Three Ways to Generate Passive Income for Students

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Flickr user Marco Verch

College life is not always a super affordable one, in fact, it is one of the more taxing periods of time in a young adult’s life.

Tuition, housing, expenses, additional activities, the costs keep piling up and piling up. Because of the high tuition prices and general expenses, banks have been offering student loans to help students get an education for decades now.

The problem is that these are loans, not charity, and they need to be paid back eventually, and the timer actually starts from the point in which the student graduates from college.

It goes without saying that students need to start earning money while they are in college, however, they must do so without jeopardizing course and study time, and there are some reliable modern ways in which he or she can do just that.

The Harsh Reality

At the moment, the dreaded student loan is the most stressful debt that a young adult has to pay back once they graduate, and it is not an easy task. On average, the size of the loan that needs to be paid back is around $37,000, and the time frame that it needs to be paid back in is rather narrow.

Which is why graduates, most of the time, end up getting internships and badly paid jobs in order to at least start paying off these debts.

The more time that passes after graduation, the more difficult it becomes for these loans to be paid off, however, there is a small solution to making it easier for the student.

Generating income as a student is not easy. Time is limited, and the vast majority of it is reserved for coursework, study, and research, leaving very little free time to use in order to generate income in a part time job.

One viable solution is passive income. In terms of reliability, we can narrow it down to three main options.

Launching a Website or Blog

In terms of possibilities, as a student, this is the mother-load.

You can do anything from setting up your own website from scratch, converting your social media sites like Instagram or Facebook into your own personal blogs, creating a WordPress blog, creating your own YouTube channel and using it as a vlogging platform, the possibilities here are endless. But we still need to keep in mind that time is still an issue, so the least time consuming of them all will be your best bet.

At its roots, it is all content creation, which you hope goes viral and becomes popular.

By far the most popular choice is a classical blog, or a text blog, simply because it is the least time consuming while at the same time it is also the most flexible and versatile of them all.

It is actually really easy to start up a blog these days, considering there are online services like WordPress which offer you ready-made templates as well as giving you the option to customize and set up the blog whichever way you want. Not to mention the fact that it is also easier to keep track of your followers and build a community that you can interact with.

It becomes especially easier when you use an app suite like Setapp, which comes with a great selection of apps to help with project management, planning, research, and writing, making it that much easier to design, create and edit your posts before publishing them on your blog. They also offer a special educational discount so it’s more affordable for college students.

Once the blog or website becomes popular enough, you can start thinking about monetization. This is usually done through advertising services such as Google AdSense, Amazon affiliate links, or even sponsored product reviews from time to time.

Remember that, at the end of the day, you have a say in how you monetize your blog, therefore you don’t really need to worry about compromising its core values or principles.

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Lending and Organizing a Lending Service

Something universally true about student life is the fact that it is difficult to afford anything, so money needs to be budgeted carefully. That being said, oftentimes a student will have to make certain sacrifices in order to be able to pay for rent, food and expensive courses and books.

Lending and borrowing is something normal that happens between students, however, you can be a bit more business savvy and recognize a good opportunity.

Things like consoles, sports equipment, even a car can be lent from time to time, but what if you were to ask for a modest sum in return for letting the other person borrow it from you? More or less like renting something.

Look at it this way, let’s say someone wants to borrow your car for a date. If you charge that person a modest sum in exchange for your permission to do so, then you are reimbursed for the discomfort of not having your car available to you for that period of time.

You can do this with everything from a suit to a car, a backpack to an extra bed or a room for the weekend. Websites like Craigslist and Airbnb already facilitate this method.

Just make sure you are careful who you lend things to.

Providing Tutoring Services

This is a tried and tested method of earning some extra cash on the side as a student.

Simply put, you have reached a certain advanced level in your education, and are now specializing in an area or a field. At the same time, there are a lot of children or fellow students out there that are in need of someone to help them along with their education or prep them for high school and college.

Lot of parents often opt for students over teachers to fill in the role of a private tutor because of three main reasons:

  • A student is a lot closer to their kid’s age and can explain things/communicate better

  • A student is a lot cheaper than a teacher

  • A student is a lot more available and a lot more flexible than a teacher

Finding a tutoring gig is not hard at all. Grab a newspaper or go online and check the help wanted ads. Sooner or later you will find ads that are specifically looking for tutors.

If searching is not your thing and you would prefer to advertise yourself, then you can use websites like Fiverr, Craigslistor Preply to promote yourself and check out the demand for your tutoring services.

In Conclusion

There are quite a few ways in which a student can make some money on the side. Starting a small business while in college is normal, and with a bit of luck, it will grow into something a lot bigger and a lot more meaningful.

Make things easier for yourself, and start your own side business now. Let your business grow while you grow, and you will reap the rewards.

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