Student Loan Forgiveness Programs for Teachers
With about 1% of applicants to the Public Service Loan Forgiveness program successfully receiving loan forgiveness, students who plan to rely on financial aid and hope to become teachers may have reason to think twice.
Nationwide, students are borrowing more student loans to pay for college than ever before. Among those who took out loans, the average student in the class of 2017 borrowed nearly $30,000, according to U.S. News data. But the median midcareer salary is $41,000 for students who majored in early childhood education and $43,000 for those who majored in elementary education, according to U.S. Census Bureau data from 2016-2017.
Rising college costs and low wages create the need for loan forgiveness for teachers, advocates say. But the Public Service Loan Forgiveness program has come under fire recently for failing to keep its promise. A recent lawsuit filed in federal court by the American Federation of Teachers alleges Education Secretary Betsy Devos unlawfully denied individuals debt forgiveness, according to a press release. While the lawsuit is currently pending further action in federal court, its outcome could impact the future of loan forgiveness for current and prospective students.
Students must also consider the possibility of the Public Service Loan Forgiveness program being eliminated, as was proposed by President Donald Trump in March.
Still, Randi Weingarten, president of the American Federation of Teachers, says students shouldn't allow themselves to be deterred by debt. "No one should forgo a career in public service because of concerns over student debt. Yet it's not a secret that the teaching profession is facing a crisis -- deep, systemic disinvestment in public education that has led to soaring college costs and shrinking teacher salaries, and a de-professionalization of the job that has led to a teacher shortage in all 50 states," Weingarten wrote in an email. "But teaching is a career built on hope, and a commitment to helping others and making our communities better. We must honor that commitment and protect the future teacher workforce."
Amid this uncertainty, Mark Kantrowitz, publisher and vice president of research for Savingforcollege.com, a website that CONTINUE READING: Student Loan Forgiveness Programs for Teachers