The Financial Costs and Benefits of Becoming a Teacher in 2024: Is It Worth It?

Becoming a teacher is a calling that demands both commitment and a genuine passion for educating young minds. Teaching brings many rewards, including job stability, the potential for pension benefits and the deep personal satisfaction of making a difference in students’ lives. Teaching also comes with its downside: long hours, daily stress, complicated bureaucracy and financial costs.

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From the upfront investment in education and certification to ongoing classroom expenses that teachers often cover out of pocket, the path to becoming and remaining a teacher involves various financial commitments. For those who want to pursue the teaching profession, it’s important to know how much it costs to become a teacher.

Education and Certification Costs

Teachers are required to fulfill various educational requirements before they are allowed to teach in a classroom setting. Here’s a look at the educational requirements and certifications:

Bachelor’s Degree

After high school, teachers are required to complete a four-year college degree in order to teach. A bachelor’s degree is pricey. According to a May 2024 Education Initiative report, an in-state bachelor’s degree for one year costs $27,146 per year and $108,584 spread out over four years.

Students at private, nonprofit universities spend $58,628 annually, totaling $234,512 for a four-year degree.

For the 2022-2023 academic year, the cost of a bachelor’s degree was $89,556, which included the cost of tuition and required fees, room and board. This amount assumes attending an in-state public institution with the individual completing their degree in four years

Additional Certification and Continuing Education Requirements

Not only are teachers required to obtain their bachelor’s degree, but they are also required to get additional certifications. These certifications may include background checks, fingerprinting and testing. Some states may require a basic Praxis test. This test costs $90. There may be additional tests based on subject matter.

Licensing fees may vary state-to-state. They can range from $35 to $200.

Teachers are also required to fulfill continuing education requirements by attending seminars and workshops. The costs of these programs can vary as well, but it’s safe to estimate the cost at a few hundred dollars.

If a teacher decides to pursue graduate education by getting a master’s degree, this could cost an additional $60,000.

State-to-State Teacher Certification Costs Vary

Prospective teachers should research what it costs to become a teacher in their state. Each state is different in terms of cost.

Teacher Salaries: State and Subject Breakdown

Teacher salaries vary from state-to-state. The National Education Association reports that the national average for a teacher’s starting salary is $44,530. The national average salary for teachers is $69,597.

States vary in what they pay teachers. Take a look at this table with a sample of states across the country and what they pay their teachers on average:

Subject matter expertise in a particular category may influence salaries. Becoming a subject matter expert doesn’t guarantee an increase in salary. Here are some of the factors that could lead to an increase in salary:

Financial Assistance: Loan Forgiveness Programs and Grants

To help with costs, teachers can qualify for loan forgiveness and grants. Here are some programs that are available:

Loan Forgiveness Programs

Federal Teacher Loan Assistance Program

• Eligibility: FELP is available to full-time teachers who work for five consecutive years in a low-income school or educational service agency. Must have Federal Direct Loans or Federal Stafford Loans to qualify.

• Forgiveness Amount: Teachers can receive $5,000 in loan forgiveness. If teachers are in certain high-need fields, such as math, science or special education, they may qualify for up to $17,500 in forgiveness.

• Requirements: Teachers must be highly qualified, which means meeting certification requirements and completion of a bachelor’s degree.

Public Service Loan Forgiveness

• Eligibility: PSLF is available to teachers and other public servants with qualifying federal loans who work full time for a government or nonprofit organization, including public schools, and make 120 qualifying payments under an income-driven repayment plan.

• Forgiveness Amount: The remaining balance on Federal Direct Loans is forgiven after 10 years, or 120 qualifying monthly payments.

• Requirements: There is no requirement to work in low-income schools as long as the place of employment is at a public school or qualifying nonprofit.

Perkins Loan Cancellation

• Eligibility: Teachers with Perkins Loans may qualify for up to 100% loan cancellation if they work full time in a public or nonprofit school and teach in high-need subject areas (like math, science, special education) or in schools serving low-income families.

• Forgiveness Schedule: Loan cancellation occurs incrementally over five years: 15% in years one and two, 20% in years three and four, and the remaining 30% in year five.

• Requirements: Requirements depend on the teacher type. For more details, visit the student aid website.

Grants

Teachers can qualify for grants. These are the available grants:

Teacher Education Assistance for College and Higher Education Grant

• Purpose: The TEACH Grant provides grants to students who intend to teach in high-need fields in schools serving low-income families.

• Award amount: Up to $4,000 per year.

• Conditions: Recipients must agree to teach full-time for at least four years within eight years of completing their program. Failure to meet this obligation converts the grant into a direct unsubsidized loan.

Federal Pell Grant

• Purpose: Assists undergraduate students with financial need, including those pursuing teaching degrees.

• Award Amount: Up to $7,395 for the 2024-2025 award year.

• Eligibility: Determined by financial need, cost of attendance and enrollment status.

Many states have loan forgiveness programs and grants. Check your state’s guidelines to find additional information to qualify for those specific loans or grants.

Benefits Beyond Salary

Beyond salary, teachers receive several valuable benefits that contribute to their overall compensation and work-life balance. Here are some common benefits:

1. Health insurance. Most teachers will receive comprehensive medical, dental and vision benefits.

2. Pension and retirement plans. Teachers will have access to pension plans through state retirement systems and have access to 403(b) retirement plans.

3. Holiday and PTO. Usually teachers have all major holidays and summer vacation off and a generous PTO plan.

4. Professional development. Teachers have access to professional development programs through their school district. Also, teachers can pursue specialization and graduate degree programs.

5. Job stability. There is a certain amount of job stability as a teacher, especially if you’re tenured.

6. Discounts and perks. Many retail outlets and other service providers offer special discounts to teachers.

Financial Projections: Costs vs Long-Term Earnings

When considering a teaching career, you should weigh the initial costs of becoming a teacher against the long-term earning potential. The initial costs include paying for a bachelor’s degree, additional certifications and licenses, as well as any out-of-pocket costs you may pay for buying materials for your classroom.

There is a potential for long-term earnings with the teaching profession. Initial teacher salaries average from $41,000 to $50,000, and some regions may pay more to keep up with the higher cost of living. If you are specialized in a specific area or hold a master’s degree, you may qualify to receive additional funds. Teachers are often eligible for incremental salary increases. Most teachers are also eligible for pensions and 403(b) plans.

There are other long-term “earnings” for teachers that cannot be measured only through revenue. Teachers enjoy long-term job stability as well as the ability to advance in their careers.

This article originally appeared on GOBankingRates.com: The Financial Costs and Benefits of Becoming a Teacher in 2024: Is It Worth It?