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My previous employer was a nonprofit that didn't have anything to do with education. Many people I worked with were using the loan forgiveness program. You sign up with the program, make ten years worth of payments, and if you pay on-time and don't have a forbearance or anything like that, the loans are forgiven. Our IT guy was also doing this. Maybe you could find an IT position with a nonprofit that would provide you with the ten-year loan forgiveness program as well as gaining more experience/skills/learning in security/IT/networking?
I'll be damned -- never heard of that option before. Apparently any 501(3)c nonprofit employment qualifies. OP, note the requirements. Wish they'd had this back when I was working for a nonprofit.
My previous employer was a nonprofit that didn't have anything to do with education. Many people I worked with were using the loan forgiveness program. You sign up with the program, make ten years worth of payments, and if you pay on-time and don't have a forbearance or anything like that, the loans are forgiven. Our IT guy was also doing this. Maybe you could find an IT position with a nonprofit that would provide you with the ten-year loan forgiveness program as well as gaining more experience/skills/learning in security/IT/networking?
I will have to look into non-profits. I've been looking at job openings at a couple universities within commuting range. From what I understand non-profits pay even less than government jobs, though. I worked at a non-profit hospital for a few months as materials buyer (contractor). It wasn't so bad.
Regarding advice - your situation in a nutshell is:
* 3 yrs as substitute teacher (current employment)
* 4 years as a buyer
* Possess an MBA
* Owe $100,000 in student loans (this should be a key consideration)
* Considering careers as high school teacher, or information security analyst
If you go into high school teaching and get an MEd, you'd be eligible for loan forgiveness on what you borrow for the MEd -- but not as far as I know for the $100K you owe now for your MBA. That will remain a huge albatross hanging around your neck.
If on the other hand you decide to go into an information security analyst career - you've got a huge learning curve ahead of you, and an expensive one. As others have pointed out, having certifications won't get you a job - and you'll be competing against a lot of people with experience.
Frankly, neither sounds like a great option to me. What I'd be focusing on if I were you is that $100K albatross, and coming up with a long-term plan for paying it off. I'd be looking at careers that require at most a couple of years' education and pay well - I'd start at your local community colleges and see what two year certificate programs they offer. The community college in area I moved from offered a lot of different programs. For example: they have a two-year MRI Technologist program -- median 2017 income per O*Net $69,930 per year; a two year Radiation Therapist program -- median 2017 income per O*Net $80,570 per year. Both show projected job growth as faster than average. The only caveat is -- these tend to be highly competitive programs (for obvious reasons) so it may be a struggle getting into a program.
The community college I'm talking about provides the following two-year certificate programs. Some pay more than others, and some have brighter job prospects than others - and some are more likely to land you a job than others. Again, I recommend taking the SDS online for ten bucks to see what suggestions it provides, and using O*Net to do further research.
Automotive Service Technology
Certified Nursing Assistant
Cancer Registry Management
Central Processing Distribution
Computed Tomography
Computer Information Systems
Computer and Information Technology
Construction Management
Cosmetology
Criminal Justice
Culinary Arts
Diagnostic Medical Imaging:
-- Computed Tomography
-- Magnetic Resonance Imaging (MRI) Technology
-- Mammography
-- Nuclear Medicine
-- Radiation Therapy
-- Sonography
Early Childhood Education and Care
Earth Science
Education
Electronics Technology
Electro-Mechanical Technology
English
Eye Care Assistant
Facility Management
Fashion Studies
Fire Science
Geography
Graphic Design
Health Information Technology
Health Sciences
-- Clinical Lab Science
-- Non-Invasive EKG
- Phlebotomy
Hearing Instrument Dispensary Program
Heating, Ventilation, Air Conditioning & Refrigeration
Horticulture
Hospitality & Tourism
Human Services
Interior Design
Library and Information Technology
Long-Term Care Administration
Magnetic Resonance Imaging (MRI) Technology
Mammography
Management
Manufacturing Technology
Marketing
Medical Assistant
Motion Picture/Television
Music
Nuclear Medicine
Nursing
Office Technology Information
Operating Room Patient Care Technician
Photography
Physical Education
Paralegal Studies
Polysomnography
Proton Therapy
Radiation Therapy
Respiratory Care
Sociology
Sonography
Surgical Assistant
Surgical Technology
Travel, Tourism and Event Planning (See Hospitality & Tourism)
Welding
You boiled it down very well at the top. Thanks for the suggestions. I pretty certain though that loan forgiveness applies to all my loans, as long as they are Direct Loans (nearly all mine are). I need to call my loan serving company to verify that, though. I am pretty much ruled out the information security analyst track, given my situation. I have taken the SDS test along with the Myers–Briggs Type Indicator test. I personally feel that, by far, the most accurate and insightful career test for me was the free CareerOneStop Interest Assessment.
