Teachers Are in Debt
Teachers, already loaded down by student loan and personal debt, spend their own money on supplies, often running up their debt even higher. The poll, taken in Maryland, revealed that over 90 percent of educators paid for school supplies. Since 37 percent of educators have student loan debt, this means that money that could have gone to paying down student loan debt went instead to pay for classroom supplies. The normal challenge of paying off student loan debt is exacerbated for teachers because so many are dedicated to giving their students quality learning experiences, including purchasing materials beyond what their schools can supply. American Financial Benefits Center (AFBC), a document preparation company, encourages all borrowers, including teachers, to find a viable financial path forward, balancing their student loan debt with other household and work demands on limited resources.
“In a perfect world, teachers would not have to buy school supplies for their classrooms, and student loan borrowers should be able to lead fulfilling lives without being saddled with overwhelming monthly payments,” said Sara Molina, Manager at AFBC. “Though we are unable to help teachers purchase educational materials, our clients know that with our assisting with the application for federal income-driven repayment plans, if their monthly repayment is lowered enough, they may more easily do what they need to do, such as buy school supplies, without going further in debt.”
Unfortunately, for many teachers, their commitment to their students is detrimental to their own financial health. More than a third of teachers did not have the funds to buy classroom supplies, and, rather than shortchange their students; they increased their personal debt to increase the quality of their students’ experience.
The poll revealed many more challenges for teachers. About half of educators under 50 years of age have student loan debt. Similarly, just over half of educators of color have student loan debt. Four out of 10 teachers held a second job to make ends meet, and, for those under 30 years old, it was even worse with 61 percent needing a second source of income to get by financially. For those with student loan debt, an IDR, based on income and family size, can possibly help teachers, or any borrower, do more than just get by.
“We very much appreciate the dedication of teachers and all those in the helping professions,” said Molina. “Our goal is to assist borrowers to worry less about overwhelming student loan debt so they can give to their families, their communities, and even their students without going further into debt.”
