Once you’ve paid off the first debt, move to the second-smallest balance. Take everything you were putting toward the first one and add it to the minimum of the second balance. Once that debt is paid, move on to the next one and repeat the process until you’re finally out of debt.
This might seem like it will take forever, and I admit it will not happen overnight. But as you work the debt snowball method, you’ll feel the progress you’re making as each student loan disappears. Knocking those smaller loans out first will give you a couple of quick wins and help you stay motivated to start taking down the bigger student loans.
5. Apply Every Raise and Windfall Toward Paying Off Your Student Loans
What do most people do when they get a raise or come into a windfall of money? They blow through it like it’s nothing. Their living expenses get voluntarily increase and then it feels like they didn’t get a raise.
Forget the new TV or shoes you want. Take the extra income and apply it to your loan. If you know you can already afford to pay the bills, any extra cash will get you out of debt faster if you apply it directly to the loan instead of living a little more lavishly. you can do that once the loan is paid off!
6. Get a Side Hustle
Is your income the biggest hurdle for paying off your loans? Pick up a part-time job on the nights or weekends that can help you stack cash quickly. Use that extra cash directly on your student loan debt There’s a ton of side hustle options out there such as driving an Uber, walking dogs, babysitting, or having a yard sale and using the proceeds to pay off an extra month’s worth. Every bit helps.