According to the Bureau of Labor and Statistics, the median income for a teacher is $59,000. For a 190 work-day a year contract at 8 hours a day, it works out to about $39 an hour. I once investigated the rad tech and MRI tech career options. To be an MRI tech, experience must first be obtained as a radiation tech. According to the Bureau of Labor and Statistics, if 2017 the median MRI tech salary is $70,000. But if we take $80,000 and divide it by 49 weeks a year and again by 40 hours a week: 80,000/49/40= $41/hour. And that does not include public loan forgiveness or a pension that I can get with teaching. From a purely financial perspective teaching seems make more sense.
Last edited by Justsomeone9; 03-26-2019 at 06:36 PM..
You boiled it down very well at the top. Thanks for the suggestions. I pretty certain though that loan forgiveness applies to all my loans, as long as they are Direct Loans (nearly all mine are). I need to call my loan serving company to verify that, though. I am pretty much ruled out the information security analyst track, given my situation. I have taken the SDS test along with the Myers–Briggs Type Indicator test. I personally feel that, by far, the most accurate and insightful career test for me was the free CareerOneStop Interest Assessment.
According to the Bureau of Labor and Statistics, the median income for a teacher is $59,000. For a 190 work-day a year contract at 8 hours a day, it works out to about $39 an hour. I once investigated the rad tech and MRI tech career options. To be an MRI tech, experience must first be obtained as a radiation tech. According to the Bureau of Labor and Statistics, if 2017 the median MRI tech salary is $70,000. But if we take $80,000 and divide it by 49 weeks a year and again by 40 hours a week: 80,000/49/40= $41/hour. And that does not include public loan forgiveness or a pension that I can get with teaching. From a purely financial perspective teaching seems make more sense.
May I ask why you dont want to pay back the loan and just seek the forgiveness route? I learnt that the only way to get out of financial problems is by earning more and getting ahead than managing with what we have.
What you make is an illusion. What you spend is the reality. Even if you make 39$ per hour( 35$ after taxes), your living expenses can wipe it off in a flash.
It will seem to make sense because you dont have to pay 100k, but we ll be in middle class for the rest of our lives just for borrowing once.
May I ask why you dont want to pay back the loan and just seek the forgiveness route? I learnt that the only way to get out of financial problems is by earning more and getting ahead than managing with what we have.
I have not received an offer for a high-paying job despite sending out apps (and getting a few interviews a few years back) otherwise, yes, I would go that route. I would love a job that paid $90,000, or even $60,000, in which case that option would be feasable.
**Please no virtue-signalling, sarcasm, or finger-pointing**
Can you help me make a wise career decision based on the following factors? Which pathway would make more sense, financially?
37 year old. Been substitute teaching for past 3 years. Prior to substitute teaching I was a buyer for about 4 years making about $50,000 a year. I have an MBA and about $100,000 in student loan debt. I am looking for advice between two options.
High school teacher. $28/hour to start (based on days worked over a school year). $37/hour career midpoint. Late career hourly rate is also $37/hr.
Pros: pension, summers off, teacher student loan forgiveness after 10 years on an income-based repayment plan, then loans are forgiven. Cons include low pay. I might need to get a master's in education at some point if I want to increase salary.
