Paying Off Student Loans Early: Advice From "Shark Tank's" Barbara Corcoran

Barbara Corcoran has been helping entrepreneurs make their dreams come true for years on "Shark Tank." Now, she's taking her expertise to the airwaves — answering questions about everything from business to relationships — with her podcast, "888-Barbara."

Today, she's answering questions from some of our viewers, starting with one that many students and recent graduates can certainly relate to.

Q: I just graduated with my second degree in nursing, but now I find myself with close to $85,000 in student loans. I don't want to put my life on hold. Do you have any practical advice on how I can pay off my student loans but still be able to travel with friends and family and go out and do things?

— Liz, studio audience member

A: Getting through nursing school is no easy feat, so it's understandable that Liz wants to have some fun after this big accomplishment, Barbara says. But, Liz might be hoping for a party too early.

"You've got an $85,000 student loan, which is like a giant monkey on your back. And you...have to get rid of that to feel freedom [and] really have a good time and enjoy your life," Barbara says, "so I would suggest you tap into exactly what got you through nursing school in the first place, which is hard work."

It's going to take another stretch of hard work to pay off that loan, but not everyone has the opportunity to pay off student loans early and avoid falling into further debt. Because nurses usually work long shifts but only a few days out of the week, Liz likely has some free time. Barbara's advice for Liz is to use her free time now to take on a second part-time job that has flexibility, such as catering, and make extra money to put toward paying off her loan.

"It's a lot of money, and even if you're having a good time and you want to pretend you [can] forget about it, it's always there," Barbara says. 

We can always count on Barbara to tell it like it is!