As the world entered pandemic mode, many people lost their jobs due to the plummeting economy. State governments were forced into placing lockdowns and restrictions due to the increasing number of cases. During these challenging times, people began stepping out of their comfort zones, and many began searching for ways to earn a living and found a great income stream!
2020 gave rise to the gig economy. Companies such as Uber and Deliveroo provided employment during uncertain times, causing a spike in demand due to the crippling effects of a pandemic-stricken economy.
Now that vaccines are rolling out and many states are easing restrictions, are these gig economy jobs capable enough to provide a sustainable livelihood? Since most gig workers are students, can they manage their student loans with a job of such nature?
Fortunately, the answer is yes! Let us walk you through it!
1. Automated Savings
One of the bestselling points for gig work is that the schedule is flexible, and every worker decides their own agenda. So, if you are working and bringing home a steady income, your best bet would be to place your income into automated savings. This saving plan will let you automatically deposit a certain specified amount into your account on the allocated date. Thanks to this amazing feature, you will be able to better set out money for your loan payment.
2. Do Your Research
Do not blindly step into the repayment phase without considering your options. You can get in touch with your student loan organization and explore the possible options you have when it comes to repaying your student loan debt. To prepare yourself, you can also take the help of on-demand webinars and websites such as StudentAid, which will help and provide you with proper information.
3. Take Note of PSLF
PSLF stands for Public Service Loan Forgiveness, and you can be considered if your gig work aligns with the requirements. As of now, employees that work at U.S. Federal, Local, Tribal, or State government, a recognized nonprofit, or a recognized not-for-profit organization are eligible for PSLF, including AmeriCorps and Peace Corps volunteers.
Best of all, if you’ve made 120 qualifying monthly payments, then the Federal Program will forgive the rest of the balance of your student loan.
Nothing is impossible, not even paying off a student loan with gig work. So, what are you waiting for? Get on your laptop and start your research now.