Having student loan debt is almost as common as having a Netflix account. You spend your four years working hard to get a college degree that should land you a well-paid job, only to find yourself struggling to repay your loan when your first job doesn’t give you the huge paycheck you were expecting.
Why not start a business instead? You might think that starting a business is the last thing you should be doing when you’ve got debt to clear, but you’ll be surprised at how many people are out there making it work for them. Still not convinced? Read more about how you could start a business while repaying your student debt below.
Consolidate Your Debt
The student loan situation in the United States is dire. After mortgage repayments, student loans are the second most common source of personal debt. It’s not all bad news though, and there are various schemes available that can help you reduce the amount you pay back each month. By consolidating your loan, you can easily reduce your monthly payments to make them more manageable and to free up cash for your business. It might take you longer to pay it back, but it will make your short-term finances easier to manage.
Alternatively, you could consider refinancing your loan at refinancestudent.loan and reduce the amount of debt you pay overall – particularly if you studied a medicine-related degree. It could be the right solution for you if you’re serious about starting a business.
Throw Yourself Into It
To make a startup business a success, you’re going to need to throw yourself into it 100%. It’s going to take everything you’ve got to make a go of it so that you can start earning your own living and pay off those student debts for good. Be prepared for late nights, a rubbish social life and feeling like you want to pack it all in for a mundane office job. Keep the end goal in sight, and your hard work will pay off.
Be A Budget Master
When you set up your own business while tackling student debt you’re going to need to become amazing at budgeting. You’re going to need to stretch every penny to make sure you don’t accumulate further debt. There’s plenty of useful advice out there for helping you to budget for your business, and you should try to seek investment and funding wherever possible. Being sensible with your finances will be a good skill to have, helping you get your business off to a good start so that worrying about money isn’t an issue.
Starting your own business is like jumping into a shark tank with several others just like you. You need to be fearless and determined to make it out alive. With the right attitude and a good work ethic, your startup could be the one that makes it among all that competition. Take control of your future now and don’t let your student loan debt hold you back from achieving your goals.