As a student, it can sometimes be easy to be focused on student life or learning, and forget about the implications of having a student loan. For many people paying back a student loan is a task that can take many years and even decades. Freelancing offers a powerful tool for earning a little or a lot of extra money, and can be very effective for paying back a student loan. In fact, in many cases freelancing is so effective because it makes use of some of the skills that you learn as a student.
Freelancing is a specific form of online business that basically involves selling your skills to clients or other business owners. It is a very different form of business than affiliate marketing, because you have a much more direct relationship with the people you are selling to. This can be a good thing, or a bad thing, depending on how you look at it.
Perhaps the best thing about freelancing is that it lets you take advantage of skills you already have. If you are really good at something, you have the potential to go a long way with freelancing. Even if you aren’t, you can always learn.
In terms of skills, there are a lot of different things that people freelance for. For example, some people build websites for others by freelancing while other people do programming. Myself, I am a writer, and all of the freelancing I do centers around this skill. I love writing, and have managed to turn this passion into a full-time career where I am my own boss and am able to spend my days writing.
Making income with freelancing
The key to paying back a student loan is making income. Freelancing provides strong opportunities for this, because there are so many different customers out there, and you can also work for companies if you want to.
It’s difficult to predict how much money you will make through freelancing, but be warned that it is hard work, especially at first. When I started freelancing, I was probably earning about $2.00 an hour. It wasn’t particularly fun and it wouldn’t have been enough to support me. However, the entire time I was making connections, and it didn’t take long before I was able to find higher paying clients and refine my skills.
Generally speaking, you have two options as a freelancer. Either you work for customers, or you find a company that pays you a certain amount per word. The first option almost always pays more, but can be harder to do. There are also many sites that offer freelancing jobs that you can apply for, such as Freelancer, but be warned, the competition can be tough.
Paying back a student loan
So how does this all tie into paying back your student loan?
Freelancing is a way to earn money on the side or full time. It can either supplement your normal job or replace it. Either way, you are earning money that can be directly used to pay back your loan. It does take a little budgeting though and may take some time.