Corps Finances
Teach For America doesn't specifically offer loan cancellation or forgiveness to corps members. As a nonprofit organization with limited funds, we unfortunately don't have the resources to forgive the student loans of all of our corps members. However, some school districts and programs offer loan cancellation to teachers who serve a number of years in a school district.
Teach For America is also a member of AmeriCorps, the national service network. Through this relationship, our corps members are AmeriCorps members and are eligible to receive forbearance and interest payment on qualified student loans during their two years of service. Additionally, those who have not previously received AmeriCorps awards may receive an education award of up to $7,395 at the end of each year of service, which may be used towards future educational expenses or to repay qualified student loans. However, given the uncertainty around AmeriCorps funding and the nature of the AmeriCorps competitive grant process, we cannot guarantee these benefits to all corps members.
Contact americorps@teachforamerica.org for any questions about your AmeriCorps grant, including education award information.
Most corps members receive their first paycheck between late August and late September depending on regional assignment. In an effort to ensure that qualified candidates from all economic situations are able to join the corps, we offer a few financial support options to help you make it to your first paycheck.
Our Transitional Financial Support is designed to assist with costs including travel to the community where you will teach, relocation expenses, and testing and initial certification fees.
Teach For America offers financial support stipends for corps members as well as need-based transitional grants and no-interest loans to help corps members make it to their first paychecks. Need-based packages are based on an applicant's demonstrated need, the cost of living in the assigned region and their stipend amount.
Financial Support is awarded at the beginning of pre-service training and may be used to meet costs associated with transitioning into the corps, such as:
- Reimbursement for travel costs to pre-service commitments and regional practicums
- To pay for personal and moving expenses (e.g., deposits on apartments)
- To pay for necessary coursework, testing, and district-processing fees
Teach For America is a proud member of AmeriCorps, the national service network. Through this relationship, corps members may be eligible to enroll in AmeriCorps and therefore may be eligible for forbearance on their qualified student loans during their term of service. AmeriCorps alumni are eligible to have the National Service Trust pay all or a portion of the interest that accumulated on qualified student loan(s) during their term of service. Additionally, those who have not previously received AmeriCorps awards may receive a Segal AmeriCorps Education Award of up to $6,800 at the end of each year of service, which maybe used towards future educational expenses or to repay qualified student loans. 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.
Given the nature of the AmeriCorps competitive grant process and the dependence on Congressional funding cycles, we cannot guarantee these benefits for corps members each year. Per regulations, the AmeriCorps education award and interest accrual payments are considered to be taxable income for the year in which they are used.
Learn more about AmeriCorps eligibility.