Many Arizonans will start making payments on their student loans again next month, so it is time for those borrowers to figure out where they stand financially. Interest resumed this month, after more than three years in which payments were paused during the pandemic. The U.S. Department of Education recently announced millions of borrowers were enrolled in the "Saving on A Valuable Education," or SAVE, an income-driven repayment plan, including more than 87,000 in Arizona.

Robert Farrington, founder of the financial media company The College Investor, said loan payments will be calculated based on a person's W-2 discretionary income.

"They take your income, they run it through a formula and they'll use 225% of your state's poverty guideline to calculate your monthly payment," he explained. "What this means for borrowers is, those with low incomes and those with larger families will see lower payments and some people could see payments as low as $0 per month."

Farrington added almost every borrower can benefit from the 'SAVE' program in the coming years, but added some will need to consolidate their loans or explore other student-loan refinancing options. A majority of borrowers were automatically enrolled in 'SAVE,' according to The U.S. Department of Education.

College debt is not something that solely impacts younger adults. Research from the think tank New America shows the number of people age 60 and older still repaying student loans has multiplied by six since 2004, with their outstanding debt increasing 19 times over.

Brian Walsh, senior manager of financial planning with the online personal-finance company SoFi, said older adults might have borrowed money for themselves or their children's college, and added if the loan is for their own education, they could qualify for SAVE.

"What we try to focus as much as possible on is getting those student loans paid off as quickly as we can, because when it comes to retirement planning, the higher your expenses are, the more money you have to have saved up and the riskier it makes your retirement," Walsh explained.

Older borrowers whose loans were taken out to help with their kids' education do not qualify for the SAVE program. The New America research indicates about 3.5 million people over 60 owe more than $125 billion in student loans.


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An elementary school educator from Pennsylvania has been named this year's Education Support Professional of the Year, one of the highest honors in the field.

Becky Marszalek, a paraprofessional at Avonworth Elementary School in Pittsburgh, received the Pennsylvania State Education Association's Dolores McCracken Education Support Award. For 18 years, Marszalek said she has dedicated herself to assisting teachers and students in the classroom, providing the support needed for everyone to succeed.

"I've worked with kids that have been in a wheelchair. I have kids that have had autism," Marszalek pointed out. "It's a matter of if they need help with their work, whether they need help maneuvering through the school sometimes, sometimes just a comfort person to go to and be, like, 'I need a break. I'm having a tough time.'"

Marszalek recently attended the association's annual meeting in Philadelphia, where she addressed more than 500 members and was presented with the state award. The achievement now qualifies her to compete at the national level. In March, she will join other state winners in Louisville, Kentucky, vying for the National Education Support Professional of the Year award.

Chris Lilienthal, assistant director of communications for the association, said it has given the award for more than 20 years and it was recently renamed in honor of McCracken, the first association member who was an education support professional.

"She was herself a paraprofessional in Bucks County and she rose in the ranks to become the first president of PSEA," Lilienthal explained. "When she passed away, unfortunately, in 2018 we renamed the award in her honor, to recognize and remember her amazing work."

With the teacher shortage in Pennsylvania and across the country, Marszalek emphasized being an education support professional is an important field and encourages others to consider a career in education. As she said, "It's all about the kids."

"It's a tough job," Marszalek acknowledged. "But my thing is, you want to be there for the kids and to help the kids and just see them thrive, see them learn, and be willing to help them and have that in your heart to be able to do that."

Marszalek recalled many rewarding experiences, but two stood out. One was a nonverbal kindergartner who began speaking after years of working with the child and melted her heart by calling her "Miss M." Another was a second-grader with behavioral challenges whom she mentored, building a strong rapport, which led to significant improvement and a request to continue mentoring him in fourth grade.

Members of the teacher's union, the Texas branch of the American Federation of Teachers, are celebrating the signing of the Social Security Fairness Act.

President Joe Biden recently signed the legislation into law. It boosts retirement benefits for some school district employees and other public servants nationwide.

Zeph Capo, president of Texas AFT, said Texas is one of 15 states that denied public servants Social Security benefits, because of money paid into pension plans.

"We had people actually leave education and go back into other industries when they found out this was the case," said Capo, "so that they made sure that they didn't incur these penalties. So, we were actually losing good, qualified people."

He added that teaching is a second career for about 40% of teachers in the state, and they shouldn't be penalized for changing careers.

Capo said he believes the legislation will help school districts recruit more teachers and assist in easing the teacher shortage.

"They're bringing their experience from the workforce," said Capo, "they're bringing their experience from other places - whether they were scientists in different industries or worked in the healthcare system, and are now coming in to teach math and science and workforce classes in our public schools."

He said educators aren't the only ones benefiting from the change.

"They may have made $20,000 or $30,000 their entire career," said Capo. "Cooking lunches, cleaning our classrooms, driving our buses, and they're going to get on average about a $360-a-month increase -- which, for many of them, is the difference between buying groceries and buying medication."

Connecticut educators and other public sector workers are celebrating passage of the Social Security Fairness Act.

The new federal law repealed two provisions which had reduced Social Security benefits for some public sector workers who also receive a pension and who will now be eligible for benefits they would have earned in 2024.

Kate Dias, president of the Connecticut Education Association, said passing this law rights a 40-year-old wrong.

"The government chose, erroneously, to penalize public service employees to try and balance Social Security, and it was never a just cause," Dias asserted. "It's great to see this overturned; money returned to people who have rightfully earned it."

Supporters of the change said the biggest challenge to passing the law was many people were unaware of these limits for public employees. Some critics charged it could speed up the timelinefor Social Security's insolvency.

Dias feels there's more work to do, including higher teacher salaries to reflect the education required to do the work. Reports show most Connecticut salaries do not keep up with the cost of living.

Feedback on the law has been overwhelmingly positive. Dias noted the money being reimbursed to public sector workers will enable some to retire who otherwise could not, without losing certain benefits.

"We have teachers that are in their 70s that haven't been able to retire," Dias observed. "This is going to enable them to do that. We've gotten the stories from people who called us and said, 'I've been living moment to moment, paycheck to paycheck, and been collecting food stamps, and now I'm not going to have to do that. I'm not going to be a burden to my family.'"

The new law may also help Connecticut recruit second-career teachers, people with previous careers as accountants, engineers and in other in-demand fields. Since the state is in the third year of a teacher shortage, Dias added it could help close widening gaps.

"In terms of retention, those second-career educators we have brought into the profession often have to leave before they are vested in the pension so they don't get penalized," Dias pointed out. "That's a problem as well, because they're only with our profession for a short period of time, as opposed to being able to have a long career."