{"id":5262,"date":"2018-09-18T16:39:22","date_gmt":"2018-09-18T16:39:22","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=5262"},"modified":"2020-11-26T10:50:23","modified_gmt":"2020-11-26T10:50:23","slug":"4-methods-starting-business-student-loan-debt","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/4-methods-starting-business-student-loan-debt\/","title":{"rendered":"4 Methods For Starting a Business With Student Loan Debt"},"content":{"rendered":"<figure id=\"attachment_5263\" aria-describedby=\"caption-attachment-5263\" style=\"width: 700px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-5263\" src=\"https:\/\/www.openbusinesscouncil.org\/wp-content\/uploads\/2018\/09\/money.jpg\" alt=\"\" width=\"700\" height=\"467\" srcset=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/09\/money.jpg 1024w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/09\/money-300x200.jpg 300w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/09\/money-768x512.jpg 768w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/09\/money-287x190.jpg 287w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><figcaption id=\"caption-attachment-5263\" class=\"wp-caption-text\">4 Methods For Starting a Business With Student Loan Debt<\/figcaption><\/figure>\n<p>If you&#8217;ve always dreamed of being an entrepreneur and owning your own business, you may feel like your student loan debt is holding you back. After all, if you&#8217;re paying hundreds every month in student loan payments, how can you afford to launch your business? However, plenty of entrepreneurs manage to juggle student loans while getting their venture up and running. Use these practical methods for making your business dreams a reality while responsibly tackling your student loan debt.<\/p>\n<p><strong>Consolidate Your Student Loans<\/strong><\/p>\n<p><a href=\"https:\/\/futurefuel.io\/refinance-student-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">Refinancing your student loans<\/a> can be a great way to make your payments more manageable. You can lower your interest rates so you save money in the long run, and having only one payment each month reduces the risk of missing a payment. If you choose the right lender, you can also get a more affordable monthly payment for your <a href=\"https:\/\/www.credible.com\/student-loans\" target=\"_blank\" rel=\"noopener noreferrer\">student loans<\/a>, leaving you more money to work with each month when it comes to building your business.<\/p>\n<p><strong>Don&#8217;t Miss a Payment<\/strong><\/p>\n<p>You don&#8217;t have to put your entrepreneur dreams on hold because of student loans, but make sure that your <a href=\"https:\/\/www.openbusinesscouncil.org\/essential-outsourcing-tips-businesses\/\" target=\"_blank\" rel=\"noopener noreferrer\">business<\/a> ventures aren&#8217;t impeding your ability to make your monthly loan payments. If you miss payments or send them in late, it will <a href=\"https:\/\/www.consumerfinance.gov\/about-us\/blog\/starting-a-small-business-when-you-have-student-debt\/\" target=\"_blank\" rel=\"noopener noreferrer\">show up on your personal credit history<\/a> when applying for a small business loan, putting you at a disadvantage. Keep making payments on time and in full to boost your credit profile.<\/p>\n<p><strong>Seek Out Nontraditional Funding<\/strong><\/p>\n<p>Getting a traditional loan can be a bit tricky if you&#8217;re struggling with student loan debt. However, you can try other sources to get the money you need to get your business off the ground, including:<\/p>\n<ul>\n<li><strong>Small business loans:<\/strong> You&#8217;ll need a solid credit score in order to get a lender to consider you for this type of funding.<\/li>\n<li><strong>Angel investors:<\/strong> These investors get a stake in the business you build in exchange for providing startup money. Come prepared with a detailed business plan and you may be able to convince angel investors to give you a chance.<\/li>\n<li><strong>Crowdfunding:<\/strong> Sites like GoFundMe and Kickstarter let you raise money independently. You can include special offers and promotions to encourage people to contribute to your goal.<\/li>\n<\/ul>\n<p><strong>Reduce Your Daily Expenses<\/strong><\/p>\n<p>In addition to taking the steps above, look for ways to reduce your living expenses in order to put more money toward your business and avoid going into further debt while you explore your entrepreneurial potential. Downsize your living space to save on rent or get a roommate to split costs. Cut back on food expenses by making all your meals at home and hosting friends to hang out instead of meeting up at a restaurant or bar. There are all kinds of ways you can cut back in order to help your business succeed.<\/p>\n<p>It&#8217;s time to turn your business idea into a reality. Using these tips, you can continue to pay down your student loan debt while building your business from the ground up. It may involve a few sacrifices, but all your efforts will pay off once you&#8217;re able to make your business thrive.<\/p>\n<h6><em><strong>This is an article provided by our partners network. It might not necessarily reflect the views or opinions of our editorial team and management.<\/strong><\/em><br \/>\n<em><strong>Contributed content<\/strong><\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;ve always dreamed of being an entrepreneur and owning your own business, you may feel like your student loan debt is holding you back. After all, if you&#8217;re paying hundreds every month in student loan payments, how can you afford to launch your business? However, plenty of entrepreneurs manage to juggle student loans while [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":5263,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[3585],"tags":[3468,9786],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v19.7.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>4 Methods For Starting a Business With Student Loan Debt - OpenBusinessCouncil Directory<\/title>\n<meta name=\"description\" content=\"If you&#039;ve always dreamed of being an entrepreneur and owning your own business, you may feel like your student loan debt is holding you back. After all, if you&#039;re paying hundreds every month in student loan payments, how can you afford to launch your business?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/4-methods-starting-business-student-loan-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4 Methods For Starting a Business With Student Loan Debt\" \/>\n<meta property=\"og:description\" content=\"If you&#039;ve always dreamed of being an entrepreneur and owning your own business, you may feel like your student loan debt is holding you back. After all, if you&#039;re paying hundreds every month in student loan payments, how can you afford to launch your business?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.footballthink.com\/4-methods-starting-business-student-loan-debt\/\" \/>\n<meta property=\"og:site_name\" content=\"OpenBusinessCouncil Directory\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-18T16:39:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-26T10:50:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/09\/money.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hernaldo Turrillo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hernaldo Turrillo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.footballthink.com\/4-methods-starting-business-student-loan-debt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/4-methods-starting-business-student-loan-debt\/\"},\"author\":{\"name\":\"Hernaldo Turrillo\",\"@id\":\"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23\"},\"headline\":\"4 Methods For Starting a Business With Student Loan Debt\",\"datePublished\":\"2018-09-18T16:39:22+00:00\",\"dateModified\":\"2020-11-26T10:50:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.footballthink.com\/4-methods-starting-business-student-loan-debt\/\"},\"wordCount\":569,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.footballthink.com\/#organization\"},\"keywords\":[\"business\",\"students\"],\"articleSection\":[\"Business Resources\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.footballthink.com\/4-methods-starting-business-student-loan-debt\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.footballthink.com\/4-methods-starting-business-student-loan-debt\/\",\"url\":\"https:\/\/www.footballthink.com\/4-methods-starting-business-student-loan-debt\/\",\"name\":\"4 Methods For Starting a Business With Student Loan Debt - OpenBusinessCouncil Directory\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/#website\"},\"datePublished\":\"2018-09-18T16:39:22+00:00\",\"dateModified\":\"2020-11-26T10:50:23+00:00\",\"description\":\"If you've always dreamed of being an entrepreneur and owning your own business, you may feel like your student loan debt is holding you back. 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