Locums Can Help You Pay off Student Loans
It’s no secret that student loans have blown up over the past decade or so. Many borrowers are waiting for possible loan forgiveness. Fortunately, working locum tenens assignments can provide a different way to help pay off student loans quickly.
Don’t just take it from me, decide for yourself. Here’s how it works:
While on assignment, housing is provided for you. This can easily save you 30% of your expenses. This enormous savings in cost can allow you to apply extra income towards your student loans. Alternatively, if you have a friend or relative you can stay with while on assignment, you can bargain with your agency and request a housing stipend instead. If you choose to pay rent to your friend/relative, you can pocket the remainder of the funds and use that money to apply towards your student loans.
Locum tenens providers receive a rental car while working on an assignment away from home. This is a substantial saving – not only in car payments, but car insurance and maintenance. If you want to keep your own car and drive to an assignment, mileage reimbursement is provided. Typically, this rate covers more than the gas used to get to your assignment.
Working as a contractor typically pays more than working as a permanent employee. As a locum, you can expect to get paid more than what you made working at your previous full-time job. The difference can be as little as $5/hour more to even $50/hour more. If you continue living on your previous salary, you can use this extra income to continue taking chunks off your student loan debt. Some facilities even offer an extension bonus for extending your assignment with them.
Some people have a full-time job and still work as a locums during their days off or during their paid vacations. This allows providers to boost their income, which they can use to make extra payments towards their student loans. Many sites are desperate for coverage and do not mind paying overtime if you want to pick up extra shifts.
Nobody wants to be making payments for what seems like forever. Consider taking a locum tenens assignment either full-time or just a few extra shifts here and there. It allows you to fine tune your budget and make extra income that you can use to pay off your student loans quickly.