Last Updated on March 1, 2023 by Maria Kennedy
Perhaps, the most frustrating thing about getting a degree is student loan. The sad reality is that the cost for studying at a public higher education institution is getting bigger every decade. Student loans are a nice option for students and their families who cannot afford to pay the bills on their own. Nevertheless, it was estimated that about four in every ten adult Americans graduate with a student loan debt, which has reached $37,500 last year, as was reported by the Federal Reserve Bank of New York. bit now you can pay a student loan while traveling.
Normally, a lot of fresh college graduates exhausted by four years of trying studies are eager to travel the world for new and exciting experiences before becoming a part of a company confined in a stuffy office. However, the student loan debt becomes a heavy burden of obligations, often killing the young freedom-urged ambitions. While during the studies a common plea at the most desperate moments could be “write my essay for me cheap”, at this stage, paying off the debts is getting the real nightmare, especially for the wanderlusting dreamers.
The good news is that combining the two endeavors is very much possible. Moreover, the Internet is full of success stories about a life full of adventures abroad and the paid off dept. Still, it requires some deliberations, planning, and a good travel budget strategy. Chek out these tips to pay a student loan while traveling.
Settle the Issues with Your Loan Provider
The first place to start from is the bank that gives you a loan. Clarify all the issues including the amount left, the payment schedule, the repayment plan you are enrolled in, and possible options. You can change the plan or even consider the opportunity of refinancing the student loan. Inform them about your plans and ask about the possibility to make payments from abroad and the fees involved. Get all the necessary information about possible bank accounts, transfers, fees, and delays associated with transactions. You will also need to update your student loan provider with the new contact information and set up auto pay.
Plan Your Budget
When you get the detailed financial information on your student loan debt, you will be able to create a budget. Be realistic! Consider the amount you need to pay off each month. Add it to your monthly expenses list and treat it as a mandatory payment that cannot be neglected or skipped. Calculate your possible income considering the bills and other necessary expenses to get a clear picture of what you can afford.
Now analyze your spending habits, correlate them with the approximate budget created in the previous step, and define the areas in which you could improve. Be reasonable, realistic, and honest. On the basis of these calculations, you can start making some plans and move forward to your dream.
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Traveling cheap is much more realistic than it may seem. In fact, the Internet is loaded with tips and pieces of advice on how to travel economically from experienced bloggers and travel writers. It is quite easy to save money while obtaining invaluable experience.
To start with, off-season is the best time to set on a trip. This is a period when airplane tickets and hotel rooms are much more affordable. Thus, do not rush to leave your home country in the middle of summer, when the vacation season is on its peak. Consider starting your adventure in winter.
Besides, you can have a range of sales, fare deals, and credit card rewards at your disposal to save on transportation and accommodation. Of course, it would take some time to research the issue and get the most beneficial option. However, patience and flexibility can help you a great deal in your plans.
Keep in mind that some parts of the globe are considerably cheaper than the others. Hence, with a student loan to be paid off, it would be very reasonable to choose some more affordable countries to start your exploration of the world. Remember that the more you save, the quicker you can pay off your student loan.
You can also cut down on costs in a foreign country if you live a modest lifestyle and adopt the habits of the locals. Instead of eating out every evening, buy products at marketplaces and cook food for yourself. Avoid expensive bars and restaurants meant for tourist pleasure even on weekends and opt for the locals’ favorite spots. Learn to use the public transport or walk instead of taking taxis. You can even find cheap housing that can replace a hotel room. Every penny you save on these simple issues will be used profitably for paying off your student loan debt.
Work during Your Trip
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Finally, you can combine business with pleasure and earn some money for the student loan pay-off. In fact, there are loads of opportunities for this.
- Volunteer programs like Peace Corps or AmeriCorp offer job opportunities in other countries with a set of possible benefits including a valuable record in your CV.
- You may secure one of numerous possible international jobs like a staff member on a cruise liner, an English teacher in some Asian or African country, a flight attendant, or a driveway driver.
- Another option is getting a freelance job. In fact, loads of travelers have managed to earn a considerable income due to such remote occupations and pay off the student loan debt much quicker than scheduled. If you make an effort to conduct some minimal search, you will find numerous offers for the freelance photographers, web designers, writers, editors, SEO-specialists, and others. All you need is a laptop, a great internet connection thanks to something like one of these optimum internet plans, and several hours per day devoted to the work.
As you can see, a student loan debt is not an obstacle to your dreams of exploring the world. It is quite possible to combine the two and even get additional benefits and prospects. After all, you can end up earning for a living as an experienced travel blogger or becoming a volunteering teacher in the country of your choice.
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