Breaking Free from Debt and Finding Purpose
As I navigate a significant career shift to become a teacher, I’m driven by a desire to break free from the weight of my student loans. I’m fortunate to have the opportunity to potentially benefit from the government’s loan forgiveness program, which has led me to reevaluate my priorities and find a career path that truly resonates with me.
The High-Achiever’s Conundrum
I graduated with a B.A. in English, and like many humanities majors, I faced the inevitable question: “So, you want to be a teacher?” Initially, I dismissed the idea, seeking a more glamorous career that would allow me to make a “big impact” on the world. I attended law school, hoping it would open doors to a fulfilling career. However, after a year, I realized that the reality of being a lawyer didn’t align with my ideals.
A Reality Check
Leaving law school was a difficult decision, but it forced me to confront the fact that my hard work and good grades didn’t guarantee a rewarding career. I felt lost and uncertain about my future. With the help of my parents and a school therapist, I regained control and clarity, but I was left with a substantial student loan debt of almost $60,000.
The Weight of Debt
I enrolled in income-based repayment (IBR), which tied my monthly payments to my income. While this provided temporary relief, it meant that my debt continued to balloon, and I faced the possibility of a “tax time bomb” when the forgiven amount would be counted towards my federal income taxes.
Finding Purpose and a Way Out
After struggling to find a meaningful career, I began to explore ways to pay down my debt and find purpose in my work. I considered various options, including returning to school, but I was hesitant to take on more debt. Then, I stumbled upon the Public Service Loan Forgiveness program (PSLF), which offers forgiveness of remaining loans after ten years of income-based payments for those working in public service jobs, including teachers.
A New Path Unfolds
The PSLF program has given me a sense of purpose and direction. I’ve decided to pursue a career in teaching, which aligns with my values and allows me to make a positive impact on others. While there are risks involved, I’m grateful for the opportunity to work towards financial freedom and a more fulfilling career.
From Debt to Purpose
I recognize that my situation is privileged, and it takes a certain amount of faith to view debt in a positive light. However, I’m determined to make the best of my circumstances and find meaning in my work. I’m no longer focused on making a grand, ambiguous impact; instead, I’m committed to taking concrete steps towards small improvements that can make a real difference.
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