How to Repay Student LoansCredit: http://www.istockphoto.com
In August, I set what I thought was a goal to pay off my student loan by the following August. Over the years I’ve obtained nearly $55k worth of student loans. For years I thought paying them off before 30 years was impossible. After I read another website where a guy paid off his large student loans, I realized that maybe this wasn’t an impossible dream.
So I started coming up with ways to make extra money online. I wrote and published 2 eBooks on Amazon and created a niche and authority site. However, after sitting back and trying to figure out where I went wrong, I realized I hadn’t set any real goals.
What really is a goal?
What I was doing was wishful thinking and not goal setting. To be a goal, your idea must be:
Specific, Measurable, Attainable, Realistic and Timely
The only thing that was really specific was that I wanted to pay off $55k in student loans by August 2013. I never really specified how I was going to do that and the methods I was going to use to measure if I successfully met my goal.
We already know I want to pay off my loan, but how am I going to go about doing that?
- Earn 10,000 Swag Bucks a month to receive a $100 PayPal gift card
- Begin writing here on Info Barrel and publish 30 articles a month for a minimum of $15. Although there isn’t a guaranteed payment you’ll receive, many people have reported earning $.50 per article per month.
- Make at least $100 per month with Cash Crate.
- Continue to add content to niche authority site to increase traffic and earnings. Also become a mystery shopper. These are not guaranteed earnings but if they do start to make money, that amount will be applied to the loan balance as well.
Are these goals attainable?
Yes, however I think the hardest goals are going to be getting that many Swag Bucks in any given month. I do feel that they are attainable because I can use the time I’m already watching TV or doing nothing to earn some money online.
Are they goals realistic and timely?
Making $270 a month (amount of student loan payment) is realistic. I also think if I made more sacrifices I would be able to pay off the full amount in a year as well.
Since I will need to earn a specific amount each month, the goal is timely as well. I will know at the end of each month, when it’s time to make my payment, whether I met my goal or not.
Paying back student loans is a lot harder to get one. However, with some hard work and persistence, I do think I will be able to reach my goals.
Have you paid back a large amount of student loans? If so, how did you do it?