3 Extreme Ways To Pay Off Student Loans (That People Have Actually Done)

These 3 extreme ways to pay off student loans take a lot of consideration and time, but you can pay off your loans in just a few years! It's up to you to decide how extreme you're willing to go.

When I paid off $28,000 of student loan debt in three years, I devoted myself entirely to that cause. Every spare cent, career choice, and personal decision was influenced by my desire to be debt free. It was a difficult period - and at times I questioned whether I was making the right choice. But nothing has ever felt so satisfying as making that last payment.

Still, sometimes I wish I had gotten a little more creative.

While I kept my nose to the grindstone, I could have been looking for inventive ways to make an extra buck. It's great to buckle down and pay off your debt with frugal choices and self-restraint, but there's something even more impressive about finding a way to accelerate the repayment process using unorthodox methods.

Here are a few examples of people who did just that. Plus, what you need to know about trying those methods for yourself.

Sell your eggs
When Lucy Giraldo got accepted to grad school, she had one question: How can I pay for this without taking out loans?

She had already applied for scholarships and was working on the side. She even considered taking a year off to work and save money. But eventually, she came across the answer she was looking for - selling her eggs.

"I had gotten the idea of donating my eggs during the last year of undergrad when money was running short", she said. "I stewed on it for years before I thought I could really go through it."

As a med student, she was aware of the risks that come with egg donation, including "cramping, bleeding, and infection." Still, the risk was worth the reward. Giraldo sold her eggs twice, netting about $6,000 total.

The money didn't come without its own set of problems. During her second donation process she developed Ovarian Hyperstimulation Syndrome, which only happens in five percent of all donors. OHSS occuries when the ovaries swell and become uncomfortable and even painful. Giraldo had to hospitalized, and although she fully recovered there was a risk of losing an ovary if the conditioned deteriorated.

Giraldo is one of many American women that sell their eggs every year, earning on average between $5,000 and $8,000. The application is rigorous. Fertility clinics ask for your medical history, academic record, mental state and more. Only the cream of the crop are selected. In return, the money these women received can be used to start  businesses, buy homes and yes, pay off student loans.

The bulk of the process is 15 days long, and Giraldo had doctor's appointments about every day. To prepare for the donation, she had to inject herself with hormones (similar to what women do for IVF). The hormones can also cause mood swings, similar to pregnancy.

Rent out your house
Glenn Carter graduated from college with about $10,000 in student loans, a paltry figured compared to what his peers were facing. But the thought of any debt bothered him, so he decided to rent out his condo on Airbnb to pay off the balance.

While some people rent out a spare room, Carter moved in with a friend while renting out his entire home. He slept on his friend's couch for five months. The two of them split the duties as Airbnb hosts and divide the profits fairly.

Carter admits his situation was unique. His wife and kids live in another city, so he spents most weekends visiting them anyway. After expenses he pocketed about $10,000 that he applied straight to his student loan balance.

While most people don't want to spend their nights or weekends in someone else's space, it can be a fabulous side hustle for very little work. Carter recommends choosing your partner-in-crime carefully, since you'll essentially be roommates and business partners at the same time.

Work as a Shot Girl
Graphic designer Eli Miller took a different approach to paying down her student loan total. She worked as a shot girl at a prominent bar, walking around with a tray of shots and selling them to customers. She worked during breaks and summers between the ages of 18 and 22, usually on weekend nights. Miller estimates she paid off $40,000 work of student loans through her work as a shot girl.

You might be conjuring up images of scantily clad cocktail waitresses flirting with customers, but Miller was a professional. She wore sandals and comfortable dresses so she'd be able to meander through the crowds. Plus, she tipped the bartenders so they's prepare her trays faster.

Depending on the crowd, she could earn anywhere between $50 to $600 in tips. She admits to earning more than other girls, treating the job "almost too professionally."
She estimates other shot girls earned about $200 on a profitable night. Miller worked from 11 p.m. to 2:45 a.m., devoting most of her weekends to reaching her goal.

"It's not really glamorous," she said. "You have to give up on your social life."

Despite the drawbacks, she kept going back each break. She even worked a few months after graduation while holding down a full-time gig. She credits working as a shot girl with allowing her to focus more on her career after college instead of paying back loans.

"Eventually, I accepted a job that was not particularly high paying, but it allowed me to quickly grow as a designer and develop a strong portfolio, something I might not have been able to do if I was more focused on making more money rather than gaining experience," she said.