5 Simple Ways to Reduce Student Debt

Student debt struggles are a widespread problem. According to the Federal Reserve, the average student loan balance is over $37,000. This amount of debt can be overwhelming, especially for recent graduates who are just starting their careers.


These five simple steps can help you pay down student debt faster:



  1. Make sure your budget is accurate: Having a clear and accurate picture of your finances will allow you to make adjustments and find ways to reduce your expenses.
  2. Turn extra recurring expenses into additional student loan payments: Perhaps there’s a television channel you haven’t watched in ages or an audiobook subscription that you could cancel. Even if the extra payment is only $5/month, it will still add up over time, and every extra dollar you pay goes directly towards your principal, reducing the amount of interest you owe. 
  3. Consider refinancing: If you can get a lower interest rate, refinancing your student loans can be a smart move. This will lower your monthly payments, and allow you to pay off your debt more quickly.
  4. Look into loan forgiveness programs: There are a number of loan forgiveness programs available for those who work in certain fields, such as education, healthcare, and public service. If you qualify for one of these programs, it could significantly reduce your student debt.
  5. Start a side hustle: Consider starting a side hustle to bring in extra income. This could be anything from freelance work to selling items online. Every little bit helps when it comes to paying off student debt, and a side hustle can help you to reach your financial goals more quickly. (Click here to sign up for my 1-hour course on How to Start a Side Hustle.)


Practicing self-care is also key. Make sure to carve our time from your nine to five job so you can pursue the work you really love with your  side hustle or spend time doing other things outside of work that bring you purpose and joy. Doing so will increase your inner and outer wealth and can lead to new opportunities, new skills, and may even help prevent you from burning out. 


Paying off student debt is difficult. The sums are extensive, the interest rates high, the repayment periods lengthy. But with financial discipline and dedication, it’s possible. 


Lastly, consider talking to a financial advisor or a career counselor to explore your options. They may be able to help you come up with a plan to pay off your debt more quickly or find a job that aligns better with your interests and passions. Remember that it's never too late to pursue a career that brings you fulfillment and happiness.



What’s one way to achieve the financial discipline and dedication needed to pay off student debt? Training your brain for financial success. 


Fearless Finance University
is a brand new financial program to teach everyone who wants to improve their finances the money secrets of the pros. 


Through learning a unique combination of practical money actions and how to manage your financial psychology, you’ll discover how to pay down your student debts much sooner than you ever thought.


Click
here for more. 

SHARE THIS POST

GET SPENCER'S

NEWSLETTER

GET SPENCER'S

NEWSLETTER

The road to financial freedom is easier when you share the journey. By signing up for Spencer’s newsletter, you’re joining a growing community of people who’ve found their way to “Enough.” 

Blog Detail Page Newsletter

FEATURED POSTS

A glass ball is sitting on top of a pile of rocks with upside down reflection of the horizon
By Spencer Sherman March 13, 2025
In times of collective anxiety, your steadiness can be a powerful force. That centered presence can create a viable path forward when everything seems chaotic.
A person is sitting on a rock in the mountains looking at the sun and sky
By Spencer Sherman February 10, 2025
Burnout isn't just a health issue—it's financially costly. Relaxing your mind creates space for the breakthrough ideas that truly advance your career and lifetime earnings.
A view from the backseat inside a car-share ride
By Spencer Sherman January 13, 2025
When choosing between car ownership and ride-sharing, I discovered a deeper truth about autopilot spending.
Share by: