There is so much to do and so much to see wherever you go but with all of these adventures comes a price tag. The millennials age group is the most travel focused. While other population groups are cutting down on travel expenses, millennials are spending more and more on travel. A recent study by the Portrait of American Travels found that millennial families spend 15% more on traveling year on year.
While millennials place a strong emphasis on travel, they are often faced with paying back student loans. In America, 4 out of 10 adults under the age of 30 have student loan debt to settle according to the Pew Research Center. While the amount owed vary from individual to individual, on average, graduating college students have approximately $30,000 in student loan debt.
So how can millennials travel and still pay off student loans fast? Here are some useful tips compiled by the Pro-Papers experts.
1. Travel Off-Season
Travelling in the off-season comes with a few benefits. You can cut down costs on cheaper hotels and using flights with small crowd pairing. Rather than planning a vacation during summer peak-season, consider a winter vacation.
When you travel at this time, lodging and airfare are quite affordable, and you don’t get the hordes of tourists flocking your destination. Peak season ranges from one location to another so ensure you do your due research before planning a trip.
2. Choose Affordable Destinations
Your travel list may have high-end vacation lists at the top but if you are trying to pay off your student loans, then it will make sense to review your travel wish list and settle for more affordable locations.
3. Work While You Travel
You can earn a living while travelling as there are countless programs for teaching languages like English and Spanish abroad. You can earn up to $5000 monthly depending on the location.
Another way to make money while travelling is to engage in remote or freelance work. There are hundreds of freelance work, which include writing, photography, web design and more out there. If you have a skill set that can be used for remote or freelance work then you can start searching the best freelance platforms available to you. This way, your income doesn’t stagnate or drop as you move from country to country.
4. Travel with Friends
This is one of the best way to cut down costs on traveling and other expenses. Take a road trip with some of your best buddies and cost of gas, lodging, food and other adventures can be split between everyone making it more affordable and cheaper on you.
5. Be Flexible with Your Travel Plans
If you are flexible with your travel plans, you will be able to save more cash. You can pick either destination or travel date when booking flight and see if this flexibility allows you to save cash. In addition, flying out midweek is less expensive than flying out on anytime of the weekend. You might even find cheaper airfare options, if you fly overnight or add an extra layover.
- 9.Programs/Scholarships
You can pay off student loans through programs and scholarships that offer to clear it off while giving you the opportunity to visit new places. However, there is a catch and that is you have to be willing to do some good in the world i.e. become a volunteer. Shouldn’t be too much of a problem. Some of these programs include AmeriCorps, and Peace Corps.
10. Consider Refinancing Your Student Loans
You can refinance your student loans if it might be too hard to afford student loans and travel. With refinancing, you get an opportunity to take out a brand-new loan, with new payment terms and new interest rate.
Refinancing your loans can lead to lower monthly payment if you have a good credit and better earning potential. This means, you can increase your travel budget for the next trip.
Finally, you really don’t want to put your traveling dreams on hold because of your student loan. These tips should guide you in deciding to travel and paying off your loans.
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