Ask where to start, how to switch it up as life changes, and how to live the life you want.
.png)
How future teachers can strategically use Federal Student Loans to pay for college and graduate school given the loan forgiveness available for teachers.
For undergraduate school, the student should borrow the maximum Federal Loan amount of $27,000 ($5,500 for the first year, $6,500 for the sophomore year, and $7,500 for the junior and senior years). Even if they have enough to pay for undergraduate school, they should consider borrowing. The key is to avoid private student loans since these cannot be forgiven.
For graduate school, the student can borrow up to the cost of attendance in Federal Loans. Even if they can afford to pay for graduate school as they go, they should consider borrowing.
As you can see, a teacher ends up paying much less than the amount they borrowed and over a longer period of time.
In either example, you can see that as long as you know you will become a teacher and work for at least 10 years, there is an incentive to borrow as much in Federal Loans as possible because of PSLF.
For illustration only. Not a guarantee of future results.
The views and opinions expressed in this commentary are those of the author noted and may or may not represent the views of The Lincoln Investment Companies.
61 John Muir Dr Suite 100 Amherst, NY 14228
Phone: 716.837.3335 Fax: 716.837.3099
Email: switter@lincolninvestment.com
Advisory services offered through Capital Analysts or Lincoln Investment, Registered Investment Advisers. Securities offered through Lincoln Investment, Broker Dealer, Member FINRA / SIPC, www.lincolninvestment.com. Tax, Legal or Social Security claiming services are not offered through, or supervised by Lincoln Investment, or Capital Analysts.This site has been prepared solely for information purposes is not intended to be a solicitation, offer or sale of securities products or investment advisory services to anyone who resides outside of the United States. Lincoln Investment and Capital Analysts are registered as investment advisers with the U.S. Securities and Exchange Commission and Lincoln Investment is registered as a broker/dealer in all 50 states. Tax, legal or Social Security claiming services are not offered through, nor supervised by Lincoln Investment or Capital Analysts. Lincoln Investment, Capital Analysts and its Financial Representatives may only transact business in a particular state if first registered and only after complying with registration requirements. When you link to any of these websites provided here, you are leaving this site. We make no representation as to the completeness or accuracy of information provided at these sites. Nor are we liable for any direct or indirect technical or system issues or consequences arising out of your access to or use of these third-party sites. When you access one of these sites, you are leaving our website and assume total responsibility for your use of the sites you are visiting.These calculators are provided only as general self-help planning tools. Results depend on many factors, including the assumptions you provide and may vary with each use and over time. We do not guarantee their accuracy, or applicability to your circumstances.The Lincoln Investment family of companies nor any of its representatives is affiliated of New York State Teachers Retirement System (NYSTRS); and NYSTRS does not sponsor, authorize or endorse the retirement educational services described in this other communications of Lincoln Investment.
Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.