I want to teach, but will I be able to pay off my loan debt?

[abaxley86]

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!

[DrivingPigeon]

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!

[Caesar753]

Originally Posted by DrivingPigeon

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?

[EdEd]

This sounds like an excellent question for a financial planner

[readingrules12]

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.

[teacher girl]

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.

[readingrules12]

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!

[John Lee]

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.

[Ms B IL]

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.

[DrivingPigeon]

Originally Posted by Caesar753

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.