Hey there, brokeGIRLrich readers, I thought today’s topic was especially important because I’ve noticed more and more friends who started out in the arts moving away from them – and often they seem to move into teaching. If teaching is something you enjoy or feel passionate about, here’s a great post on some thoughts you might want to consider if you need to go back to school to achieve that goal. 

Also, for all my high school theater teacher friends who constantly post on Facebook – what musical should my high school do this year? The answer is BatBoy. The answer is always BatBoy: The Musical. 

There are two schools of thought when it comes to specialized degrees. On the one hand, having specialized knowledge that most others do not can open the doors to well-paying, interesting opportunities. On the other hand, being a specialist could take you out of the running for some jobs, as employers often look for well-rounded individuals who can be trained to fulfill a range of roles within the organization.

One of the major exceptions in the warnings against specialized degrees, though, is in the field of education. Here, having a specialization can actually be to your benefit, and earn you more money over the course of your career.

Highly Qualified Teachers

Under the terms of the No Child Left Behind Act, one of the determining factors in school funding is the percentage of “highly qualified teachers” working within the district. The more HQTs that a district has, the more money it receives from the federal government — and in most cases, the more money it’s able to pay its teachers.

So what is a highly qualified teacher? In the most general terms, an HQT is a teacher who holds a bachelor’s degree from a four year college or university, holds full state licensure or certification, and who has demonstrated competence in the core academic subject areas that he or she teaches; in the case of a secondary education teacher, that means competence in the primary subject area being taught. Competence is usually determined via standardized content exams, but a few states take graduate education and experience into account when determining competence. In any case, the knowledge gained in a specialized degree program can go a long way toward HQT status, and the bigger paycheck that goes with it. Getting an online Master of Education can help you become an HQT.

Additional Opportunities

While the Bureau of Labor Statistics predicts that overall, the demand for teachers across grade levels will remain about the same for the next 5-6 years, certain specialty areas such as special education and teaching English as a second language could have a higher number of open positions than ever before, thanks to societal trends. The number of students entering American schools from non-English speaking families is increasing steadily, and the number of children with an Individualized Education Program (IEP) plan and the designation of special education has grown to about 13 percent of the entire school-aged population. As the demand for special education services has increased, so has the need for additional educators to meet the needs of those students.

However, traditional schools are not the only places where there is a need for teachers with specialized credentials. Group homes, medical facilities, after school programs, daycares, and charter schools all have a need for qualified teachers, and many offer better salary and benefit packages than traditional schools. Therefore, a specialized teaching degree could open doors that would otherwise remain firmly closed.

Student Loan Forgiveness

Thanks to the rising costs of education, students today are graduating with larger debt burdens than ever before. The average new graduate owes about $35,000 in student loans — and the bill is even higher for those with graduate degrees. While many people struggle to repay that debt, if you have a teaching degree, especially one that allows you to teach in certain in-demand specialties such as math and science, ESL, or special education, you could have all or part of your loans cancelled or forgiven.

Cancellation only applies to Perkins Loans. If you teach in a qualified low-income school district or in specific subject areas, you could have up to 100 percent of the loan cancelled within five years. For all other type of loans, you may qualify to have up to $17,500 of your loans cancelled if you teach in a qualified school for five consecutive years or longer. There are significant restrictions on this program, and you’ll need to make payments on your loans for the five years it takes to qualify for forgiveness, but if you do qualify, having your outstanding balance reduced by as much as $17,500 could make a significant difference in your available disposable income.

Most teachers will tell you that they did not get into teaching for the money, but rather for the chance to help shape young minds and make a positive difference in the lives of future generations. However, there are still bills to pay, and it is possible to fulfil both the noble aspects of the profession and meet your financial goals. A specialized teaching degree is just one way to do that.