3 side hustles that will help you earn over $1,000 a month in 2024

In the twilight of the Biden administration, student loans, student debt, and student loan forgiveness became fashionable.

In the administration’s latest move, borrowers would have their student loans automatically forgiven (if it is determined that recipients have at least an 80% chance of default within two years) or obtain loan forgiveness by completing an application assessed on 17 factors related to financial hardship, number of years of repayment and debt balance. It is estimated that these changes will probably come into force in 2025.

But with all the confusion surrounding student loans, the question arises: what about those who, for some reason, don’t qualify under this new plan or any of the previous programs? What might happen if there are blockages or delays in implementing these plans?

What about professionals in other parts of the world where this regulation does not apply to them? How can you pay off your student loans faster without sacrificing your well-being, working multiple jobs to survive, struggling with the burden of debt repayments, or having to live with family due to financial strain?

Student loans are forcing Gen Z and Millennials to live with their parents

About one third According to a study by the Pew Research Center, in 2024, Gen Zers and young millennials will live with their parents, with finances and debt being one of the main factors behind this decision. The survey found that more than two-thirds of young adults in this group say that living with their parents has positively reduced the pressure on their financial situation: “Young adults today are much more likely than their peers 30 years ago to be college graduates and more likely to have outstanding student loans.

Another interesting finding from the study is that Gen Zers and young Millennials, also known as Zillennials (those who fall between both generations), are primarily driven by finances when wanting to stay with their parents, as finances seem to be the biggest beneficiary of how they spend their time in their childhood home, while it has not been proven that living with their parents has a positive impact on their social life and sense of independence in adulthood.

But what if living with your parents just isn’t a viable option? The most obvious way to pay off your student loans faster is to make a payment larger than the minimum monthly payment. To be able to afford it, you need to increase your income while limiting unnecessary expenses.

3 side hustles to pay off your student loans faster

To achieve this, take a look below at some ways you can save more money and pay off your student debt faster, without having to spend excessive amounts on overhead costs:

1. Social media management consulting

The social media market provides, among others: vast domain (valued at up to $1.5 trillion) so that marketers and organizations can leverage their existing audience base, connect with them and understand their needs, and expand into new markets and audiences.

If you already have some experience managing social media business accounts, growing your own business, or overseeing and implementing a social media strategy, and you have a proven track record of results, you can use this to create a lucrative career that will help you pay off your student loans (and any other debts, such as credit card debt you may have) much faster. Imagine if you could allocate thousands a month to pay off loans and lower interest rates? This is certainly possible if you work as a freelance social media consultant.

2. Teaching online courses

Another example of a low-overhead side hustle that you can use to pay off your student loans faster is starting a service-based business such as teaching online courses.

This requires very little upfront capital and at most you will have to pay for a hosting site or join Udemy for free and pay for any resources needed to run the course (you can reduce paying for resources by using AI to help with this process). The most important asset you will need to make this work is to leverage your own existing knowledge and skills and pass them on where there is demand, to people who want to learn how you do what you do so well.

3. Sports Skills Tutoring

Another great way to make money to pay off your student debt is to monetize your sports skills and train others. An example of this is Teach me (TMT), is a platform for searching and booking individual sports activities and skills. The platform allows proven coaches to build a portfolio of clients or take up coaching entirely by contacting students looking for beginner lessons or ongoing training.

One of the platform’s top earners, Bahman Mody, works full-time as a medical technology scientist and says he’s earning between $2,000 and $5,000 a month from $2,000 a month after starting out. up to 5 thousand dollars a month teaching pickleball, tennis and golf in the Los Angeles area. as a TMT instructor last April.

When you work on something you’re already passionate about or have expertise in and provide a service, rather than creating a product or finding a second job with an employer, you can earn more money, reduce your debt, including student loan repayment, and get even closer to fulfilling your professional and financial dreams.