Loan forgiveness can make a big difference to teachers’ economic security. Darien teacher Brian O’Neill had more than $30,000 in student debt forgiven, which has enabled his family to take on the costs of home repairs and vehicle purchases they had had to put off when he was still saddled with debt payments. Now, they can even start saving for the future.
“I wasn’t looking for a handout, but that debt was really a cloud over our heads for years,” O’Neill says. “I figured I would be paying it back until I retired.”
After taking on federal loans to receive the bachelor’s and master’s degrees required to become a teacher, O’Neill found the only payment plan he could afford as a new teacher was an extended plan that only paid off the interest his loans were accruing. After 10 years in the classroom, he still owed as much as he had when he graduated.
O’Neill encourages other educators to explore their options. “Do some research. I had to spend a long time on the phone, but the more you can dig around and find out what your options are—it will be well worth it at the end of the day.”
He tells new teachers, “When I was starting out, 10 years of payments seemed overwhelming, but my time in Darien has gone by in the blink of an eye. I’m in my eleventh year now, and I wish I had known from the start what I know now. If it hadn’t been for our school psychologist mentioning the Public Service Loan Forgiveness program in passing, I might still be burdened by that debt.”
You can learn more about the student debt repayment options available to you by joining a virtual event hosted by CEA member benefits partner Cambridge Credit Counseling Monday, April 8, at 6 p.m. Navigating the maze of student loans can be overwhelming, but Cambridge Credit’s expert counselors can help guide you through the process.
Discover the key strategies and resources available to you. Whether you’re a recent graduate or a seasoned professional looking to tackle lingering student loans, the virtual event is tailored to provide valuable insights into managing and repaying your educational debt effectively.
