5 ways to budget for travel while paying student loans

Get a job. Travel the world. Pay off student loans. At first glance, it might seem impossible to pursue all these goals at the same time. How can you travel the world if you have to go into an office every day?

But according to five digital nomads we spoke with, these pursuits aren’t mutually exclusive. On the contrary, you can learn how to travel with student loans – perhaps even move to another country with education debt – and build a fulfilling career, all at the same time.

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Saving money in a destination with a low cost of living

Quincy knew he had to make a decent income while living abroad. He gravitates toward destinations with a low cost of living, living abroad has helped Quincy pay off his debt faster with extra payments.

Making extra payments to speed up repayment

Robert Schrader enjoys the financial benefits of living in a place with a low cost of living. With his extra money — which he earns through his websites — Robert throws extra payments at his student loans.

Crushing the remaining balance with one lump-sum payment

James knew that investing his savings might be a savvier choice than paying off his low-interest student loans. But he didn’t want debt hanging over his head anymore, so he made the bold choice to pay off his balance in full, with one lump-sum payment.

Lowering payments through income-based repayment

To stay up with student loan payments, Kate put her loans on an income-driven repayment plan. Income-driven plans such as REPAYE and IBR adjust your monthly payments based on your disposable income.

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