Lots of teachers have big student loan debts, especially younger ones.
Recent survey findings show that a whopping number of teachers across the United States are struggling with the heavy weight of student loan debt. This burden has become so immense that approximately 71% of them are seriously considering walking away from their classrooms.
The survey by Study.com, published in October 2023, has revealed how federal student loan repayments are affecting teachers. This highlights the challenging financial circumstances faced by teachers, leading them to contemplate changing careers, taking on additional jobs, or extending their work hours to manage their debts.
“Study.com found that this number is increasing: 51% of teachers have either already taken up or are planning to secure a second job to manage their loan repayments,” the survey report reads.
When federal student loan repayments stopped in October 2023, it brought fresh financial stress for many borrowers, especially teachers who were already struggling financially.
Before the pause, about 43.6 million borrowers got temporary relief, but now that repayments have started again, many people, especially educators, are feeling the strain.
According to the survey, people with debt are 2.4 times more likely to quit their jobs. Among the teachers surveyed, 71% (a really concerning number) are thinking about leaving their roles because of the financial pressure caused by the return of student loan repayments.
The survey talked to 500 teachers across the United States who are dealing with federal student loan debts.
These findings match up with data from other trustworthy sources like the ADP Research Institute, United Press International, the National Education Association, US Bank, Fortune, and EdSurge.
In fact, this worrying trend has made the ongoing teacher shortage crisis in schools across the country worse. More than half of school districts are short on teachers, especially in places like Nevada and Florida.
“The Nevada State Education Association reported almost 2,300 unfilled teacher positions across the state’s 17 school districts as of December,” the survey reads.
The trend is still more complicated in Florida…
In Florida, the 2022-23 school year saw almost 4,450 teaching vacancies, with the Department of Education reporting that 10% of courses were taught by teachers not certified in the appropriate field, as revealed by a recent survey.
Teachers feeling burned out and stressed adds to the problem, and the financial strain from student loan repayments makes them even more likely to think about leaving.
25% of teachers have more than $40,000 in federal student loan debt and 23% have between $30,000 and $40,000, according to the report.
Teachers struggling financially is a big issue, especially since their salaries aren’t keeping up with rising costs. Lots of teachers have big student loan debts, especially younger ones.
The current U.S. inflation rate is 3.2% for the 12-month period leading up to February 2024. The rate of inflation was up 0.4% in February from the previous month, according to the latest release from the Bureau of Labor Statistics.
“Despite the Consumer Price Index dropping to 3.2% in October, it remains notably above the Federal Government’s long-term target of 2%,” the report pointed out the impact of economic challenges on the ongoing teachers’ crisis.
But if we put inflation in context over the last few years, consumer price inflation rose 19.6% between January 2020 and January 2024, and particularly high housing costs persist.
“Stagnant teacher salaries haven’t kept pace with inflation rates either, resulting in a significant decrease in real income over the past decade,” the survey explains.
