EDUCATION
SPECIAL SECTION:
Unlike the loans mentioned above
that are sponsored by the federal
government, state and private loans
are sponsored by banks, colleges,
foundations, and state agencies.
The U.S. Department of Education
manages all college loans available by
state and requires students to be in-
state residents or enrolled in a college
in that state. Private loans are an
option for borrowers but come with
terms and conditions that may not be
as favorable as federal loans. Private
loans also require a cosigner who is
responsible for repaying the money if
the student fails to do so.
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 community, and although it may look very different in this day
and age, a strong focus is being put on the importance of creating
a safe school culture and tapping into technology for limitless
learning.
In 2019, students, parents, teachers, and administrators are
seeing changes both inside and outside of the classroom. One
of the biggest changes in recent years comes in the form of
technology. Artificial Intelligence (AI) continues to change
education tools and is expected to increase in implementation in
U.S. classrooms by 47.5% in the next three years, according to the
Artificial Intelligence Market in the U.S. Education Sector report.
In addition to AI, other technologies are providing students with
the opportunity to connect with classmates in other countries,
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NORTH ALLEGHENY
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FALL 2019
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