HIGHER EDUCATION 2023 SPECIAL SECTION
Demands for Day Care
This school year is looking more normal than the last two , yet childcare across the country is still struggling to keep up with the demands at the preschool and day care level . Now that vaccines are available for children of all ages and many companies are requiring employees to be back in the office , even more families are looking for care . Day care enrollment has always been fiercely competitive . Many couples say the first call they make after a positive pregnancy test is to add their child to the waitlist for day care .
In early 2021 , the “ Great Resignation ” only added to the difficulty of staffing day care centers . According to a survey done by the National Association for the Education of Young Children , eight out of 10 childcare providers said they were experiencing a staffing problem , unable to find reliable workers for low pay . These jobs also require more qualifications such as background checks , certifications , and even advance schooling to fulfill the requirements for positions .
Yet , childcare providers stand firm in ensuring only the highest standards when hiring staff to care for the kids they serve , many doing whatever they can to increase starting wages and offer additional incentives such as training , paid time off , and health insurance to attract potential hires .
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 After 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 : n 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 . n 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 specify payments in fixed amounts to ensure that loans are paid off in 10-30 years ( these payments are often very high for new graduates ).
• Graduated plans have payments that start out lower and increase every two years , also ensuring that 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 .
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