Paid off in full!
University of Northern Iowa Cedar Falls, Iowa 50613 Financial Aids May 7, 1970 Mrs. Joy Kidney Old Creamery Road Dexter, Iowa 50070 Dear Mrs. Kidney: In a few days, you will receive cancellation forms for your National Defense Student Loan. Our records show that you owe a balance of $900 on your loan, so if you canceled ten per cent of your loan for this past year of teaching, it will leave a balance of $710. Seven hundred and ten dollars along with the 1969-70 cancellation year, will pay off your loan in full. Sincerely yours, Dean Jensen Director of Financial Aids DJ/mg
Thanks to Grandma Leora’s generosity, my freshman year at the State College of Iowa was paid for. In those days, it cost about $1000 a year for tuition, board, and room. I was on my own after the first year, so I got a job in the college library and applied for a National Defense Student Loan.
I borrowed $700 my sophomore year, $700 junior year, $500 as a senior, or $1900 total. The summer before my senior year, I worked full time at the college library, so I didn’t need to borrow as much.
After graduation, the only year I taught full time was when my Favorite Guy was in Vietnam, 1969-70. I taught second grade at Van Meter, Iowa. If I remember right, my salary for the year was $6500.
Teachers could have part of their loan canceled, a certain amount for each year taught. By paying it off early, I also saved what interest would have cost.
At the bottom of the letter from UNI, I wrote “Paid $710.00 May 9, 1970 – loan paid off in full.”
My wife also taught second grade. In fact, she does so even after “retirement”–as a substitute! She’s doing that today, even as I’m subbing for grades 6-10 history! Teachers never really retire.
Hurrah for you and your wife! That was my last year.
I’ll bet that was a good feeling.
Especially since we were both without jobs, and Guy waited 50 weeks after he’d applied with the FAA to be offered a job! (Stapleton, the old downtown one. We lived in an apartment across Peoria Street from Fitzsimmons.)
I loved flying out of Stapleton. Now getting there was sometimes an exercise in frustration. Was guy there when the space shuttle landed? Okay, it was being hauled by the 747 that flew it around, but I remember I-70 became a parking lot when it was coming in.
We moved back to Iowa, with 2-year-old Dan (the only grandchild on both sides) in late 1976. The space shuttle being shuttled was in 1979.
I didn’t get to see it. A friend told me all about it. Come to think of it, the closest I’ve ever been to any of the shuttles is on a TV screen.
Need to fix that.
Guy’s sister and hubby live in central CA. He got a good photo of them.
So many people (I’m one of them) can remember the joy of paying off a student loan. I’ll always maintain that those young people who have to work hard, rather than have everything given to them, have a much better chance of succeeding in life because they learn the value of hard work and resilience.
Amen, Pete!
Well done you!!
Thanks, Darlene!
In and out of Stapleton dozens of times. Always liked it. Many more times in/out of DIA later in my career. DIA, for some reason, seemed more prone to down bursts with ground level wind shear. I saw “just about everything” in my 23,000 pilot hours. Happy to not still doing it. Cockpit automation would not agree with me.
I’m happy you’re retired from it as well!
Definitely a reason to smile!!
Thank you, Liz.
I never had a student loan since I worked a number of jobs while in college. Paying off a loan had to feel good. Also, it was the responsible thing to do. The idea of loan forgiveness is one I can’t embrace. Congratulations on paying yours.
The first year of the loan, I also worked three jobs. They were all in the library but no one job could offer enough hours to cover what I needed. Thanks, John!
What a feeling!
Amen
Paying off your student loan was a good stepping stone to becoming a responsible adult. 🙂
I think I would have changed my major, but I was afraid to borrow more for it!