It is indisputable that to take your student debt repayment efforts to the next level, you need to earn extra money on the side. Ideally, you should work more than one side-hustle, so that you can earn even more cash to pay off student loans. During my student debt repayment saga, I had one primary part-time gig that enabled me to earn a majority of the $120,000 I made on the side. There is nothing particularly unique about me that allowed me to work a primary side-hustle, and this article will discuss the main part-time job I had as well as some other primary side-hustles I have seen others work to pay off educational costs.
For about three years while I was paying down my student loans, I worked for a leading bar review company grading practice essays submitted by students who were studying for the bar exam. Most law school graduates take a bar preparation course to learn the information necessary to pass the bar exam, since law school does not really teach this material. A friend of mine reached out to me several years ago about becoming a practice essay grader for a leading bar review company. Since I weirdly enjoyed studying for the bar exam myself, I thought it I would be a good fit for this side-hustle, and I worked this part-time gig for years.
The bar exam mostly consists of essays, and students in the bar preparation course for which I worked would submit practice essays for me and other graders to review. My employer paid me a set amount of money for each essay I graded, and there were checks in place to make sure I provided quality feedback to each student. I worked this side-hustle only around the time each year that the bar exam was offered. Usually, I worked this gig for about seven weeks in the winter and eight weeks in the summer, so I spent around a third of the year working this side-hustle in addition to my ordinary job.
What I really liked about this side-hustle was that I could control how little or how much I earned from this gig. There was no set amount of money that I would make from this job, and the more effort I put into the gig, the more money I would be paid. I know some people who also worked this side-hustle who only made a small fraction of the money that I earned, since they were not as motivated as me, and did not put as much effort into earning additional money.
Working this job required a lot of hard work. I typically worked this gig before leaving my apartment each morning, and most days during the bar exam season, I would wake up at 5:30AM to grade essays. I would also work this side-hustle when I came home from my main job at night, sometimes until 10PM. During those 15 weeks a year I worked this gig, I worked this part-time job every weekend, and I did not attend many social events. However, I only worked this side-hustle for part of the year, so I did not have too much trouble staying focused for the limited period of time I worked this gig annually.
Side-hustles in the academic services field are a great way to earn extra money, and I would definitely suggest these jobs to anyone wishing to earn additional cash to pay off student loans. If you have student debt, it likely means you have one or more degrees, and you can use these credentials to pursue a part-time job in the academic services field. Of course, you do not have to only seek out employment for a bar exam preparation company, and you could also try finding jobs teaching all kinds of subjects.
If you were successful taking a standardized test, chances are that you can find employment teaching students studying for that examination. If you have an advanced degree, you can likely find employment tutoring all kinds of subjects. My brother, for instance, found a lucrative gig at a tutoring company to help pay his way through medical school, and such side-hustles can empower anyone to convert free time into additional money.
It is not necessary to seek a primary side-hustle in the academic services industry like I did, and there are plenty of other opportunities to earn additional money. Some of my friends, for instance, have jobs bartending during nights and weekends. Indeed, another one of my brothers worked as a bartender to help pay his way through law school. Of course, these jobs require individuals to give up nights and weekends that could otherwise be spent socializing with friends or enjoying other activities. Also, bartending has a very steep learning curve, and it can be difficult to acquire the knowledge necessary to be a good bartender.
However, bartending can be extremely lucrative, and you can even earn more money through this side-hustle than I did while working for an academic services company. Friends have told me that they regularly earn $300 to $400 a night bartending during the weekends, and this amount of money adds up very quickly. If you can earn thousands of dollars a month on the side through this work, you will make a huge impact on your student loans, and working in the hospitality industry can be a great way to earn extra money.
In addition, you do not need to work for anyone else to earn extra money, and you can start an entirely new business to make additional cash. I have a few friends who have opened yoga studios, started freelance enterprises, and otherwise created entirely new businesses to make extra money. Of course, opening a new business requires much time, vision, and probably some capital, but the benefits should be worth it. It is always good to work for oneself, and many of my friends seem like they are earning good money and enjoying what they do at the same time.
In the end, although my primary side-hustle during my student debt repayment saga was in the academic services industry, there are a number of gigs that anyone can work to earn extra cash. Other lucrative opportunities exist in the hospitality industry, or you can start an entirely new business altogether. Of course, working part-time jobs requires sacrifice, and I am not going to tell you that it is easy to work side-hustles in addition to your main job. However, being debt-free and having multiple income streams will be well worth the effort.