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Financial arrangements

Recognizing that achieving financial stability is important, Teach For America is committed to making teaching a viable option for everyone, regardless of their financial situation.

Salaries and health benefits

Corps members receive the same salaries and health benefits as other beginning teachers, and they are paid directly by the school districts for which they work.

Salaries
While beginning teacher salaries vary by district, corps members generally find that they can live comfortably regardless of their placement site. Corps members teaching in urban sites typically have higher salaries, starting at $30,000 and reaching a high of $47,000. Corps members in rural sites, who make between $27,000 and $45,000, tend to have more discretionary income because the cost of living is disproportionately lower in these sites. Beginning teachers with advanced degrees often earn higher salaries, so applicants with a master's degree and/or a Ph.D. can expect salaries that, in some cases, exceed these ranges.

How does a teacher's salary compare to salaries in other entry-level positions? Here is a comparison of the national average salary that beginning teachers made during the 2007-08 school year in our regions, and those of other entry-level positions.

Sources: National Association of Colleges and Employers Summer Salary Survey 2008; Teach For America

To find average salaries for beginning teachers in a specific region, visit our placement regions, and go to the Cost of living section within the region of interest. Since cost of living varies from region to region, you can also use the cost of living calculator to see how far a beginning teacher's salary goes.

Health benefits
Corps members generally receive the same health benefits as other beginning teachers. As with most health plans, this means that the district pays for medical and dental insurance premiums, and corps members make contributions directly from their paychecks.

Transitional grants and loans

Together with Visa, our National Corporate Partner, Teach For America offers no-interest loans and, in some cases, transitional grants totaling from $1,000 to $6,000. Packages are based on an applicant's demonstrated need and the cost of living in the assigned region.

Applications for transitional grants and loans are made available online to applicants who are invited to the in-person interview day, and applying for transitional funding has absolutely no bearing on admissions decisions. Grants and loans are awarded at the beginning of the summer institute and may be used to reimburse travel costs to the summer institute and regional inductions. Applicants can also use transitional awards to pay for personal and moving expenses (e.g., deposits on apartments) and necessary coursework, testing, and district processing fees.

In the 2008 Admissions season, 56 percent of our corps members applied for and received transitional funding, totaling $6 million in awards.

In addition, Teach For America covers most major expenses during the summer institute, including room and board. Room and board is also covered for one to two weeks during regional inductions.

AmeriCorps education awards

Teach For America is currently a member of AmeriCorps, the national service network. Through this relationship, our corps members who have not served previously as AmeriCorps members are eligible for the following AmeriCorps benefits:

• An education award of $4,725 at the end of each year of service (a total of $9,450 over the two years), which may be used toward future educational expenses or to repay qualified student loans.*
• Loan forbearance and interest payment on qualified student loans during their two years of service.

As AmeriCorps members, corps members also join a national network of other service programs and have opportunities to meet others in the network and to participate in AmeriCorps events in their regions. To learn more, visit AmeriCorps’ benefits page.

*While Teach For America is currently a member of AmeriCorps, we cannot guarantee these benefits for the 2009 corps given the nature of the AmeriCorps competitive grant process and the dependence on congressional funding cycles. Teach For America anticipates receiving final confirmation on education awards for next year in spring 2009.

 

Additional financial resources

Thanks to Visa, our National Corporate Partner, we offer the following financial guides to help you plan for the future:

• Welcome to the Real World: Figure out how to transition to the "real world", including managing student loans; finding a job; paperwork and taxes; and budgeting.
• Money 101: Use this workbook to help you budget your money; manage online banking, debit cards, checking, and savings accounts; and understand credit.
• Credit Cards: Gain knowledge on annual percentage rates; grace periods on purchases; effect of paying the minimum; late payments; credit limits; payment allocation; and how to choose a card.
• Renting an Apartment: Learn about negotiating a lease; the rights of tenants and landlords; and renter's insurance.
• Buying a Car: Use this guide to budget for a car; evaluate your credit; make a decision; decide between buying and leasing; and learn about negotiating and insurance.