Student debt?

Discussion in 'General Education' started by ksrunner, Oct 29, 2014.

  1. ksrunner

    ksrunner Rookie

    Joined:
    Oct 24, 2014
    Messages:
    8
    Likes Received:
    0

    Oct 29, 2014

    Halfway through achieving my degree in early childhood with a teaching certification and just curious about how to help pay off the debt? I'm freaking out just looking at the amount when I graduate
     
  2.  
  3. SF_Giants66

    SF_Giants66 Cohort

    Joined:
    Dec 22, 2012
    Messages:
    635
    Likes Received:
    0

    Oct 29, 2014

    Are you taking the Stafford Loans through FAFSA? If you have over 25 thousand in debt, you can take up to 25 years to pay it off.

    If it is less, you can take up to 10 years with a graduated or income based payment plan.

    Did you take any teaching grants or state loans? If you satisfy certain criteria, then you can get forgiveness on some of the balances.

    The Federal Teach Grant allows to borrow up to $4000 per year, and they will all be turned into grants that you never have to pay back if you teach four years at an eligible school in a low income area.
     
  4. BioAngel

    BioAngel Science Teacher - Grades 3-6

    Joined:
    Oct 11, 2007
    Messages:
    3,644
    Likes Received:
    108

    Oct 30, 2014

    After finishing up my bachelor's I had 26k in debt. I had some time between graduating and starting my job where I didn't have to pay the loans back, but I also used some of my savings to pay loans a few months before I got a job. Because I have paid on time every time (never been late) I have the most discounted interest rate possible. I pay about $170 a month for one loan and about $160 for another loan every 3 months. It's not an issue based on what I'm making.

    I graduated in 2007, took some time off from paying loans to go to a semester of grad school (stopped to start paying for my husband's college degree), and I will have my 2 loans paid off by 2018. I'm thinking planning on taking that monthly payment and putting it towards a new car for me (although we will probably have to purchase a used car prior to that too- hubby will take that one).

    As long as you can land a job it's not so bad. If you can't though you can talk about getting a deferment while you are looking. :)
     
  5. BioAngel

    BioAngel Science Teacher - Grades 3-6

    Joined:
    Oct 11, 2007
    Messages:
    3,644
    Likes Received:
    108

    Oct 30, 2014

    Also if you teach math or science, etc they will forgive all of your loans.

    I knew this before I got my job, but decided that I probably would not be teaching after 4 years if I worked in such a school. Teachers burn out really quickly and as a newbie teacher I knew I just would not be able to handle it. I make way less as a private school teacher, but I'm happy where I am.
     
  6. Securis

    Securis Cohort

    Joined:
    Dec 16, 2007
    Messages:
    695
    Likes Received:
    0

    Oct 30, 2014

    If you consider any kinds of consolidation, this action can affect your eligibility for any of the forgiveness programs.
     

Share This Page

Members Online Now

  1. teoria
Total: 370 (members: 4, guests: 348, robots: 18)
test