SPECIAL SECTION:
EDUCATION
MANAGING DEBT POST-COLLEGE
Student loan debt continues to increase and has become a burden on both
graduates and the U.S. economy. There are a variety of loan repayment options
for students. Here are some tips on how to approach repayment.
• Figure out what you’ll owe and start to save early – Creating a budget early
will allow you to build a solid foundation for repayment after graduation.
Setting aside money each month toward future savings for repayment will set
you up for success come graduation day.
• Understand your repayment options – There are several different options
available to start paying off student loans based on the type of loan you
received. Common federal loan plans include standard, graduated, extended,
or income-based. Standard plans are payments in fixed amounts that ensure
loans are paid off in 10-30 years (these payments are often very high for new
graduates). Graduated plans are payments that start out lower and increase
every two years, also ensuring loans are paid off within 10-30 years (based on
loan). This plan assumes you’ll continue to make more money as you continue
your career path, so additional money is allotted to repayment as you go.
Extended plans may be made in a fixed amount or a graduated amount and
ensure payment in full within 25 years. Income-based plans take 10-15 percent
of your discretionary income and are recalculated each year. Once you are
married, your spouse’s income will also be considered, if filing jointly on tax
returns. Any outstanding balance on the loan will be forgiven after 20-25 years.
• Consolidate for ease – If you have multiple federal loans, consolidating them
into one can make repayment easier. But there may be fees or other conditions
associated with consolidating, so be sure to do your research.
• Is forgiveness an option? Some programs offer loan forgiveness if you meet
certain criteria or work in a particular field. People in government, nonprofit,
and other public service jobs may have the remainder of their loans forgiven
after 10 years of service. Additional forgiveness options are available for nurses,
teachers, AmeriCorps and Peace Corps volunteers, and some state and private
programs.
PRE-K – HIGH SCHOOL
The first public school opened in the United States in 1635, and the Boston
Latin School remains the nation’s oldest public school. Early education didn’t
focus on math or science, but on the virtues of family, religion and community.
Nearly 400 years later, schools are harnessing the fundamental principles of
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