Information security analyst. I would have to get certs and start from the ground up in a lower-level IT position; certs are fairly cheap though. $28 to start. $49/hr mid-career. $60/hr late-career rate. Pros: higher pay. Cons: on an income-based repayment plan loans would not be forgiven until 20 years have passed (if I do not have student loans paid off earlier). Possible age discrimination.
IMO pension is huge, which you don’t mention in the second job. I have teacher friends retired and traveling in their 50’s, with health care paid for life. You can also move to a hirgher paying area. I worked as an OT in a NJ district 15 years ago, and even then the top of the scale was about $70,000.
Also what you like matters, too, probably more than other factors.
Keep in mind in most districts, you only have off in summer if you save enough to last the summer during the months you get a check. I had to work, and many teacher waitress, etc in summer. You also will do a lot of work in off time. I don’t think calculating as hourly is going to get you a really accurate comparison.
My nieces district is paying for her masters, and she’s doing it online.
Again though I wish I stayed and would have a pension and lifetime health care. As it is I’m going to have to work till I fall apart. Don’t discount that.
According to the Bureau of Labor and Statistics, the median income for a teacher is $59,000. For a 190 work-day a year contract at 8 hours a day, it works out to about $39 an hour. I once investigated the rad tech and MRI tech career options. To be an MRI tech, experience must first be obtained as a radiation tech. According to the Bureau of Labor and Statistics, if 2017 the median MRI tech salary is $70,000. But if we take $80,000 and divide it by 49 weeks a year and again by 40 hours a week: 80,000/49/40= $41/hour. And that does not include public loan forgiveness or a pension that I can get with teaching. From a purely financial perspective teaching seems make more sense.
Be mindful of what you call a "tech" in healthcare. It is either a technician or a technologist. If you confuse the two, your expected salary is going to be different than reality. Some websites don't separate them so what you see isn't what is true. Not unlike calling both a RN and BSN a nurse, but there is a 2 year difference in schooling and the pay reflects it. So if you go to one of the fields and do the shorter programs, they are short for a reason and the pay reflects that too.
And healthcare is one of the fields that do still have pensions/loan forgiveness at the right hospitals. Plus hospitals have education benefits/loan reimbursement too. Get $10k/year towards paying off your loan would be the same as your ten year plan to get the $100k forgiven. Though for most people it is around $5k/year without a Dr before name. Hospitals have better recruitment offers/sign on bonuses. $10k to work there for 2 years? Then stay there or go elsewhere.
Besides who says teachers only work 8 hours a day? YOU might have worked 8 hours a day as a substitute teacher but the real ones aren't there on a substitute basis.
Not sure how true it is for teachers since they all vary from district to district. But if the pension is a form of the 80 and out rule, Op wouldn't hit the 80 with his late start as is unless he works until his 60s. Hopefully he has been working and paying into social security already, because not all teachers pay into it either. So if he doesn't qualify for it, he might not get social security either if he choose wrong teaching jobs
Op likes to make a lot of unfounded assumptions. First his ISA assumptions, now his assumptions about teaching and how he automatically gets a pension and loan forgiveness and what they do? All because he substitutes once in a while?
IMO pension is huge, which you don’t mention in the second job. I have teacher friends retired and traveling in their 50’s, with health care paid for life. You can also move to a hirgher paying area. I worked as an OT in a NJ district 15 years ago, and even then the top of the scale was about $70,000.
Also what you like matters, too, probably more than other factors.
Keep in mind in most districts, you only have off in summer if you save enough to last the summer during the months you get a check. I had to work, and many teacher waitress, etc in summer. You also will do a lot of work in off time. I don’t think calculating as hourly is going to get you a really accurate comparison.
My nieces district is paying for her masters, and she’s doing it online.
Again though I wish I stayed and would have a pension and lifetime health care. As it is I’m going to have to work till I fall apart. Don’t discount that.
I have been reviewing the IEP forms that special education teachers have to do. I talked to a couple special education teachers and apparently most of what they do is fill out IEP and other forms, go meetings, and teaching is essentially secondary. I would like to be a high school business education teacher but there seems to be a lot of competition for those roles.
