How can I pay off my student loans over 100k

The first step is to increase your income. Starting at entry-level jobs typically mean an entry-level salary. With additional income, you can supercharge your payments and reduce the interest rate on your loans. However, you must be careful not to spend more money than you earn because lifestyle inflation can set in. You can also consider side-hustling and refinancing your student loans. However, these steps may not be practical for everyone.

Income-driven repayment plan

If you have a balance of more than $33,000 on your student loans, you may qualify for the Income-driven repayment plan (IBR). This type of plan uses a measure of income called Adjusted Gross Income. This income does not include fringe benefits, such as rent or mortgage payments, but it does include the interest paid on student loans. In addition, you are eligible to exclude up to $2,500 per year in interest for your student loan payments.

The information that you need to know about IBR applies to you whether you’re a current borrower or a future borrower. With this plan, you can make monthly payments that range between zero and ten percent of your discretionary income. You can also take advantage of loan forgiveness benefits after 10 years or 20 years. This plan is not just for low-income borrowers; it is available to anyone with a student loan.

One of the biggest benefits of an income-driven repayment plan is that it adjusts your payments to your higher income. This option is available to federal student loan borrowers who have graduated after October 1, 2007 and have a payment less than the 10-year Standard Repayment plan. Those with high debts should make sure that their repayment plan is flexible enough to accommodate their income fluctuations. However, there are many disadvantages.

You can also reduce the amount of interest you pay by paying off the debt with the highest interest rate first. By doing this, you can save a lot of money and shorten the repayment period. This strategy can make you debt-free in as few as eight years. However, it is important to note that your payoff time will depend on the amount of extra payments you make, the interest rate, and the length of the repayment term.

A major disadvantage of an income-driven repayment plan is that it makes payments harder to meet, making them harder for the average borrower. This plan can also prolong the repayment period, causing the balance to increase. Besides that, it takes longer to pay off the principal, which can discourage many borrowers who are already struggling to make the payments. You should also consider making the forgiven portion of your debt tax-free permanently, to avoid a high tax bill in the future.

A common benefit of an income-driven plan is its ability to reduce the burden of debt. Because you pay less than fifteen percent of your monthly income, you won’t be penalized with interest. If you have a high monthly income, the interest rate is higher than the monthly payment, but you’ll still be able to make the minimum payment every month. The income-driven plan is the most flexible option available for people with over $100,000 of student loan debt.

Side hustles

Having a side hustle will help you pay off your debt faster. A side hustle is any additional work outside of your regular job. The extra income can be dedicated to paying off your student loans. When you are in debt, you will quickly run out of ways to cut your spending. By increasing your income, you can direct more money toward paying off your debt. Here are some ideas to consider.

Start a side business. If you have a skill, such as photography, you could start a headshot business or rent out a room on home-share apps. Whatever your skills, you can leverage them and make extra money to pay down your debt. If you are a big animal lover, you could start a mobile pet grooming service. If you’re a writer, consider picking up freelance jobs.

Find a side hustle. The best side hustle for you is one that allows you to schedule your work and income around your main job. For example, if you enjoy writing, you can create a website to publish articles about your favorite topics. A freelance writing gig can provide an income for many people. A side hustle can provide a way to earn some extra money while you continue to study. Regardless of whether you prefer a traditional or a freelance job, a side hustle can help you save money and find a way to balance your life and finances.

You can run your home like a business. Keep track of every penny you earn. You could even hire a housesitter or homeschool tutor to cover your expenses. Aside from that, you could also work as a holiday cook. If you’re not a homebody, consider picking up extra shifts or consulting jobs. In the end, you’ll be glad you did.

While you’re in school, create a side hustle that is fun. Diana started making extra payments every week when she first started her side hustles. She started making extra payments on the 15th and 30th of each month, when she got paid for her teaching. Ultimately, she stayed true to her boundaries and created her own blog, Diana on a Dime. By doing this, she was able to pay off her student loans and save money for a better future.

If you’re looking for a side hustle, look for opportunities on campus. The campus is always buzzing with activity. DJs and writers are popular side hustle streams, and tutoring can be a profitable and unique side hustle. There are so many opportunities available that you might even have a side hustle that suits your unique skills. So, what are you waiting for? Get started today!


The first step to refinancing your student loans is to shop around for the best rates. Although this may seem like a tedious process, it’s actually quite easy. You’ll need to provide a few basic details, including your name and school, the total amount of your debt, your current income, and your monthly housing payment. These are used as a soft credit check, but will not affect your credit score.

Another consideration when refinancing your student loans is the amount of time it will take you to pay off the debt. If you’re planning to finish your degree in five years, you’ll likely want to choose the standard repayment plan, while those who’re struggling to make the monthly payments may benefit from an income-driven or extended repayment plan. Private student loans, on the other hand, won’t give you much choice over how long you’ll have to make payments. However, you’ll pay more in the long run if you choose a shorter repayment period.

Refinancing your student loans over a hundred thousand dollars can lower your interest rate and change your payoff timeline, allowing you to make lower payments in the long run. If you have a mix of federal and private student loans, refinancing is a great option. You can combine all your loans into one new loan with a lower interest rate, saving you money over the life of the loan. In addition, refinancing your student loans will help you extend the repayment period, which can lower your monthly payments and total payoff costs.

Luckily, federal student loans offer a variety of repayment options and deferment options. Many of these loans come with no prepayment penalties or origination fees. Many of them also offer unemployment protection and a career support program for borrowers with low credit scores. Some of these loans even have co-signer programs that release parents from their loans after two years. If you need to borrow money, it’s important to get as much information as you can before deciding on a loan.

While you can find a better rate by comparing several lenders, it’s also important to make sure you qualify for a lower interest rate. The better rate is what matters most to you. Besides, the more time you have to pay off your loans, the lower interest rate will allow you to get out of debt sooner. In addition, you will be able to choose a repayment plan that works best for your budget and your financial goals.

A good way to save money is to get a creditworthy cosigner to guarantee your loan. Then, make sure to pay off the loan with the highest interest rate first, and then look into other options, such as monetizing your hobby, or pursuing a job. If you can’t afford to pay off your entire debt right away, consider refinancing your student loans with an income-driven repayment plan.