Creative Ways Millennials Paid Off Student Loans Faster
March 18, 2026
For many people working toward stronger financial footing, student loan repayment remains a major concern—especially for millennials. This generation represents nearly 40% of all student loan borrowers and carries an average balance of roughly $33,000. Surveys also suggest the debt has influenced major life decisions. A 2025 Harris Poll conducted for Credit Karma found that about 30% of millennials with student loans say the burden has delayed milestones such as buying a home, getting married, or starting a family.
Melanie Hanson, editor-in-chief of the Education Data Initiative, notes that many millennials entered college with optimistic expectations about their future earnings. However, for some graduates—particularly those finishing school during the late-2000s recession—job opportunities and salaries did not meet those expectations. A weaker labor market and lower starting wages left many young professionals carrying significant debt with fewer resources to repay it quickly.
Although some borrowers pursue federal loan forgiveness programs, qualifying can be difficult. Approval rates remain low, and many applicants are denied. Combined with high balances and modest early-career salaries, this reality has pushed some borrowers to look for unconventional ways to accelerate repayment.
One widely reported example even involved a California resident purchasing a theme park pass so he could eat most of his meals there for free. Others have taken different creative approaches to eliminate their debt more quickly.
1. Downsizing dramatically
Karen Akpan and her husband decided to overhaul their lifestyle when faced with more than $100,000 in student loan debt. The couple sold their five-bedroom home in California and moved into a used RV with their young child. By traveling and documenting their experiences—sometimes through partnerships with brands—they eliminated their mortgage and reduced living expenses significantly. The change in lifestyle allowed them to wipe out their student loans in about 18 months.
2. Turning a hobby into income
Trevor Oldham graduated in 2019 believing he had around $50,000 to $60,000 in student loans. When he calculated the total, the balance was closer to $89,500.
After consolidating his loans, he built a business around the growing podcast industry. Oldham began connecting real estate investors with podcast hosts looking for guests. The venture produced enough income that he paid off the entire balance by September 2020.
3. Participating in research studies
Entrepreneur Jenna Carson explored several clinical trials where researchers study medications or monitor health responses. As a young and healthy participant, she was able to earn tens of thousands of dollars.
Carson combined this income with another side project—“junk flipping.” She purchased boxes of unwanted items from people clearing out clutter and resold the contents online for a profit. Together, those efforts helped accelerate her loan payments. (Anyone considering medical trials should consult a physician before participating.)
4. Taking advantage of small financial wins
After earning her master’s degree, Barbara Schreihans faced more than six figures in student loan debt while raising a child on a $57,000 salary. To gain traction against the balance, she focused on small but consistent financial advantages.
Teaching classes at a gym gave her both extra income and a free membership. Sharing a mobile phone plan reduced monthly costs, and she used promotional bank bonuses—such as incentives for opening new accounts—to make extra payments toward her loan principal. Eventually, launching her own tax advisory firm provided the additional income she needed to eliminate the remaining balance over several years.
5. Picking up flexible freelance work
Scott Steward graduated with about $4,000 in loans while working part-time at a call center. Living frugally helped, but he needed more income to eliminate the debt faster.
Steward began doing transcription work for medical, legal, and business recordings. Because the work could be completed on his own schedule, it fit around his existing job. The side income enabled him to repay his loans in about three years.
6. Starting a service business
James Pollard owed more than $19,000 in student loans while working part-time as a marketing associate at a casino. To accelerate repayment, he launched a janitorial business cleaning offices. Pollard put every dollar of profit toward his loan balance. Within a few years, the extra income helped him become debt-free and later pursue other entrepreneurial ventures.
7. Choosing an employer with loan benefits
Some companies now offer student loan repayment assistance as an employee benefit. Chelsea Henderson, a client service analyst at Fidelity Investments, remained with her employer partly because of a program that contributes up to $15,000 toward employees’ student loan balances. With that support, Henderson was able to eliminate roughly $40,000 in student debt.
Bottom Line
While these approaches vary widely—from lifestyle changes to side businesses—they share one common theme: borrowers looking for ways to increase income or reduce expenses beyond the minimum monthly payment. For many people, consistent extra payments—no matter how they’re generated—can make a meaningful difference in how quickly student loan balances decline.
Sources:
https://www.fidelity.com/learning-center/smart-money/paying-for-student-loans
Disclosure:
This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.
This material is provided as a courtesy and for educational purposes only.
These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. Neither the named Representative nor Advisory Services Network, LLC gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.