Student loans are a blessing and a curse because they allow people who do not have the funds to go the college, but are easy to mount up a large amount of debt. What are the best ways to pay back student loans and are there ways to get employers to pay some of the student debt?
Their is a loan forgiveness program that allows up to $17,500 in loan forgiveness for someone who is receiving a degree to get teacher certification. It requires that you teach for 5 years at a Title 1 school for five years after graduation and after that five years you can apply. You can find for info at FASFA.com.
ReplyDeleteYou can also ask the financial aid department at South about the new TEACH Grant program. You can receive grant money for school that does have to be paid back to the lender. It is intended for college students who are seeking a degree for certification in education. Like the loan forgiveness program you are required to teach for a minimum number of years upon graduation. If you decide not to teach then you have to repay that loan just like any other student loan.
ReplyDeleteThe TEACH Grant program is a great program. MCPSS.com can give you information as well. You can look into grants that can be used to pay off tutition to help you. You can talk to a Sallie Mae rep to receive information about how to go about paying off student loans. I would reccommend going ahead and putting a little bit back from each pay check you get. It may not be much after you graduate, but it can help out a little.
ReplyDeleteUntil now, I never had to pay for college. I consider myself very blessed as I received a full athletic scholarship. Additionally, my National Board Certifiaction stipend is paying for the majority of my graduate school expense. Although I didn't realize the magnitude of all this, it's now beginning to hit me as I am preparing to send my daughter off to college in December. Having not had much experience with this, I am not the best qualified to answer this question. I have, however, received a ton of information from the senior counselor at my daughter's high school. She sends the parents and students hundreds of websites to various scholarship opportunities and grant opportunities. Most of these are likely found by googling "grants and scholarships." Beyond that, I guess the best thing to do is shop for the very lowest interest rate on your student loans.
ReplyDeleteIn regard to getting an employer to pay a student loan for you ... I believe this only happens in very special circumstances or in small businesses that want to ensure they keep their excellent, dedicated employees. My sister is the type person who uses this as an incentive to keep her employees. She has wonderful incentive plans but also has protective clauses in their contracts. If you're in the education field I seriously doubt you'll get any school system to help pay your loans back.
ReplyDeleteDon't feel bad if you have to get students loans though. I have a ton of them and so do may other people.
ReplyDeleteI have concluded that I will be paying back student loans for myself or my children for the rest of my life. I do plan to take advantage of the loan forgiveness program since I am teaching in in Title 1 school. However, I have some old loans from the early 90s, and I do not know if the forgiveness program will apply. If I ever finish school, I guess I will be paying student loans like a second mortgage. It is too bad that I do not live close enough to walk to work.
ReplyDeleteI know a person who has not paid student loans back in over 3 years. When I asked her how, she said she told them she was in economic distress. I would not recommend lying because it gets you no where. I have to pay student loans back as well. What I will do is talk to them and ask them if I could pay what I can afford to pay. I will do this after I have applied for the loan forgivness.
ReplyDeleteThe "Teach grant" does not apply for "History teachers" because I have already tried that.
ReplyDeleteI did some research and there was a law passed in 2007 that if your worked in a "Public" job like healthcare i.e., a nurse or a teacher that after you pay on your loans for 10 years the government will write off the balance.
I plan to investigate the "teach grant" to see if it would apply to me since I am a social studies teacher and a teacher of gifted education. Gifted education falls under special education, but I do not know if that makes a difference. I have not heard to the law that you refer to Calvin, but I have heard that some of one's student loans are forgiven if you teach in a Title 1 school. I hope this is true!
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