If you graduated from school owing a boatload of student loan debts we might not have to tell you the effect this can have on your life. But it might be even worse than you think. American Student Assistance recently surveyed young college graduates and found.
- 27% of respondents to ASA’s survey said that they found it difficult to buy daily necessities because of their student loans;
- 63% said their debt affected their ability to make larger purchases such as a car
- 73% said they have put off saving for retirement or other investments; and
- The vast majority—75%—indicated that student loan debt affected their decision or ability to purchase a home.
Survey respondents indicated that in addition to limiting their ability to make major purchases, student loan debt also impacts their important life decisions:
- 30% responded that their student loan debt was the deciding factor, or had considerable impact, on their choice of career field
- 29% indicated that they have put off marriage as a result of their student loans
- 43% said that student debt has delayed their decision to start a family
If you’re on the 10-year Standard Repayment Plan you’ll be paying on those student loans for 10 years. That’s a long time to be struggling with debt. The simple fact is that the faster you can get your student loans repaid, the better your life will be. While there are a number of “conventional” ways to earn extra money to pay off student loans such as getting a second job, pet sitting, substitute teaching or starting an online store, there are also some seriously unconventional as ways to pay off those loans and much faster than 10 years.
Join the Peace Corps
Would you be interested in both paying down your student loans and seeing the world? Then join the Peace Corps. This could lead to the cancellation of up to 70% of your Perkins student loan debt. However, if you have a Stafford or consolidated loan this program is not quite as wonderful but you would get a full deferment for up to 27 months. Plus, this would give you something positive to put on your resume and would earn as you learn.
Become a human lab rat
One young man who was more than $100,000 in debt volunteered to become a human lab rat for pharmaceutical companies. He participates in paid medical studies such as one where he was paid $3000 to stay at the facility of a pharmaceutical company in a room with seven other people for 14 days. During those two weeks he took arthritis pills every day and then provided urine and blood samples every hour so researchers could study how effectively the medication was being absorbed into his bloodstream.
In yet another study, this young man received a breast cancer medication via IV injections so that researchers could see how his heart reacted to it. The pharmaceutical companies provide insurance to cover any complications caused by the drugs that he takes but he says that being a lab rat is still kind of scary.
Do mystery shopping
You can actually make decent money as a mystery shopper. However, when you first sign up you’ll probably get sent only to places such as fast food restaurants, oil change outlets and other opportunities that do not pay very well – probably between six dollars and $15 per assignment. However, if you stay with the program you will eventually get sent to more highly paid shops and stores. One mystery shopper was recently sent to evaluate opening night at a local racetrack. His compensation not only included general admission to the track, valet parking and money for three bets but also a buffet dinner and alcoholic beverages for two. In addition, he earned $60 for his time.
There is also a new kind of mystery shopping opportunity called Beer ID. If you are age 30 or younger your job would be to try to purchase beer and cigarettes and then record if the clerk asked for your ID. These assignments pay anywhere from $5-$30, plus you are reimbursed for any items you purchase. We know of one person who was able to earn $5000 in one month through Beer ID.
If you think you’d like to be a mystery shopper here’s a video courtesy of National Debt Relief that explains its basics.
Get a job overseas
The job market in some overseas countries is much healthier than here in the states. There are jobs outside the US where you would get your meals and accommodations free at least for a few months, along with a tax-free salary. We know of one young woman who did this and was able to pay off her student loan debts in less than two years. As it turned out she liked life abroad so much that she decided to settle down in the Bahamas.
Find a “sugar daddy”
If you’re a young woman with a huge stack of student loan debts you might consider getting a “sugar daddy.” There is a site called SeekingArrangement where women can find men willing to support them financially. There are currently 350,000 “sugar babies” on the SeekingArrangement site. About 41% are college students and say they’re using their sugar daddies as a primary or secondary way to pay for college. According to SeekingArrangment, these women receive an average of $4,200 a month, which is certainly nothing to sneeze at.
Sell your virginity or your sperm
There are actually auctions where women can sell their virginity. One woman recently netted $1 million by selling her virginity. She did this in conjunction with the Moonlight Bunny Ranch, a legal brothel in Nevada. When she was asked how her family felt about this, she said her mother was a bit disturbed but that everyone else saw it for what it was – simply a business transaction.
On the male side, you might be able to earn extra money to pay off your student loans by selling your sperm. We heard of one Californian who earned $2600 for making sperm donations over the course of a year at a California Cryobank. While we can’t promise this there probably is a sperm bank somewhere near where you live.
If you were to get a public sector job you could have a lot of your debt eliminated through the Public Service Student Loan Forgiveness program (PSLF). If you were to qualify for the program the remaining balances of your federal loans would be forgiven after you’ve made 120 qualifying payments on them.
To qualify for this program you would need to work full time in:
A government organization (including a federal, state, local, or tribal organization, agency, or entity; a public child or family service agency; or a tribal college or university).
A not-for-profit, tax-exempt organization under section 501(c)(3) of the Internal Revenue Code
A private, not-for-profit organization (that is not a labor union or a partisan political organization) that provides one or more of the following public services:
- Emergency management
- Military service
- Public safety
- Law enforcement
- Public interest law services
- Early childhood education (including licensed or regulated health care, Head Start, and state-funded pre-kindergarten)
- Public service for individuals with disabilities and the elderly
- Public health (including nurses, nurse practitioners, nurses in a clinical setting, and full-time professionals engaged in health care practitioner occupations and health care support occupations)
- Public education
- Public library services
- School library or other school-based services
Join the French Foreign Legion
If you’re really desperate to get rid of your student loans – or away from other issues –you could join the French Foreign Legion. It literally encourages you to create a new identity and offers the opportunity to visit foreign lands. You would have to enlist for five years and would earn only about $1400 a month. But once you completed your five-year stint, you could apply for French citizenship and would have legal protection from your creditors along with very liberal state-run universal healthcare.