask that instead of gifts, family and friends donate to your page. It can even be as easy as setting up a PayPal account!

3. Volunteer

Way back in March we posted a blog on how to Volunteer Your Way Out of Debt. There are pilot programs popping up nationwide that allow graduates to work off their loans with local non-profits. The idea is that qualified volunteers spend their time helping out non-profit organizations, and in return, can earn money towards paying off student loan debt. it’s a win-win, no? For more information on these programs, read Volunteer your Way Out of Debt.

If these pilot programs are not in your area, there is always the option to serve through an established volunteer program such as AmeriCorps or Peace Corps. While they do require you to serve for a long period of time, these programs offer student loan forgiveness incentives.

4. Go viral

Rebecca Black got famous for having a terrible music video with an annoyingly catchy song- if she can catch America’s attention, you can too! Start a vlog and see where the internet takes you; who knows, you might become famous for some hidden talent!

5. Become a professional poker player

Professional poker players can make upwards of $1 Million per year. Just sayin’…


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32 Responses to “5 Creative Ways to Repay Your Student Loans”

  1. Jennifer says on February 23, 2012 at 2:19 pm:

    Lily’s List – The Student Loan Gift Registry, is now FREE to REGISTER! If you have a student loan, check it out for free to see if it can benefit you as a creative way to pay down your student loan debt. http://www.LilysList.com

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  2. Kim says on October 4, 2011 at 5:21 pm:

    Wow

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  3. Allison says on October 4, 2011 at 3:22 pm:

    #5 is hilarious…if only it were true, maybe we wouldn’t need to even go to college…=P

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