Pay in the teaching industry is not very good and, most often, teachers have to go out to seek loans to cover some pressing personal need. Are you a teacher in dire need? Come with me to explore some of the opportunities put forward specifically to assist teachers. These include:
Home Loans for Teachers
These are loans specifically designed to assist teachers own their own homes or conveniently pay their mortgage rates. Considering the importance of teachers to the sustainability of the economy, governments and trade unions support teachers with such loans. This can serve as a motivation to remain in the teaching profession and contribute to national development. Also, payment terms for such loans are flexible and allowed over long periods of time.
Teachers' Co-operative Societies
As a teacher, quick loans can be accessed from co-operative societies, especially if you are a member. These societies are formed by teachers, where they pool savings together on a monthly basis and advance loans to members in need of urgent cash. Payment terms are very flexible and procedures have been put in place to ensure that what you borrow is commensurate with the amount you have saved. In essence, the higher you save, the higher you can borrow. This is a very viable means of accessing quick loans, similar to reaping where you have sown. You must note that members are given priority in this kind of situation. Teachers who are not members of the co-operative society might be denied loans, should they apply.
Loan forgiveness programs
This is especially for student teachers and teachers who have been in the profession for a certain number of years. Loan forgiveness programs in the teaching industry are used to motivate people to remain within the profession. For student teachers, loans received as students are usually forgiven and paid off by the government or concerned private body, if the student goes on to take up a teaching job upon graduation. For working teachers, loan amnesty can occur if they have been in the profession for a while, and are having difficulties paying their loans.
The teachers' union is also another opportunity for teachers to access loans when in dire need. Such loans can be accessed easily, because you are viewed as a part of the family. Repayment is secure, as it is deducted from your paycheck on a monthly basis. Even if you have to resign, the outstanding loan amount can be deducted from your final entitlements. However, your financial standing as a member of the union must be intact for quick processing of your loan request.
Therefore, do not despair if you are a teacher who is urgently in need of a loan and does not know where to turn. Be sure to explore any of the aforementioned outlets to meet your needs. However, if you are not currently a member of any society or union as mentioned above, you should do well to join and constantly keep in touch - financially and otherwise. You never know when you might need their help.
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