That will be $20,000 Please! Is a MA in Teaching Really Worth It?

It’s no secret that teaching public school is not the most lucrative career. Payscale.com places the average teacher’s salary between $40,000 and $43,000 annually. Beginning in March 2010, elementary, middle and high school teachers are not required to have a master’s degree in any state. So, is there a benefit to investing thousands in an advanced degree? Consider the following tips to help make your decision.

1. Research state requirements. Although no state requires a master’s degree to begin teaching, many states such as Ohio, Minnesota, New York and Massachusetts require teachers to complete their MA within five years. So if you don’t complete your master’s now, you may have to do it down the road while holding down a full-time teaching position. However, you could save money by waiting. Check to see if your state offers tuition reimbursement. If you wait, you may be able to get the state to pick up the bill.

2. Decide on your specialty. Some specialized classes, even within the public education system do (Read More….)

How One Man Paid Off 90,000 Student Debt

There is hope for every student that stares at their monthly loan payment and feels hopeless. As a college grad with loans that could have paid for medical school, I often feel overwhelmed and defeated with my student loans. That is until I read about a Harvard grad that had over 90,000 in student loans. Joe Mihalic decided that instead of feeling burdened by his loans he would try and become debt free in 10 months instead of the 15 years. And that he did and in under 7 months.

Buy Joe Mihalic’s Book on Amazon $2.99

This Austin, Texas resident decided that his heavy spending on frivolous things needed to change when he saw that his payments weren’t getting him anywhere. Mihalic does make more money than the average person coming out of college but he did take the sacrifices to make a change, here are a few ways he started his pay back:

·    Got roommates
·    Didn’t go out to (Read More….)

College Students: Are these Typical Expenses Worth the Money?

As a follow-up to a few recent articles examining whether tobacco or lotto tickets are worth the money, I’d be interested in understanding whether a few other things college students typically purchase are worth the money, too. As a college student, you probably know better than most how tough it is to make ends meet. You’re likely living on Ramen noodles and scrounging cash whenever you can. Based on my experiences, here are some typical college purchases that you can certainly live without (and save).

Picture Credit Cuyahoga Community College

1.    Single Coffee Drinks At Cafes.

When I reviewed my expenses after my first year in college, I can say with a straight face that my most costly single expense was coffee. Your university likely has a somewhat cheaper campus café, but no matter where you get your coffee, if you don’t make it yourself, it’s going to add up. Starbucks coffee drinks run between 2 and 6 dollars a pop. Even if you get one of (Read More….)

Is There Really Such A Thing As ‘Good Debt?’

Hearing experts such as CNN Money, Forbes, and Fox Business talk about good and bad debt as it relates to different types of loans can get confusing. After all, isn’t all debt bad for your overall financial health? Trying to determine what types of debt you should and shouldn’t have can be daunting, so consider these three factors when making your decision.

Interest and Fees

When you borrow money to pay for anything, you must consider both the principal balance you are borrowing and the interest you will accumulate. Lenders, such as banks and credit card companies, don’t give away money for free; they expect to make a profit off of the loan they give to you. Interest rates vary from lender to lender, so it’s important to understand how your rate will affect your repayment.

Student loans and mortgages typically have low interest rates. Since the rates are low and therefore more affordable, experts tend to classify these as good debts. On the other hand, credit cards have notoriously high interest rates and are labeled as bad debt. Interest on credit card (Read More….)

4 Tips For What To Do When Student Loan Debt Gets Out Of Control

Thank goodness for student loans. Without them, most of us would not be able to afford a higher education, and we all know how important it is to have a degree in today’s job market. Unfortunately for recent grads, though, having to start paying off student loans six months out of the gate post-graduation can be difficult. If you find yourself having difficulty handling your student loan payments, though, do not despair. There are plenty of options for graduates struggling with those pesky payments. Read on for the top tips for dealing with student loan debt:

1. Avoid default at all costs.

It may feel tempting to simply give up and default on your loans. That will stop you payments altogether, right? Sure. But it will also be disastrous for your credit score and personal history. Even though these records may not seem important directly out of school, the more you start to get out and try to get things done (like buy a car, rent an apartment, apply for a loan, buy a phone, or anything else that requires some financial responsibility) you will realize the importance of having a decent credit (Read More….)

The Truth About Student Loan Debt

This is the time of year when hundreds of thousands of eager young Americans are looking forward to their first year in college.  The last thing most of them are usually thinking about is how they are going to pay off all of the student loans that they are signing up for.  But they should think about it.  After all, do you buy a house or a car without first considering how you are going to pay for it?

But somehow it has become “politically incorrect” to suggest to college students that they should consider how in the world they plan to pay for the education they are about to receive.

Most young college students assume that they will just run out and get a great job once they graduate and that paying off these loans will be no problem.

But for millions of young Americans, that has turned out to be a very faulty assumption.  In fact, in the current economy millions of recent college graduates are unemployed and “good” (Read More….)