Many college graduates end up with student debt that can run them in the tens or hundreds of thousands of dollars. Having this debt hanging over you can be a major source of stress. Not only that but it can also make it harder to pay for everyday necessities. And it can set you back financially if you’re trying to plan for future expenses, like a down payment on a house or that trip to Japan you’ve always wanted to take.
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As you start tackling your student loans, one strategy that you might not have considered yet is selling off unused or unwanted items you’ve got at home. Depending on what you have, it could be worth some decent money — which you can then use to pay off your debt.
Here are the top items that you, as a graduate, might want to consider selling to pay off your student debt.
Also, should you pay off loans with savings?
Old Video Games and Consoles
If you’ve got old gaming consoles or video games that you no longer use — but that work great — you could sell them for some cash.
“These devices often end up being used as distractions,” said Sebastian Jania, owner of Ontario Property Buyers. “And with the newer versions today having monthly subscriptions, getting rid of these may help tremendously with reducing student loans.”
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Other Electronics and Accessories
Got any old electronics or gadgets lying around? You might be able to sell these for some money and use it to pay off some of your debt as well.
“Selling your unused electronics can be a smart move. Old cell phones, tablets and other gadgets often gather dust, but they can bring in a surprising amount of cash,” said Jeff Rose, CFP and founder of Good Financial Cents.
“You can use platforms like Gazelle, Decluttr and Swappa, which are tailored for selling these types of items. It’s a hassle-free way to convert your outdated tech into cash that can chip away at those student loans.”
Unused Gift Cards
The next time you decide to declutter your home, keep an eye out for unused gift cards. You might be able to sell them online and get a portion of the money back in cash.
“The gift giver meant well, but sometimes you end up with a gift card to a store or a restaurant you don’t tend to make purchases with,” said Erika Kullberg, a personal finance and debt expert and the founder of Erika.com.
“Sell your unused gift cards to a gift card resale site,” Kullberg continued. “You won’t get the full value for the card, but it’s losing value sitting in your wallet as inflation rises anyway. Not to mention, if you don’t intend to use it anytime soon, it will be easy to misplace or lose it.”
School-Related Equipment
Depending on your major, you might still have some school-related equipment or tools that you’ve never gotten rid of. If that’s the case, you could sell them to pay off some of your student debt.
As Jania said, “It can be a way to recoup some money to pay off their student loans.”
Apparel
If you haven’t checked your closet in a while, now’s the time to do so. Depending on what you’ve got at home, you might be able to make some money to put toward your student debt.
“Fashion changes, and so does our wardrobe,” Rose said. “Graduates can turn their gently used clothes and accessories into cash. Consignment stores and online platforms like Buffalo Exchange, Crossroads, Plato’s Closet, Poshmark and Tradesy offer great opportunities to sell on-trend clothing items. It’s an environmentally friendly way to declutter and make some money in the process.”
Old Textbooks
After graduating from college, you’re bound to take some of those old textbooks with you. But if you’re no longer using them and they’re still in good condition, you might as well sell them.
“Having trouble letting go of all those expensive textbooks you bought for school? Before donating them, try to sell them online or at your local college bookstore,” Kullberg suggested. “You can get some extra cash for books you will never read again and a college student can get a great deal on a used textbook. That’s a win-win.”
So, where can you sell these old textbooks?
“Websites like Cash4Books.net, Chegg and eCampus.com specialize in buying back used books and textbooks,” Rose said. “They often provide free shipping and various payment options, making it convenient and beneficial for graduates looking to offload their educational materials.”
Second or Unused Vehicle
If you have more than one car that you don’t often use, you could sell it for a few thousand dollars — depending on its make, model and condition. This won’t completely abolish your student debt, but it can help.
“Provided that their job is not far from where they live,” Jania said, “a vehicle may simply be something that [college graduates] are holding onto.”
Other Ways To Pay Off Student Loans
Selling your belongings can get you only so far. Given that, here are a few other ways to get a handle on your student debt:
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Refinance your loans.“Refinancing can be a game changer if you have a steady income and good credit,” Rose said. “By refinancing, you might snag a lower interest rate and a shorter loan term, potentially saving a lot in interest over time.”
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Consolidate your loans. Like refinancing, consolidating your student loans could get you a lower interest rate and make it easier to manage them — particularly if you have good credit and multiple high-interest loans from private lenders. The downside is that consolidating or refinancing your loans typically makes them ineligible for federal protections, like debt forgiveness or forbearance.
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Make biweekly payments. “By splitting your monthly payment in half and paying it every two weeks, you’ll end up making an extra payment each year,” Rose said. “This strategy reduces both your repayment period and the total interest you pay, making it a smart move for long-term savings.”
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Automate your payments. Automating your monthly payments can help prevent late fees and keep you on track with your debt repayment.
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Make larger payments. If possible, try to increase how much you pay each month toward your student loans. This can help you pay them off sooner and potentially save you money in interest.
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