According to data from The Institute of College Access and Success, a whopping 70 percent of students graduate with student loans. In fact, research shows that the average 2016 college graduate has about $37,172 in student debts and income isn’t keeping up.
What’s more shocking, however, is the fact that tuition and college fees keep rising sharply every year. In fact, an analysis of student fees from 1995 to 2015 found that the average tuition and fees at private National Universities has increased by 179 percent, the average tuition and fees at out-of-state public universities has risen by 226 percent and the average tuition and fees at in-state public National Universities has increased by a massive 296 percent — all in 20 years. If available research is anything to go by, it will take most students at least 21 years pay off their student loan debts.
How do you lessen your student loan debt burden and earn an income on the side? The following six ways will allow you to earn income on the side to pay your college tuition:
- Online Jury Duty: The law field is getting increasingly interesting, with a lot of different cases and rulings coming out with unexpected angles. In an attempt to be more prepared, trial attorneys have realized that they need to go beyond theory and get some practice before they get in front of a real judge — and they are leveraging the Internet for this: by working with online juries.
By working as an online jury, you will have the opportunity to review real cases before they get to the court; the aim of the attorneys is to see if their case can stand, and you can often earn up to $60 per case. This quickly adds up towards your tuition. You can find countless companies that pay online juries by doing an online search.
- Start an Online Business: You can also earn side income to pay for your tuition by starting an online business. The advantage to starting an online business is that it can be done at the comfort of your home, on your computer, and it won’t interfere with your studies. Here are some tips to help you if you decide to start an online business:
- Partner to promote other people’s products: Save yourself the stress of having to create a product. Simply find a product that is selling well, and promote it as an affiliate. You get a commission for every sale, and this quickly adds up.
- Start your own blog: Blogging can be one of the most effective things you will do as a college student. Not only does it help your ability to write and express yourself, it can also be a good source of income. A blog will also be useful for you after college: there are several examples of people who got their dream jobs due to their blogs.
- Create and sell your product: This has the most potential, and if done right you can earn you enough to pay off your tuition within a year or two. However, it takes a lot of work — especially initially. It also involves several complexities, such as doing market research, creating an email list, looking for affiliate partners, etc.
- Become a Freelancer or Consultant: Research estimates that 40 percent of America’s workforce will be freelancers by 2020.
The surge in the number of freelancers, consultants and contract workers is mainly due to the Internet — more and more people can work remotely and still be as efficient. For you, as a college student, taking advantage of this could be the key to paying off your tuition. Some tips:
- Establish the skills you can offer to potential clients: this could be design, writing, programming or artistic skills. You can work as a freelancer or consultant irrespective of the skills you have.
- To give yourself an edge, take things to the next level by compiling a list of potential clients and reaching out to them directly.
John Stevens is an entrepreneur and founder of HostingFacts.com, an online portal that reviews web hosts. He is a regular contributor to Standford’s blog, Business Insider, Entrepreneur.com and other major publications. Follow him on Twitter @hostingfactsj.
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