Guest Post by Martin Harvey

In a day and age where student loans are the new norm for many who want to go to college, entrepreneurship is evolving into a riskier avenue for those who are thousands of dollars in debt to lenders. Fortunately, balancing entrepreneurship and student loan debt can be done.

Balancing Entrepreneurship and Student Loans

According to the United States Federal Reserve, as of 2018, the total student debt is $1.48 trillion, which averages about $40,000 per person and this number is steadily rising year after year. So, what if you owe more than $40,000? What if you owe more than $100,000? Is becoming an entrepreneur still possible? The answer is yes! With some planning and strategy, you too can balance your student loan debt and your dream of owning a successful business.

Develop A Repayment Plan

Preferably, you will want to start working on a plan for paying off your student loan debt long before your graduation day, but it’s never too late to start building a strategy to repay that debt. Thinking about student loans will naturally raise anyone’s blood pressure and send them into a possible panic attack, but having a detailed plan combined with goals to reach will turn anxiety into motivation.

Gather the Numbers

This is the scary part — getting all of the paperwork together and calculating the exact amount of student debt you have accrued.

Get the Facts

Whether your loans are through a private lender or the federal government, call to inquire about all of the possible options you have to repay your debt. For federal loans, you can read about possible options and apply for different payment options on your account at

Establish a Game Plan

Now that you have all of the information you need, you can develop a solid game plan for paying off your student loans.

By developing a game plan, paying the student loans becomes less ambiguous and more manageable. By creating goals to meet along the way, you will keep yourself motivated to achieve your ultimate goal.

Develop A Business Plan

student loan debtWhether you plan to organize a Sole Proprietorship or a Corporation, before investing any money, you should develop a business plan that aligns with your Repayment Plan. A business plan is not only a strategy for developing the foundation for your enterprise, but it also acts as a roadmap that will guide you through the first few years of your business.

Within your business plan, you will include a Financial Plan that will allow you to calculate what your start-up investment will need to be, how much money you will need to invest weekly or monthly in the first year and will provide you will a goal to eventually break-even.

Don’t Quit Your Day Job

Many entrepreneurs will tell you to dive into your new profession as a business owner head first, but with monthly student loan payments to make, every cent counts. If you can start your business as a side job while keeping your day job, you will have a much better chance of not defaulting on your loans and keeping your overall stress level lower.


As an aspiring entrepreneur, it can difficult to follow your dream when the cloud of student loan debt hangs over your head, but with the right strategy, it can be done. Before thinking about starting a business, make sure you have a solid repayment plan in place so that you can pay off your student loan debt in a timely manner. Then before you invest in your new business idea, develop a business plan so you can have a clear idea of what financial obligations are required for the business. Finally, don’t quit your day job until you can meet your financial obligations through your business. By following these simple steps, you can become a successful, debt-free business owner.

Guest Post

Martin HarveyFounder and Owner of White Whale Web Design, Martin is an entrepreneur who believes that by working together, we can achieve great things. Inspired by leaders such as Simon Sinek and Richard Branson, Martin’s purpose is to inspire others through Website Design, Development and SEO Management. Martin is also a general aviation pilot and remains active in the general aviation community.




Featured Photo by rawpixel on Unsplash
Additional Photo also by rawpixel on Unsplash


With student loans being a norm for many who want to attend college, entrepreneurship is evolving into a riskier avenue for those in debt to lenders. But rest assured, balancing entrepreneurship and student loans is possible. Here's how.