What you say about most teachers working other jobs is the summer is true, so far that I can tell. Although it is nice to have the summer off if I wanted to take it off to travel or whatever. Also, point well taken about all the pensions, healthcare, etc.
Be mindful of what you call a "tech" in healthcare. It is either a technician or a technologist. If you confuse the two, your expected salary is going to be different than reality. Some websites don't separate them so what you see isn't what is true. Not unlike calling both a RN and BSN a nurse, but there is a 2 year difference in schooling and the pay reflects it. So if you go to one of the fields and do the shorter programs, they are short for a reason and the pay reflects that too.
And healthcare is one of the fields that do still have pensions/loan forgiveness at the right hospitals. Plus hospitals have education benefits/loan reimbursement too. Get $10k/year towards paying off your loan would be the same as your ten year plan to get the $100k forgiven. Though for most people it is around $5k/year without a Dr before name. Hospitals have better recruitment offers/sign on bonuses. $10k to work there for 2 years? Then stay there or go elsewhere.
Besides who says teachers only work 8 hours a day? YOU might have worked 8 hours a day as a substitute teacher but the real ones aren't there on a substitute basis.
Not sure how true it is for teachers since they all vary from district to district. But if the pension is a form of the 80 and out rule, Op wouldn't hit the 80 with his late start as is unless he works until his 60s. Hopefully he has been working and paying into social security already, because not all teachers pay into it either. So if he doesn't qualify for it, he might not get social security either if he choose wrong teaching jobs
Op likes to make a lot of unfounded assumptions. First his ISA assumptions, now his assumptions about teaching and how he automatically gets a pension and loan forgiveness and what they do? All because he substitutes once in a while?
I pretty much substitute every day of the week and try to do my research before making statements. As far as hospitals go, I am certainly open to working at one. To be honest, within some bounds (location, salary) I am not in much of a position to chose who I work for. There are maybe 4 hospitals within commuting distance of me. I have applied to some already. I am also looking into healthcare insurance providers.
My mom was a teacher, so I know a bit about the field from her. Yes, just like many other jobs, it sometimes requires more than 8 hour days. I got that. In part based on what I have learned from others in this thread, given my situation, ISA is not practical/sensical. I will probably go back to being a buyer if I can. If I can get a teaching job as a business education teacher without a credential, great, but I am not going to count on it; but I will be applying for those roles. I have some education classes done on the way towards a business education teacher credential. In fact, I have done everything but student teaching and the EdTPA. But since student teaching lasts 18 weeks, and is unpaid (unless I am lucky enough to be hired as a regular teacher while student teaching (unlikely)) I cannot bring myself to do it (also costs $2,000). I am certainly done taking out student loans.
Last edited by Justsomeone9; 03-27-2019 at 07:01 PM..
I have been reviewing the IEP forms that special education teachers have to do. I talked to a couple special education teachers and apparently most of what they do is fill out IEP and other forms, go meetings, and teaching is essentially secondary. I would like to be a high school business education teacher but there seems to be a lot of competition for those roles.
What you say about most teachers working other jobs is the summer is true, so far that I can tell. Although it is nice to have the summer off if I wanted to take it off to travel or whatever. Also, point well taken about all the pensions, healthcare, etc.
That is not true at all. IEP meetings are once per year, in the spring. If a self-contained class has 12 kids, there are 12 IEP meetings spaced out over a few weeks. Once a year and when new students enter. Special ed teachers that I worked with were in the classroom with the kids the majority of the time. They are special people and have a big impact on the lives of kids. But you need to know you have the patience and really a calling to work with a difficult population and parents who are often desperate to help their kids learn. I quit because my caseload was too large and I didn’t feel I got the support I needed regarding that, I was very stressed. But when I think I could have retired in another 10 years and instead I worry what happens when I get too old and disabled to work, I wish I at least tried another district, but most contract out for therapy.
Plus don’t cover you get all the holidays too, week+ at Christmas and Easter, Columbus Day, etc. The drawback to that is you have to travel at peak vacation periods only. We only got 3 personal days.
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