Future Educator Loan Debt

posted 2 years ago in Career
Post # 2
2476 posts
Buzzing bee
  • Wedding: April 2014 - Italian Villa

MrsSpringer62:  I’m not a teacher, but that part isn’t really important. Student loans generall yhave a 10-year payoff window. If you know your interest rate, you can use an amortization calculator online to determine your payments. 

My debt started out about 16K, and my payments are around $200-250 per month (I pay extra on one by choice, so I’m not 100% sure what my standard payment would be). My interest rate is 6.8% (federal loans). Given this info, you can expect to pay $400-500 per month for yours.

Payments only take your income into account if you can’t afford the payments they assign you and you need a variance (I forget the actual term). This should be avoided at all costs- it messes up your credit. Students loans are a bummer, but they can be managed!

Post # 3
249 posts
Helper bee
  • Wedding: June 2015

MrsSpringer62:  I’m not an educator, but my fiance is.  He’s in his second year teaching and his monthly payments aren’t bad at all at $120 a month and I think he owes $20K.  He’s told me before that if he teaches at an under achieving school, they will pay off I believe $17,000 of his loans, so there may be a program like that where you are.

Post # 4
4043 posts
Honey bee

MrsSpringer62:  I don’t teach, but I do work as an administrator at a school and have spoken with many teachers about their loans. My DH is also a teacher and owes about $22k. If he stays in teaching for the next 3 years, he will apply for the urban educators program because we work at a Title 1 school. One program forgives up to $17,500 and a few others will forgive all loans after 10 years.

Depending on what and where you teach, you may be eligible for loan forgiveness after a certain period of time. Here are a few links:



Best of luck OP!

Post # 6
693 posts
Busy bee
  • Wedding: October 2011

MrsSpringer62:  Both DH and I are teachers and have massive loans (private school credential program).  We take advantage of 3 separate loan forgiveness programs (one through our state, the 5 year stafford loan forgiveness, and the 10 year public service loan forgiveness program)

Post # 7
11634 posts
Sugar Beekeeper
  • Wedding: November 1999

bmo88:  MrsSpringer62:  The last draft of the FY2015 budget I read actually axes the student loan forgiveness program for public interest/public service.  I don’t know if people already in it will be grandfathered in or not, but just keep an eye on that.  Obviously the budget dynamics are a nightmare and this stuff changes a lot, so you shouldn’t bank on it.

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