Everything To Know About Marketing & Business Strategy
  • HOME
    • Home Furnishings "STUFF"
    • About Us
    • Commitment To Our Veterans
    • Free Marketing Analysis - No Strings-No Sales Pitch
  • Social Platforms
  • Technologies
  • Marketing Integration
    • Free Marketing Analysis - No Strings-No Sales Pitch
    • How Social Media is Changing Brand Building & Retail
    • Brick & Mortar Retail Touch Points Exposed
    • The Secret to a Good Mobile Website for Retailers
    • U.S. Newspaper Revenues Hit 50-Year Low in 2012
    • Future Retail Trends-2015
    • The Power Of Gen Y in Today’s And Tomorrow's Workplace [INFOGRAPHIC]
    • Brick And Mortar Retailers May Become Extinct If They Do Not Embrace The New Economy >
      • A Retailer's Guide to Webrooming
      • INFOGRAPHIC - Do men and women shop differently online?
    • How Big Is Amazon {INFOGRAPHIC}
    • Why retailers must excel in the 4 Cs instead of just the 4 Ps
    • E-tailers: Tips, Trends, and Reasons E-Commerce is About to Boom
    • Is Texting The New Marketing Engagement Frontier
    • Which Social Network's Users Make the Most Money? [INFOGRAPHIC]
    • 120 Awesome Marketing Charts, Graphs and Statistics
    • What It Costs A Business To Do Social Marketing
    • The NEW Retail Demographics
    • More Shoppers Reach for Mobile to Browse, Buy >
      • Online Reviews Influence Shoppers Most, but Print Catalogs Trump Social Networks
      • How Shoppers Use Smartphones to Save Money
      • Age, Gender Determine 'Go-To' Devices
  • MY RETAIL RANTS BLOG
  • CONTACT US
    • free marketing help desk

How Gig Workers Can Manage Their Student Loan Debt

​The United States Department of Education found that the average student loan debt amounted to $38,000 in 2020. As the total amount hit $1.58 trillion, the debt has become synonymous with being young in America.
 
If you crunch the numbers, the average student loan monthly repayment ranges between $354 and $541 depending on the degree earned. Whether or not this amount seems daunting depends on where you live.
 
If you live in an area where the cost of living is low, your student loan repayment becomes manageable. With limited data, the average gig worker earns $33,000 annually. A young adult fresh out of college has little to no expenses. So $33,000 is a workable salary.
 
Things become financially challenging when you start your family, purchase a home, and take on additional debt such as credit cards.
 
Without a doubt, facing student loan debt as a gig worker is scary. However, independent contractors are finding themselves in favorable monetary positions too. Thus, it’s possible to pay your bills, live, and pay off your student loans with some effort.
 
Let’s take a look at how gig workers can manage their student loan debt.
 
1. Limit Additional Debt 

Once you find yourself in debt, limit the amount of new debt you accumulate. This includes new student loan debt.  Your goal is to dig yourself out of the oldest debt.
 
In the thick of things, signing up for a new credit card sounds like a good idea. Living like a starving student takes its toll on a person. Sometimes you just want to splurge on yourself and purchase the $200 boots. Or you want to take a vacation with your friends for a week.
 
As a freelancer, you can work your way toward those splurges. However, focus on paying for them with cash.
 
2. Use an App 

This is the digital age. Developers continue improving algorithms and finding places for them in people’s daily lives. One use algorithms have is helping people pay off their debts faster including student loans.
 
To manage your student loan debt, use an app. In addition, employ online banking to automate your repayments. If you’re not watching the repayment leave your account, it can reduce your stress level.
 
3. Know Your Options 

Based on the data, it takes a student 20 years to pay off their loan debt. Over two decades, you’re going to experience good financial times and bad ones. To manage your student loan debt as a gig worker, know your options.
 
Keep in mind that the United States Government and the Department of Education don’t have special repayment programs for freelancers. They do have repayment programs for all individuals based on their income, family size, and other extenuating circumstances.
 
For example, you can scale your repayments with the Income-Driven Repayment plan. In addition, other repayment plans exist. Before you find yourself in a financial tight spot, speak with a loan representative.
 
Resources for gig workers continue popping up. For example, Gigly provides financial resources for workers in the gig sector including how to pay off your student loans. As a gig worker, gather all the resources available to you.
 
