Every year, students walk away from their university with a degree in hand and a bundle of student loan debt. No longer just a coed, they've got to worry about finding a job and paying off those looming debts.
CNNMoney recently spoke to one former student who is taking extreme measures to pay off her student loans. Jenni Blaise, a graduate from Sam Houston State University, is selling jewelry to Gold & Silver Buyers. So far, she's sold her old high school class ring, gifts, and even some jewelry she bought at a garage sale. She's made about $1,000 so far, which all went straight to student loan payments.
I'm fortunate that my student loan debts are not very large. I was able to get financial help from mom and dad when I went to went to school. I also worked a full time job and used a lot of my income to pay for classes and books upfront. Now, I only have about $5,000 in student loan debt to pay off.
But even that smaller amount is still somewhat of struggle and I want the debt paid and behind me so I'll have one less bill to worry about. And like Jenni Blaise, I've also found some unique ways to pay off my student loans.
First, I took on a second job working one day a week as a bartender. I basically work for tips only, but I can make anywhere from $50 to $100 a week. Everything I make is put toward my student loan and so far I've been able to pay off $1,500 without spending any of my primary income.
I've also sold off quite a few unwanted possessions. As soon as I realized I would have to pay a pretty hefty monthly payment to pay off my student loan debt, I took an inventory of my house. I found electronics and other bigger ticket items that I knew I could live without. I sold those on online auction sites and made about $550 that I put toward my debt. Then I had a garage sale and cleared out furniture, household décor items, small kitchen appliances, and even clothes I was no longer wearing. I made about $300.
Now, after a few months of steady payments, my student loan debt is down to about $3,000. I plan to keep my second job until it is paid off. I'm also considering looking for other part time work I can do.
*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.More From This Contributor:
- Financial Aid
- student loans
- Sam Houston State University