Welcome to the second update on my student loan payoff plan! Sorry it’s been a while. November went by really fast and I’m definitely late to the table.
As a reminder, if you’re new to this series of updates, I’ll be going over how I personally am paying off my debt. My goal is to pay off my student loans fast and and quick. Over the course journey, hopefully I can give you tips as well.
If you don’t want to read the entire article (even though you really should), the gist of the story is that I was able to pay off one of my loans, but was disbursed another trimester of loans.
In addition, I was able to come up with two more income streams to help me with my student loan repayment journey.
Now The Details
I was able to pay off one of my student loans. It took a while, and it definitely took some determination, but I was able to do it while I was in school which is a huge accomplishment for me.
This loan was roughly 14k in total, and had a staggering 7% interest accumulating, so I was glad to get rid of that one.
With a combination of freelance work and work-study work, I was able to make it possible though.
Incase you didn’t read my last update, my income streams come from a variety of methods.
One of the newest methods come from a work-study job where I work 5% of the time, and study/do freelance work the remaining 95% of the time.
If your university offers work study jobs, I highly, highly recommend getting one. The majority of work study jobs at my university are quite easy and pay quite well.
My original income streams include:
- Videography Gigs
- Print on Demand
New to the table are:
Now in my last article, I didn’t go into much detail about my income streams but I’d like to cover one in particular: my print on demand business.
What is Print on Demand?
Print on demand is an online process in which I or my designer design shirts, throw them up online, and a printing company prints them on demand- demand meaning when someone orders.
The three main print on demand websites that I use are Merch by Amazon, Etsy, and Red Bubble.
How Print on Demand is Affecting Me Currently
It’s the time of year where everyone is out shopping on two particular occasions: 1) Black Friday and 2) Christmas shopping.
My print on demand business’ sales tend to increase 5-7 fold during the last 2 months of the year because of the season.
Shirts that I have posted over a year ago start selling again and new shirts that I have posted less than 2 weeks ago starting selling instantly.
I make it sound easy, but it really isn’t. Print on demand takes a lot more work and don’t be misled that just because I post a design that it instantly gets sold. Out of all my designs roughly only 15-20% of it sells during the holidays and only 10% or less sell year round.
I’ll cover in detail what my print on demand business looks like in a future article, but I highly recommend that you get into one especially if you’re a good designer.
With that being said though, I’m not a great designer at all myself. In fact, my top selling shirts happen to be shirts with 2-5 words with it, no graphic, no typography, and just a saying.
The first design I ever made was in fact, so simple, that I can’t believe it’s been selling ever since.
Work Study? More like Just Study
My work study job at school has been great.
I’m an assistant at the front desk and I basically help anyone who comes by- that is, if anyone comes by.
Most of the time I’m either studying or working on one of my side hustles. Rarely do I ever get called in, and when I do, the “work” that my supervisors give me is quite simple.
It’s great because the department is understanding that I am in graduate school and so they definitely tend to not overwork me.
In case you’re wondering, the pay is $15 an hour which is better than nothing!
So how much exactly am I making?
I’ll go into detail how much I am making from each of my income streams in a future article but for now, I’ll briefly mention how much I’m making from my print on demand business currently and my work study job.
So with my print on demand business, I’m averaging about $300-$400 a week since the start of November.
My work study job pays $15 an hour as said before and the maximum amount of hours you can work is 20.
Add those two to my other income streams and that is how I paid off one of my student loans.
The last main thing that occurred in the past two months though is that another one of my loans was disbursed for a whopping amount of $11,800. Unfortunately since the last update, I’ve gained $2,000 more of student loan debt.
But hey, like I previously stated, I was able to pay off one of my student loans at $14,000 while I’m still in school, and that’s an accomplishment.
I probably won’t be making my next payment until January. My print on demand royalties don’t reach me until January anyways. Plus, I’ve gotta go Christmas shopping too!
To sum up my journey right now: