Interest Paid is Money Saved

Document created by giovana on May 19, 2016Last modified by amara.mastronardi@socialedgeconsulting.com on Dec 5, 2016
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First, calculate how much interest your loans are accruing per month.

 

Then, consider these options::

 

1.

If you have a car, start doing Postmates, Uber/Lyft, and/or WAG.

 

Use the money to cover the interest on your loans, your gas, and, if you can, groceries. Doing Postmates, for example, in 3 hour blocks of time, especially during the dinner rush, ill make anywhere from $50-$80 depending on how well people tip me. That, even 3 times a week, will cover gas and interest.

 

Paying off interest while you're in school will save you thousands of dollars down the line.

 

2.

If you don't have a car, using workstudy jobs at school can help you keep this interest at bay as well. Two weeks of 8-hours per week (16 hours total) of workstudy covers my $100 of interest per month. I pocket the remaining 16 hours that month.

 

3.

Does your school have a Writing Center? Become a tutor; i don't need more than three 3-hour shifts per week ($20/hour X 6 shifts in a two week pay period) to cover my interest at CalArts with a little left over for gas/food.

 

4.

Some version of all three of these will give you ample amounts of time to study and, hopefully, relax and party.

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