Friday News Roundup: Week of April 20-24

Georgia Math and Science Teachers Get a Salary Bump

California Proposition Could Bring $9.3 billion to California Schools

In a Struggling Economy, Student Loan Default Rates Soar

Georgia Math and Science Teachers Get a Salary Bump
Secondary teachers in Georgia who work in math and science will see a boost in their salaries starting next year, thanks to legislation signed on Wednesday by Georgia Governor Sonny Perdue. The bill would allow new math and science teachers to start earning the salary of a fifth-year teacher (an increase of about $4,561 per year). Salaries would rise by one step each year for five years, at which point pay increases would become tied to student performance. Though the bill focuses on high schools, it would also reward teachers in elementary schools who increase their students’ math and science competencies with a $1,000 annual bonus. The legislation is meant to address a growing shortage of math and science teachers in Georgia, a trend that is echoed throughout the country. More here.

California Proposition Could Bring $9.3 billion to California Schools
In May, Californians will vote in a special election on a proposition that could bring $9.3 billion to the state’s cash-strapped school system. Proposition 1B would send the money to school districts and community colleges in the state starting in the 2011-2012 fiscal year. This money would make up for earlier cutbacks to state funding for education. Though opposition to the proposition is barely audible, there is a catch. In order for the measure to go into effect, Californians will also have to vote in favor of Proposition 1A, a much more controversial measure that would create a state spending cap and a rainy day fund for education. It would also extend tax increases from the state’s 2009 budget for up to 2 years beyond their current 2011 expiration. Though Proposition 1B enjoys the support of the state’s teachers unions, Proposition 1A faces opposition from the state’s other labor unions, Howard Jarvis Taxpayers Association, the California Federation of Teachers, and the California School Boards Association. More here.

In a Struggling Economy, Student Loan Default Rates Soar
As graduates face a tough job market and rising tuition costs, student loan default rates are skyrocketing. Default rates on federally guaranteed loans are expected to reach 6.9%, up from 4.6% two years ago. Private lenders are seeing similar jumps in default rates. Federally backed loans often qualify for forbearance, meaning the borrower can temporarily suspend payments while the loans continue to accrue interest. At the same time, some need-based loans qualify for deferment, an option where the government covers interest payments for a set period. Though forbearance is sometimes an option for private loans, the increasing default rate means that lenders are becoming stricter about giving forbearances. More here.

Briefly Noted

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