One of the struggles of an average student is loans. However, studies show that freelancing could help lessen debts gradually and benefit one’s daily expenses. Freelancing also gives the freedom of time, therefore giving students the opportunity to focus on their school work.
Upwork and Freelancers Union released the outcome of their study “Freelancing In America.” They shared that it is the most comprehensive study regarding the United States’ independent workforce. It revealed that 57.3 million Americans are doing freelance work. The number is expected to rise by 2027, which means that the majority of the labor force might soon switch to freelancing.
For students, most decide to go for freelancing jobs because it allows them to work at any time and reserve time for reviewing their lessons. Employment service LinkedIn comments that compared to regular desk jobs, freelancers control their work hours and vacation days. The company added that freelancers get to have control over their profits because they get to keep all the money.
Students who freelance have the chance to lessen their debt gradually, then eventually pay it off faster after they graduate. An example is John Kapetaneas who is a segment producer and writer for ABC News. He incurred a total of $111,354 which consisted of student loans and credit card debts.
He graduated with a masters in journalism in 2013. After that, he grabbed freelance opportunities around him. Along with freelance work to gain income, he also decreased his spending by moving back in with his parents to remove rent expenses. He also revisited his bank statements and looked into what he spent the past years. Kapetaneas sacrificed going out for food and hanging out to save money for his student debts.
Because of his lifestyle change, Kapetaneas finally completed his debt payments after two years. In connection, he said that the success depends on the level of discomfort one person decides to endure.
For those who want to shift from doing corporate jobs to freelancing, global freelancing platform Upwork advises not to quit immediately. They suggest taking a few projects first to find one’s comfort zone and go full time when ready.