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Managing future costs
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Corps members are able to cover a variety of education-related costs in the short- and long-term with AmeriCorps education awards. Numerous graduate school partnerships are available for corps members; many of these partnerships offer two-year deferrals and scholarships.
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What is an AmeriCorps education award? | |
What does the AmeriCorps award cover? |
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What about graduate school? | |
How can I save for the future? |
What is an AmeriCorps education award?
Teach For America is currently a member of AmeriCorps*, the national service network, which offers financial benefits for participants. All corps members receive an education award of $4,725 at the end of each year of teaching, totaling $9,450 over two years. This benefit does not apply if corps members already received two AmeriCorps awards prior to their teaching commitment.
What does the AmeriCorps award cover?
Eligible corps members can use their awards toward graduate school costs, educational training, or repayment of qualified student loans.
Additionally, several colleges and universities across the country match the AmeriCorps education award for their undergraduate or graduate students. See the full list.
*Given the nature of the AmeriCorps competitive grant process and the dependence on Congressional funding cycles, we cannot guarantee these benefits for the 2010 corps until receiving final confirmation in spring 2010. Also, recent changes in national service laws may result in an increase to the education award for 2010.
What about graduate school?
Teach For America partners with over 200 graduate schools, including top-ranked programs in law, medicine, business, education, public policy, the sciences, and engineering. These schools seek out Teach For America alumni and offer them a variety of benefits, including two-year deferrals and scholarships.
Download a spreadsheet to learn more about acquiring a master's degree along with your teaching certification.
How can I save for the future?
Corps members typically use a combination of financial benefits and budget management strategies to save for the future.
Benefits that cover costs:
- Transitional funding package
- AmeriCorps education awards
Benefits that save money:
- Loan forbearance
- Interest payments on loans
- Graduate school scholarships
Typical money-saving strategies:
- Automatic deposits from paychecks
- Carpooling and public transportation
- Sharing apartments with other corps members
- Budgeting expenses (i.e. social, clothing)
See the list of special discounts and benefits available for corps members.
Learn more about how corps members are able to save money for the future
Sara Covino (South Louisiana Corps '08)
This year I had a $200 monthly buffer with all my expenses (including social) but there were a few months where I lived month-to-month because of unexpected costs. I am back on track now and I can say my salary is great. 
Rachel Knight (Indianapolis Corps '08)
I have automatic deposits set up to save a few hundred dollars from every paycheck to make saving easy. It's nice to have a cushion in case something should come up, like a weekend trip to Chicago with other corps members.
Jacqueline Nagel (South Louisiana Corps '07)
I had a car payment, went shopping, traveling, and out to eat, and was able to save about $250-300 a month. I really wish I would've started saving earlier and set a goal of how much I wanted to put away. When you think of the fact that we make $40,000 a year, and cost of living is not that much, I definitely could've been able to save more. I would suggest setting up automatic withdrawal from savings as soon as possible.
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