8 Options to Start a Business While Paying Off Student Loan Debt

1. Start with Low-Risk Business Ideas

  • Content creation. Including blogging, video production, and graphic design.
  • Online courses and tutoring. Providing instructional eBooks or videos and real-time virtual lessons.
  • Online shops. Selling handmade goods, like jewelry or custom stickers, and dropshipping.

2. Review Your Student Loan Payment

  • Federal or private loans
  • Cost of the loan with the interest rates and fees
  • Current credit score
  • Loan discounts and limits
  • Repayment options

3. Check the Student Loan Forbearance

4. Maximize Your Capital

5. Explore Funding Options

  • Crowdfunding. Capital from many people to finance a business. It can be in the form of loans, donations, or product exchanges. You can get the money from family, friends, or online sites, like Kickstarter and GoFundMe.
  • Lending circles. An organization or community that gives a loan to small businesses. To get the fund, you may need to join its financial education course. One site to find a lending circle is Mission Asset Fund’s Lending Circles.
  • Business plan competitions. You’ll have to pitch your business plans in front of judges that will give you helpful feedback. And if you win, you’ll get money to start your business.

6. Look into the Business Loan Options

  • A credit score of 670 or higher
  • Strong financial statements
  • Positive cash flow
  • Hefty assets

7. Consider Working with a Mentor

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