The Higher Education Connection

Tawni Hunt Ferrarini (), M. Scott Niederjohn, Mark C. Schug and William Wood
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Tawni Hunt Ferrarini: Lindenwood University
M. Scott Niederjohn: Lakeland University
Mark C. Schug: University of Wisconsin–Milwaukee

Chapter 10 in Teachers Can Be Financially Fit, 2021, pp 105-115 from Springer

Abstract: Abstract Meet Margaret. Due to her intelligence, solid academic preparation, and flexibility, she overcame being an “academic wanderer” and landed a tenure track assistant professorship. That is the good news. That bad news is like many doctoral students (and other college grads), she has a student loan problem. How can Margaret successfully pay off her student loans? To begin, she should figure how much she owes, the years to repay, and the interest rate. Now, Margaret can apply proven strategies for paying down the debt. As Margaret understands, things are changing in higher education. Starting salaries are highly variable across fields, locations, and types of institutions. Tenure track positions are being replaced by rolling, multi-year contracts. The traditional defenses of tenure, including academic freedom and compensating wage differentials, are losing ground to colleges having more hiring flexibility to attract students. Success in higher education today may well depend on doctoral students being more flexible than in the past and demonstrating stronger teaching skills, potential for publication, and obtaining research grants. Finally, higher education faculty often encounter opportunities to earn more income that are rarely available to K-12 teachers including teaching summer courses, overloads, guest lectures, books, and research.

Keywords: Student loan debt; Paying off student loans; Student loan repayment plans; Repayment strategies; Forbearance; Refinancing student loans; Government-backed student loans; Tenure; Tenure-track positions; Compensating differential; Critics of tenure; Research through grants; Consulting; Online badges; Retirement options for higher education faculty; TIAA; Financial security for college-level educators; Student loan forgiveness programs; Earning outside income in higher education (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-49356-1_10

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DOI: 10.1007/978-3-030-49356-1_10

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