If You Owe Student Loans, Here’s How You Can Still Travel the World!

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Find a job. Take a trip around the globe. Pay off your college debts. ‘

At first, achieving all of these objectives simultaneously may seem unachievable. There is no way to see the globe while working in an office every day. And if you have a lot of student loan debt, you must be financially reckless to travel Ipass accepts bad credit.

However, five digital nomads we talked with said that these interests are not incompatible with one another. However, it is possible to relocate with student loan debt and pursue a rewarding profession in a new nation at the same time.

So how did these remote workers manage to work, travel, and pay off their college debts simultaneously? As you can see, these are some of the tactics they used.

1. Finding a place to live that is inexpensive to live in

To see the globe, Quincy Smith set off after graduating from the College of Charleston with a double major in International Business and Spanish in 2008. To pay off his student loans, Quincy had to find a way to earn a livelihood while studying overseas.

His goal was to be “location independent,” with the freedom to roam between cities and nations. Quincy quit his work because he had grown his SEO skills and secured freelancing clients, which allowed him to do so.

Quincy had two clients lined up before sending in his notice gave him some peace of mind. My one-way ticket to Thailand was purchased.”

Quincy is now in charge of Springboard’s SEO efforts, and he also runs his website, ESL Authority. As a result of his unique work path, he has been able to travel the globe, having lived in Thailand, China, Japan, Colombia, Mexico, Peru, and the Philippines.

The additional money Quincy has saved by living overseas has allowed him to pay off his debts quicker.

Quincy said that he had a reduced cost of living since he doesn’t own a vehicle and because he lives in a more affordable neighborhood. Additionally, insurance costs are lower here than they are in the US.

For Quincy, this means being able to pay back his debts faster while simultaneously accomplishing other financial objectives.

It’s helped him pay off his student debt and save for the future since he’s a “digital nomad.” “[It] is directly linked to the lower cost of living.”

Quincy can save and invest more money because he keeps his expenses modest.

2. Making additional repayments to hasten the payback process

A digital nomad like Quincy, Robert Schrader likes the financial advantages of living in Bangkok, Thailand, which has a cheap cost of living.

From housing to transportation to healthcare, Robert noted, “the cost of absolutely everything I need is cheaper here.” “Bangkok is one of the world’s most linked aviation hubs, making it even more affordable to fly there. My overall monthly savings are over $1,000 compared to the cost of living in the United States, and I’m living in a much better location.”

Robert makes additional payments on his college debts using the money he makes from his website Leave Your Daily Hell, and Japan Starts Here.

As he put it, “[I] have been paying more aggressively.” “My current monthly payment is $320, but I willingly upped it to $420 in 2018,” says the borrower. My goal for 2019 is to pay $500 a month, which I started this month.

In the past, Robert didn’t always adopt this approach to dealing with his college loans. A few years after graduation, he postponed the repayment of his student loans, a choice he now wishes he hadn’t made.

As Robert suggested, “[Don’t] go into delay or forbearance unless it’s life or death.” The moratorium was a choice I made out of convenience, and I’m now paying it.

Robert’s digital nomad lifestyle allows him to make up for his financial blunders from the past.

After two years of living overseas, I’m beginning to feel the benefits in my bank account balance… After living overseas for five years or fewer, “I aim to be debt-free in the next five years,” he stated.

3. Making a single, lump-sum payment for the remainder of the debt

James Pollard, the creator of TheAdvisorCoach.com, a marketing agency that works with financial advisers, may live anywhere he wants. Although he loves traveling to Cancun, Mexico, his favorite place in the United States in Nashville, Tennessee, where he’s most recently lived, and Memphis, Tennessee, and Clearwater Beach, Florida.

That lifestyle appealed to me since I followed individuals online who were generating money as digital nomads, and I decided to join them. In the end, I followed in their footsteps and replicated their actions.

He claimed that a school loan debt of $19,000 didn’t affect his mobility since payments were automatic. The typical 10-year repayment plan with set monthly installments remained in place for the first few years of his loan repayment.

The more money James made, the more money he put aside for the future. While this was the case, it wasn’t until one day that it dawned on him that he had to do something about his college debts.

Throughout his life, James realized: “I want to get rid of this debt.” As the saying goes, “I simply wanted to feel that rush of relief when the balance was zero, so I transferred the funds and paid it off in full.”

Working with financial counselors, James was aware that investing his funds rather than paying off his low-interest student loans would be a wiser decision for his financial future. He decided that he didn’t want the burden of debt hanging over his head any longer, so he paid off his whole total all at once.

4. Payments may be more affordable with a payback plan depending on income.

Even if you become a digital nomad, it doesn’t imply you’ll save money or earn more. Working from anywhere you want, whenever you want, might lead to a temporary decrease in revenue for digital nomads.

To travel the world as a full-time health writer and content consultant, Kate Downes gave up her job as an acupuncturist and became a health writer. However, her financial account didn’t immediately reap the benefits of her choice.

Although Kate’s salary is far lower than when she was actively practicing law, she says she is “happier with her job” and wants to spend the next year traveling to Mexico City, Edinburgh, Scotland, and Amman, Jordan.

Kate placed her student loan payments on an income-driven repayment plan to keep up with them. Using income-driven programs like REPAYE and IBR, your monthly payments are adjusted depending on your disposable income so that your bills don’t become too heavy.

With over $150,000 in student loan debt, an income-driven strategy was essential for Kate.

Despite not making significant progress in paying down my debt this year, I maintained my standard of living and stayed current on all of my loan payments while I created my new company,” Kate said.

Kate thinks that she’d spend more time working on her company before leaping the world if she had it to do again.

“Had I spent more time planning and growing my digital company in the year before to taking on the nomad lifestyle, not only would I have been able to earn and save more money, but I would have saved a lot of worry, anxiety, and financial issues,” Kate said.

However, she advises other aspiring digital nomads not to let debt hold them back from achieving their ambitions of living overseas.

“Don’t let student loan debt hold you back!” A great teacher is a travel, and I would not be the person I am now if I hadn’t taken this chance to go on this trip. See what happens if you give it a go!

5. Tracking monthly cash flow by adhering to a budget

James Feess, a co-founder of The Savvy Backpacker and a frequent travel writer, divides his time between Europe and the Big Apple. He keeps meticulous records of all of his out-of-pocket costs, particularly those related to travel.

“Transportation and lodging are the most significant expenses,” explains James. “I’m constantly on the search for low-cost flights… When it comes to planning a vacation, the cost is a crucial factor to consider.”

Because James and his wife owe $65,000 in student loans for their undergraduate and graduate degrees, they must be cautious with their money. For the most part, they’ve followed the usual 10-year repayment schedule, although they’ve made additional payments when their finances permitted them.

It’s a good idea to pay off school loan debt if you want to be a digital nomad. “Stay within your means and make every effort to make timely payments on your debts.”

I am using college debts to travel the globe.

Getting out of debt and relocating to a new nation might be difficult. You’ll need to devise a strategy for managing your debts from wherever you’re in. A few of the most beneficial are:

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