Are Student loans worth it? And how much do you pay a month after graduating?

Question

I want to become a teacher, and in order to do so I have to complete a bachelor degree (4 years) and then go to teacher's college which is another year.

After all is said and done, I would have over 40k in student loans. And teachers don't make that much, plus there is a rise in student graduating teachers college, and a decline in the ammount of teacher jobs in my area... maybe it will change in 5 years but who knows.

I am really at a loss on whether I should do it or not. Its my dream to be a teacher, and I KNOW I would enjoy the career, and it would make me happy. But I am on the verge to being a single mother. And I don't know if its worth it to put myself in 40k debt, and still not make enough to support my family.

How much do you end up paying per month one you have graduated? I have asked the bank but they won't give me straight answers.

Answer 1

This is just an estimate, but it will work in your situation.  If you borrow 40K, your payments will be 400 a month.

  If you borrow 20K, your payments will be 200 a month.  If you borrow 60K, your payments will be 600 a month.

Federal student loans like the perkins and the stafford loans currently have forgiveness policies for teachers who meet certain criteria can have part of their student loans discharged (don't have to pay anymore).

Answer 2

My niece is also a teacher. She went to school and has student loan debt, however she agreed to teach for a certain number of years in an under served (rural) area of the state she already lived in. By doing this, the state she lives in is forgiving her student debt by a certain number of dollars each year. My niece owes around $26k in student loan debt and I believe her agreement with the state is to work for 3 years in a small, rural school and by the end of the 3 years her student loan will be paid. If she leaves before the 3 years she forfeits the program. Check with your state to see if they similar programs for prospective teachers. Here is a website that talks about the program she is http://www.aft.org/tools4teachers/loan-f...

Answer 3

I don't know how old you are but if you are in high school, you can fill out a form that basically says that this organization will pay for your full college education if you teach for a couple of years in inner city schools after you graduate.  You should ask your guidance counselor about it.

Answer 4

They are worth it.  But you need to talk to a financial aid department at the school you wish to attend.  There is so much more out there to help pay for your education then loans.  There are federal grants too.  Student loans also have a very low interest rate and the payments will not be more than a teacher could handle, especially if you use as many other avenues as possible to fund your education as possible.  I can’t tell you how much it will cost you  every month to repay the loans because there are too many other things that factor into it.

Answer 5

Well, you don't have to stay in your area, Move and see other places.  Then if you want to you can always return home..  I go to school on-line and yes it still cost money.  But unless you get private loans your going to have to go for financial aid.  Ed.gov is a great start and you will have to research for money for teachers.  And don't forget sallymae and you should complete a federal student aid application also. You have the option of paying interest will in school, or just start paying 6 months after your finish school. the average payment is around $ 109 to $200 dollars some are lower like $95.00.  I bet your smart, so you should apply for scholarships look for all the free money you can get.