A to Z Teacher Stuff ~ Teacher Resources, Lesson Plans, Themes, Tips, Printables, and more
advertise
Go Back   A to Z Teacher Stuff Forums > TeacherChat Forums > Elementary Education



Reply
 
Thread Tools
  #1  
Old 11-16-2012, 11:27 AM
abaxley86 abaxley86 is offline
Newcomer
 
Join Date: Jul 2011
Posts: 3
Colorado
I want to teach, but will I be able to pay off my loan debt?

Hello everyone. I am a 25 year old male strongly considering getting my MAT in order to teach elementary school. I feel that I am very well suited for the job, but I am quite worried about my financial future. I already have $22,000 in loan debt from my undergrad, and I'd be looking at adding another $25,000 in order to pay for my MAT. Will I be able to live with a relatively low level of financial stress with such a large monthly loan repayment?
I have been accepted into the University of Northern Colorado MAT program, but I am considering deferring my admission for a year in order to save enough so that I can pay for at least some of my tuition out of pocket. Do you think this is the better plan, or should I just get started right away? Keep in mind, I was a psychology major, which unfortunately means that I really don't qualify for many jobs. Chances are good that I'd end up serving tables between now and starting school, which is certainly less than ideal. I'd much rather get started with teaching!
Reply With Quote

 
  #2  
Old 11-16-2012, 11:29 AM
DrivingPigeon's Avatar
DrivingPigeon DrivingPigeon is online now
Phenom
 
Join Date: Jul 2008
Posts: 4,001
USA
2nd Grade Teacher
I have about $39,000 in student loan debt. My monthly payments are about $300. I will be paying it off for the rest of my life.

Not sure if that helps you at all!
Reply With Quote
  #3  
Old 11-16-2012, 11:55 AM
Caesar753's Avatar
Caesar753 Caesar753 is offline
Multitudinous
 
Join Date: Jun 2007
Posts: 11,593
Quote:
Originally Posted by DrivingPigeon View Post
I have about $39,000 in student loan debt. My monthly payments are about $300. I will be paying it off for the rest of my life.

Not sure if that helps you at all!
Aren't you eligible for the loan forgiveness after 10 years?
Reply With Quote
  #4  
Old 11-16-2012, 01:58 PM
EdEd EdEd is offline
Aficionado
 
Join Date: Jan 2011
Posts: 3,293
USA
This sounds like an excellent question for a financial planner
Reply With Quote
  #5  
Old 11-16-2012, 06:40 PM
readingrules12's Avatar
readingrules12 readingrules12 is offline
Enthusiast
 
Join Date: Jul 2010
Posts: 2,018
AZ
5th Grade Teacher
I am considering deferring my admission for a year in order to save enough so that I can pay for at least some of my tuition out of pocket.

Yes, please wait. With teaching. you make enough to pay your bills and enjoy life a bit. By paying off student loans while working you are in effect lowering your take home pay (after SL payments) by thousands each year. One year is worth the wait.
Reply With Quote
  #6  
Old 11-17-2012, 04:44 AM
teacher girl teacher girl is offline
Comrade
 
Join Date: May 2010
Posts: 257
Virginia
Special Education Teacher
you should do endorsement only. And pay out of pocket. Some Universities only require that you pass your teacher exams and then take like 5 classes. to get a license. I would defer my loans for a year to save up money and study/pass for tests so I could pay my endorsement out of pocket. Then as soon as you land your first teaching job, you could pursue a masters degree. But I wouldn't tack on any more debt because the economy is horrible. There is no gurantee that after you get your teaching license depending on what you majored in that you would get a job. I have friends that have their teaching license in art, history and it's been 5 years and still haven't found work.

I;m in a masters program but I pay out of pocket.... and so far I've only had to borrow $5,000. But I wisj I had done endorsement only, becuase it may make me more marketable because with only a bachelors degree you are cheaper to the district, they may not hire me with a masters degree because I am too expensive.
Reply With Quote
  #7  
Old 11-17-2012, 09:48 AM
readingrules12's Avatar
readingrules12 readingrules12 is offline
Enthusiast
 
Join Date: Jul 2010
Posts: 2,018
AZ
5th Grade Teacher
it may make me more marketable because with only a bachelors degree you are cheaper to the district, they may not hire me with a masters degree because I am too expensive.

Excellent point!
Reply With Quote
  #8  
Old 11-17-2012, 11:42 AM
John Lee John Lee is offline
Groupie
 
Join Date: Dec 2009
Posts: 1,259
How much do elementary teachers in your area make? That obviously makes a difference. In my area for example, elementary public schoolteachers generally make between $45-70k/year, and that being the case (unless you want to floss like a rapper)--you would be able to manage your student debt eventually.

Your question is a tough one though. Would I do it (if I had the money)? Yes. EVEN THOUGH I'm thisclose to quitting this career after a decade in it, due to the lack of opportunity. Would I do it and incur more debt? H-E-_-_ no. It would be a blind leap of faith, to sink another $20k in my education, where no opportunities will spout up as a direct result--I think that might answer your question to some degree--I don't think it opens up additional avenues (in K-6). You have to get a Special Ed degree, or some other one. MAT's in elementary education are $0.10 a dozen.
Reply With Quote
  #9  
Old 11-17-2012, 01:02 PM
Ms B IL Ms B IL is offline
Rookie
 
Join Date: Sep 2012
Posts: 39
Illinois
I don't really have much to say about the Master's vs. other options vs. debt discussion because I'm still doing my undergrad, but would you have to wait tables to save up money? I know getting a job in the psychology field with just a BA/BS is really hard, but you could try to get into education in some way while you are saving and/or going to school. Have you looked into the requirements in your state for becoming a teacher's assistant or paraprofessional? What about a substitute teacher? I'm not in Colorado so I don't know about the requirements there, but in Illinois you could do either of those with the degree you have now. It would give you some time in a classroom to make sure your really want to teach before you invest in it as well.
Reply With Quote
  #10  
Old 11-17-2012, 06:58 PM
DrivingPigeon's Avatar
DrivingPigeon DrivingPigeon is online now
Phenom
 
Join Date: Jul 2008
Posts: 4,001
USA
2nd Grade Teacher
Quote:
Originally Posted by Caesar753 View Post


Aren't you eligible for the loan forgiveness after 10 years?
Yes, I am. I'm worried about the future of that program, though...I'm hoping it stays around.

Also, I'm not sure if I will be teaching for 10 more years. I may be a SAHM.
Reply With Quote
Reply

Tags
debt, loan, pay, teach

Thread Tools

Forum Jump

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off




Mr. Rebates

All times are GMT -6. The time now is 05:38 PM.


Copyright © 1997-2010 A to Z Teacher Stuff, L.L.C.  All Rights Reserved.
Use of this site signifies your agreement to the terms of use.
Questions, comments, and suggestions: Contact Us
Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.