![companies that buy houses [market_city]](https://image-cdn.carrot.com/uploads/sites/18840/2024/04/Company-That-Buys-Houses.jpg)
There are a lot of people who have student loan balances hanging over their heads. Are you one of these people? Here are some ways to quickly pay off your student loans if you are a homeowner in Massachussetts.
Stick to the Plan
If you can afford the original repayment plan, do it! Most student loan repayment periods are 10 years. If you try to lower your payment or refinance, this could add another 20-25 years of repayment! 10 years doesn’t sound very quick in general, but it is way faster than 30 years! You may also want to consider making biweekly payments. You will end up paying an extra month every year which will shave off extra interest and time of repayment.
Take on a Second Job
Another way to quickly pay off your student loans is to take on a second job. Since your current job can cover all of the necessities now, your second job income can go straight to your student loan balance. You may lose some of your spare time, but just think of your financial freedom! Apply at least half or ideally all of that money to your student loan balance to speed up repayment. Make sure you communicate with your lender that you want the money applied to the principal so they don’t apply it to the next payment instead. This will also lower the overall interest paid of your loan since you are taking big chunks out of the balance. If you do not want to commit to a second job with a schedule, you could pick up side gigs. There are online bulletin boards where people can post random odd jobs they need help with and you can put that extra cash straight towards your balance. This will be a lot of work, but the benefits would be nice.
Sell Your Extra Stuff
Take advantage of online yard sale type apps and list your extra stuff for sale. Go through your closets and get rid of unneeded clothing or collectible items that may be worth some extra money. Maybe consider selling your car to get a more affordable one with better gas mileage or refinancing your current auto loan to have a lower payment each month. You could also hold garage sales as often as your community allows and ask friends and family for their unwanted belongings to add to your sale.
Explore Home Equity Solutions
If you’ve built up equity in your Massachusetts home, another option is to consider a home equity line of credit (HELOC) or a cash-out refinance. These tools allow you to access the value of your home to pay off high-interest debt like student loans, often at a much lower rate. By consolidating your student debt into your mortgage or HELOC, you may simplify your payments and reduce your monthly financial burden. But be cautious—your home becomes the collateral, so this strategy works best when paired with responsible financial planning. For more information, visit the Consumer Financial Protection Bureau’s guide on HELOCs
Check for Student Loan Forgiveness or Assistance Programs
Before selling your home or taking out new financing, take a moment to explore whether you qualify for any student loan forgiveness or repayment assistance programs. If you work in public service, education, or healthcare, programs like Public Service Loan Forgiveness (PSLF) or income-driven repayment plans may apply. Some Massachusetts employers or local governments even offer incentive programs for residents with student debt. To see what options are available to you, visit the Federal Student Aid website or check out Massachusetts-specific relief programs through Mass.gov
Think Long-Term: Lower Living Costs = Faster Debt Freedom
Sometimes, the key to faster student loan repayment is not just earning more—it’s spending less. Downsizing your home, relocating to a more affordable part of Massachusetts, or even finding a property that generates rental income can dramatically shift your financial position. Consider a multi-family home where you live in one unit and rent out the other(s), helping you cover your mortgage and freeing up income to eliminate your student debt. Cities like Malden, Revere, and Everett offer properties that can be both affordable and strategic for this type of living arrangement.
Sell Your House
If you are a homeowner in Massachussetts, the easiest and quickest way to pay off your student loans with a big chunk of money is to sell your house! You may even be able to negotiate the buyer paying a majority of the fees to have more money to put towards your balance. Take into consideration downsizing now to pay off those student loans and have more money for the future. You can also take advantage of the low-interest rates when you are looking for a loan for your new home. You can put thousands of dollars towards your student loans, or hopefully, pay off the balance in full, and find a different house to live in and save extra money with the lower interest rates on mortgages. You will also save in some unexpected places, like the electric and water bill and the actual time it takes to clean your house. You might be able to find a smaller, more energy-efficient home closer to your work and save you time and gas money every day!
At Ephesus LLC, we’ve worked with homeowners across Boston, Lynn, Chelsea, Revere, Everett, Malden, and many other communities to help them unlock the equity in their homes—whether they’re facing student debt, preparing for retirement, or simply ready for a fresh start. We specialize in buying properties as-is, with no fees or repairs needed, and we move fast so you can move forward. Call us today at (617) 340-6527 for a free and confidential consultation. There’s no obligation—just an honest conversation about what’s possible. Let’s explore how your home can be part of your student debt solution.