2 answers
Lauren
Student
Bismarck, North Dakota
1
Question
Asked
616 views
How do you manage finances and student loans as a teacher when teaching is not always the best paying job?
Specifically special education - for special ed teachers, have you noticed that finances are different for you than regular education teachers?
Login to comment
2 answers
Deborah Kaiser`
Contract Manager
11
Answers
Schenectady, New York
Updated
Deborah’s Answer
Hi Lauren, thanks for asking such an important question...many of us have had to figure this out at one time or another. For example, in my own life I had to look for alternatives to getting an education that did not include loans...in order to do this, I also examined why I wanted to be a teacher...there are so many alternatives to teaching without being an actual "teacher" in a school setting. For example, I trained as a teacher, however, when I ran out of college funding, I went to work for a company that provided college tuition support so I could finish my education/degree. It was a technology company that allowed me to teach customers in a wide variety of things! It wasn't what I had imagined for myself, but It was so much better than a traditional teaching career! I hope this helps!
Aravind C
39
Answers
Bengaluru, Karnataka, India
Updated
Aravind’s Answer
Create a Post-Graduation Budget
Understand your take-home pay: Look up average starting salaries in your area and subtract estimated costs like taxes, retirement, and insurance. This will help you know what you really have to spend.
Track your expenses: Use tools like Mint, YNAB (You Need A Budget), or a simple spreadsheet to keep an eye on where your money goes.
Focus on needs first: Make sure you cover essentials like housing, food, transportation, and debt payments before spending on extras.
Handle Student Loans Wisely
Public Service Loan Forgiveness (PSLF):
If you're a teacher, you can qualify for loan forgiveness after 120 payments under a federal income-driven repayment plan. You need to work for a public or nonprofit school to be eligible.
Teacher Loan Forgiveness Program:
This program offers up to $17,500 for highly qualified math, science, or special education teachers working in low-income schools for five years.
Income-Driven Repayment (IDR) Plans:
These plans adjust your monthly payment based on your income. Programs like SAVE (Saving on a Valuable Education) can even mean $0 payments if your income is low.
Boost Your Income Wisely
Consider summer jobs or side gigs: Tutoring, teaching summer school, freelance writing, or coaching can add to your income.
Pursue advanced credentials: Earning a master's degree can increase your salary in many districts.
Seek out grants and scholarships: As a working teacher, you can find funds for professional development or further education.
Live Simply and Build Good Financial Habits
Consider shared housing or modest living: Especially when starting out.
Automate your savings: Even small amounts add up over time—aim to build an emergency fund.
Avoid lifestyle inflation: Just because you’re earning more doesn’t mean you have to spend more. Stay focused on your financial goals.
Understand your take-home pay: Look up average starting salaries in your area and subtract estimated costs like taxes, retirement, and insurance. This will help you know what you really have to spend.
Track your expenses: Use tools like Mint, YNAB (You Need A Budget), or a simple spreadsheet to keep an eye on where your money goes.
Focus on needs first: Make sure you cover essentials like housing, food, transportation, and debt payments before spending on extras.
Handle Student Loans Wisely
Public Service Loan Forgiveness (PSLF):
If you're a teacher, you can qualify for loan forgiveness after 120 payments under a federal income-driven repayment plan. You need to work for a public or nonprofit school to be eligible.
Teacher Loan Forgiveness Program:
This program offers up to $17,500 for highly qualified math, science, or special education teachers working in low-income schools for five years.
Income-Driven Repayment (IDR) Plans:
These plans adjust your monthly payment based on your income. Programs like SAVE (Saving on a Valuable Education) can even mean $0 payments if your income is low.
Boost Your Income Wisely
Consider summer jobs or side gigs: Tutoring, teaching summer school, freelance writing, or coaching can add to your income.
Pursue advanced credentials: Earning a master's degree can increase your salary in many districts.
Seek out grants and scholarships: As a working teacher, you can find funds for professional development or further education.
Live Simply and Build Good Financial Habits
Consider shared housing or modest living: Especially when starting out.
Automate your savings: Even small amounts add up over time—aim to build an emergency fund.
Avoid lifestyle inflation: Just because you’re earning more doesn’t mean you have to spend more. Stay focused on your financial goals.