4. Send More Repayments 

Many gig workers earn more as freelancers than they would as employees. Thus, it’s important to practice solid personal finance skills. While you’re in debt and experiencing good financial times, send more repayments.
 
The faster you chip away at your principal, the sooner you’ll pay off the debt.
 
Another option is to send bi-monthly repayments instead of monthly. You only chip away at the principal using this strategy by a few dollars. However, those dollars saved add up over the long run.
 
Moreover, you can automate these repayments. Let the algorithms do the work for you.
 
5. Consolidate Your Debt 

Every school year that you apply and receive a loan, it’s a new loan. When you graduate from school, you can consolidate all the loans, especially if interest rates are in your favor.
 
In addition, you can refinance the loans to obtain a better interest rate.

Conclusion 

When people think of a gig worker as an employment status, they picture someone who earns less than minimum wage. Sometimes this is true. Other gig workers earn more than they did as an employee. Once you find your groove as a freelancer, you can comfortably pay your bills and debt including student loans. Until you reach that point, work the programs at your disposal such as scaled repayments and financial hardship.
Picture

home

About Us

Contact us

commitment to our veterans

social marketing platforms

marketing integration


technologies for retailers

home furnishing's industry

free marketing help desk

our RETAIL rants blog


the beginners guide to marketing

Picture



​​content provided by free

​napier marketing group, inc.


CATEGORY EXPERIENCE

Home Furnishings • Consumer Durables • Retail • Trade • Consumer Products • Printing-Publication • Technology • Entertainment Partnerships • Furniture Stores  •  
​Social • Digital • Business Transformation – Corporate Turnaround • Marketing • Sales & Sales Management • Business Development • Brand Management • Home Furnishing Marketing • Furniture Retail Strategy • Marketing, Advertising & Promotion  • Staff Management • Product Positioning • Strategic Partnerships • Product Pricing • Trade Show Management & Presentations • Strategic Planning • Marketing Communications • Product Differentiation • Marketing Strategy / Execution • Online Marketing ​

​Napier Marketing Group
​is Located In Ft. Myers, Florida
billnapier@napiermkt.com
​612.217.1297


Picture

© 2007 – 2022 Copyright Napier Marketing Group Inc. All Rights Reserved. No use, publication or reuse is permitted without express written authorization.
Website design and maintenance provided by 
Napier Marketing Group Inc.
Ft. Myers, Florida
- www.napiermkt.com - 
- billnapier@napiermkt.com -
- (612-217-1297) -

Picture
Contact Us
  • HOME
    • Home Furnishings "STUFF"
    • About Us
    • Commitment To Our Veterans
    • Free Marketing Analysis - No Strings-No Sales Pitch
  • Social Platforms
  • Technologies
  • Marketing Integration
    • Free Marketing Analysis - No Strings-No Sales Pitch
    • How Social Media is Changing Brand Building & Retail
    • Brick & Mortar Retail Touch Points Exposed
    • The Secret to a Good Mobile Website for Retailers
    • U.S. Newspaper Revenues Hit 50-Year Low in 2012
    • Future Retail Trends-2015
    • The Power Of Gen Y in Today’s And Tomorrow's Workplace [INFOGRAPHIC]
    • Brick And Mortar Retailers May Become Extinct If They Do Not Embrace The New Economy >
      • A Retailer's Guide to Webrooming
      • INFOGRAPHIC - Do men and women shop differently online?
    • How Big Is Amazon {INFOGRAPHIC}
    • Why retailers must excel in the 4 Cs instead of just the 4 Ps
    • E-tailers: Tips, Trends, and Reasons E-Commerce is About to Boom
    • Is Texting The New Marketing Engagement Frontier
    • Which Social Network's Users Make the Most Money? [INFOGRAPHIC]
    • 120 Awesome Marketing Charts, Graphs and Statistics
    • What It Costs A Business To Do Social Marketing
    • The NEW Retail Demographics
    • More Shoppers Reach for Mobile to Browse, Buy >
      • Online Reviews Influence Shoppers Most, but Print Catalogs Trump Social Networks
      • How Shoppers Use Smartphones to Save Money
      • Age, Gender Determine 'Go-To' Devices
  • MY RETAIL RANTS BLOG
  • CONTACT US
    • free marketing help desk