Program Costs
Making the Financial Transition
The salary range for first year teachers in Texas is $40,000-$45,000. As a new teacher, Fellows begin earning a regular salary and benefits from their employment district upon hire; however, due to district payroll cycles, Fellows often do not receive the first paycheck until the end of August or even mid- to late September. Therefore, planning for the financial transition into the classroom requires critical consideration in the application process.
Fellows have the benefit of receiving a full-time, six-week training at no cost. However, we understand that it takes careful preparation to plan for a prolonged period of time without a paycheck. Many of our Fellows have handled this reality by starting early and creating a detailed plan for income coverage.
TTF has compiled the following ideas to help you make the financial transition:
1. Start planning now.
Determine the amount of money that you will need for living expenses throughout the summer training Institute; revise your budget, assess your savings, and begin setting aside money from your current job to cover those expenses.
2. Research part-time job possibilities.
Although the program is an intense time commitment, some of our participants decide that a job on the weekends or at night is necessary for their situation. Check into the retail or food service industries for the most flexible hours. Consider tutoring privately or with an education service provider.
3. Contact a financial institution.
They may be able to offer you the best rate for a short-term loan or other forms of credit. Many student loan programs offer low interest loans for professional development and continuing education. The federal government also offers loan forgiveness options to educators as well.
4. Contact your creditors.
Discuss your change in career and ask for extensions on bill payments, extended lines of credit, or short-term loan options. You may also be able to find “good-faith” credit based on your job in the fall.
5. Explore additional resources.
In the meantime, we encourage applicants to visit the following websites for additional resources and information:
Texas Education Agency http://www.tea.state.tx.us
Federal Loan Forgiveness http://www.dlssonline.com/
Loan Forgiveness
Fellows may be eligible for loan cancellation or deferment of Perkins and Stafford student loans. For details about eligibility, please contact your loan provider directly to confirm whether programs are available for individuals who make a commitment to teach full-time in under-resourced schools. For additional information on loan forgiveness programs, please click here.
Students who become full-time teachers in an elementary or secondary school that serves students from low-income families can have a portion of their Perkins Loan forgiven under The National Defense Education Act. This program forgives 15% of your loan for the first and second years of teaching service, 20% for the third and fourth, and 30% for the fifth. Not all schools within our partner districts will meet the parameters of this option.
Teach for Texas Loan Repayment Assistance Program
This program is designed to attract and retain teachers to shortage areas. It qualifies teachers in shortage areas for high education loan repayment for up to $5,000.
Source: http://www.hhloans.com/borrowers/TFTLRAPFactSheet.cfm
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