Credit Union Offers Teachers Personal Loans for Classroom Supplies

How badly do you really need those erasers?Screenshot/SSSCU

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Evidently, the $1.6 billion that K-12 teachers already spend out of pocket on school supplies just isn’t cutting it. Thankfully, the Silver State Schools Credit Union of Las Vegas, Nevada, now offers loans specifically for K-12 teachers who are struggling to scrape together the classroom essentials on their hemorrhaging budgets, Sociological Images reported.

“If you’re a K-12 teacher in the state of Nevada, you know that keeping the classroom supply cabinet fully-stocked can be costly,” reads the email SSSCU sent to its members. “To help you purchase the materials you need beyond what the school’s budget may provide we’ve created a low-interest Classroom Supply Loan especially for you.”

How thoughtful!

Across the nation, states are providing schools with less funding on a per-student-basis than they did before the recession. And, inevitably, teachers are feeling the squeeze. Ironically, Nevada is one of the few states where adjusted spending per student is higher in Fiscal Year 2014 than FY 2008.

SSSCU isn’t the only company to offer teacher-targeted school supply loans. But Silver State charges 1.99 percent APR whereas others generally offer 0.0 percent APR, at least in the beginning. As of Wednesday evening, you can still find this most generous offering on SSSCU’s webpage.

Predatory lenders have gone after soldiers and students. Now, credit unions have underpaid K-12 teachers in their sights. You stay classy, America.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

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Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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