Post # 1
I am reaching out to my fellow educators. I will be graduating in the Spring of 2015 after student teaching, so my loans will kick in around November/December. As it stands, I will have about 30k to owe. My FI won’t be graduating for another 2-3 years, but God only knows how much we will owe on his loans. He is also most likely going into Math education.
Basically, I am already freaking out over loan repayment. I am the first one in my family to attend and graduate college, so I really don’t know what to expect on an first year teaching salary.
How much is your loan payment? Have you found any programs that help with loan forgiveness? Any suggestions/advice/saving grace?
Post # 2
- 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
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
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 # 5
Thank you all! I will be checking out the links. I appreciate your help! I know that countless people owe student loans, it’s all just very intimidating!
Post # 6
h 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
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.