EDUCATION
SPECIAL SECTION:
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x-rays, and educate patients on oral health. They are also
ranked among the most satisfied workers. You’ll need an
associate degree to pursue this career.
Electrician – Training to become an electrician takes about
as long as it takes to get a bachelor’s degree and a license,
but this job training pays for itself along the way. If reading
blueprints and installing or repairing wires and other
electrical components interests you, this career might be
electrifying.
Plumber – You’ll need your high school diploma and an
apprenticeship to become a plumber. Once you are licensed,
you can start to work, but you’re sure to need some physical
strength to take on this job.
Diagnostic Medical Sonographer – After obtaining an
associate degree, sonographers go on to prep patients for
procedures, review and process images for physicians,
and administer ultrasounds. You’ll also be responsible for
operating imaging equipment.
Elevator Installer – A career with high earning potential,
elevator installers repair and maintain elevators, escalators,
moving walkways, and lifts. A high school diploma and
apprenticeship is required for this role, so if you’re good with
power tools, this job might be a lift up for you.
TYPES OF COLLEGE LOANS
Getting into college is one of the most exciting times of a
student’s life and is the first step in shaping his/her career. Many
colleges and universities offer a myriad of grants or scholarships
to assist with paying for post-secondary school, but often these
are not enough. Student loans provide financial assistance for
students to cover the costs associated with attending a college
or career school, including tuition, supplies, books, and living
expenses. There are several types of loans available including
need-based, non-need-based, state, and private.
Need-based loans are provided to students who are unable to
pay the amount needed to cover all costs to attend college. Need
is determined by the Free Application for Federal Student Aid
(FAFSA), which can be completed online, as the name suggests,
for free! Need-based loans are available as a Federal Perkins Loan,
awarded to students with the highest need, or a Federal Direct
Subsidized Loan, provided interest-free while in college.
If FAFSA determines that a student is ineligible for a need-
based loan, non-need-based loan options are available as a
Federal Direct Unsubsidized Loan or Federal Direct PLUS Loan.
Unsubsidized loans allow the borrower to add interest to the
total amount borrowed after graduation, but beware, as this leads
to owing even more money when it comes time to start paying
off the loan. Direct PLUS Loans provide graduate students or
parents the opportunity to borrow the total cost of attending
college, minus other financial aid received.
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.
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