Freelancers have income flexibility that accelerates student loan payoff. Learn strategies that work on variable income.
Freelancers have one major advantage over employees when paying off debt: income flexibility. A great month can mean an extra $2,000 toward your loan principal.
List every loan: balance, interest rate, minimum payment, servicer, repayment type.
US income-driven plans (SAVE, PAYE, IBR) calculate payments as a percentage of discretionary income. Freelancers can recertify annually. In low-income years, payments drop.
Every time income exceeds your monthly average by 20%+, send 50% of the excess directly to your highest-interest loan. Automatic accelerator, no willpower required.
Federal loans can be refinanced into private at lower rates — but you lose income-driven repayment and forgiveness options. Only refinance if certain you will not need those.
Student loan interest up to $2,500/year is deductible on US federal taxes. Track it in FlowFund.
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