It’s no secret that student loan debt in the United States is a growing concern. Every year, more students graduate college and the sum of the nation’s student loan debt continues to rise. Equally concerning to many people is the shortage of college students who choose to pursue teaching as a career. Currently, there’s a teacher shortage of more than 125,000 in the U.S. That number is expected to reach 200,000 and beyond by the year 2025. According to experts, student loan debt and the teacher shortage crisis go hand-in-hand.
What’s the Real Cost of Becoming a Teacher?
The teacher education program is one of the most rigorous and thorough college programs in the country. In many states, to get a teaching license, students must first complete:
- General education classes
- Clinical internships
- Student teaching
- and pass multiple exams.
At both state and private universities, it takes most teacher candidates 4.5-5 years to complete their education. An extended education not only costs future teachers time but a notable amount of money as well.
Why is Teachers’ Average Debt Rising?
The average teacher takes on $20,000 in debt to complete a bachelor’s degree and $50,000 (total) in debt to complete a master’s degree. A large sum of debt like this takes a long time to pay off. According to research, it takes the average person 21.1 years to pay off their education if they obtain both a bachelor’s and graduate degree.
As the cost of higher education continues to rise, so does the amount of debt that teachers are pressured to accept. Due to the nature of teachers’ pay schedules and union contracts, many are forced into continuing their education in order to receive a notable raise.
Why Teachers Make Less Than Their Educated Peers
Just how little do teachers make? Research shows that teachers in typical public schools earn, on average, 30% less than their similarly educated peers. Teachers who teach for private schools or public schools in high-need communities make even less. The average salary for a new teacher is $38,000 per year.
Combine the rising cost of teacher education with the alarming rate of student loan debt and poor salaries and you have a recipe for disaster – and that’s exactly what’s happening across the United States. There are programs for student loan forgiveness in place to help ease the burden for teachers who work in low-income school districts. These programs can be difficult to complete and require teachers to jump through multiple hoops that include submitting paperwork every year to prove employment. Fortunately, there are other options for teachers who are suffering under the burden of their student loans.
Call McCarthy Law PLC to Cancel Your Student Debt for Good
If you’re a teacher who is tired of working day in and day out without making any progress on your student loans, it’s time to do something different to resolve your financial situation. At McCarthy Law, we have experience negotiating with creditors of private student loans, and are knowledgeable regarding student loan debt litigation. Whether you’re a teacher or anyone else dealing with the burden of student loan debt, we can educate you on options designed to work in your favor, and help eliminate your student debt through loan consolidation or a debt settlement case.
Debt settlement is one of the smartest choices you can make for your future if you’re drowning in student loan debt. We can stop creditors from harassing you and find a solution that leads to financial freedom. Our consultations are always free, so there’s no risk involved in learning your options for resolving private student loan debt. To schedule a free consultation, call our office at 855-976-5777 or complete our contact form.