The Chicago Teacher Residency Program offers a highly attractive package of financial supports, enabling residents to make a full-time commitment to their training year. Financial aid and loan forgiveness are available to help residents offset their Master’s degree tuition costs.
Our university partners offer attractive tuition rates for residents and financial aid is available. For the one-year Master's degree, 2016-17 tuition rates range from $16,020 to $19,999 (standard rates ranged from $31,992 to $37,552).
Residents receive $20,000 over the course of their training year, beginning on the program's start date in late June/early July.
Residents may borrow from federal student loan programs, which includes Stafford (up to $20,500) and Graduate PLUS loans.
Residents preparing to teach Math, Science, Special Education, or Foreign Language in high-needs schools (all AUSL schools qualify) are also eligible for up to a $4,000 grant towards education expenses (individuals must teach in qualifying schools and subject areas for four of the eight years following graduation).
AmeriCorps Education Award*
Residents who complete their year of training and service may be eligible for a Segal AmeriCorps Education Award awarded after the end of the training year. The Education Award is a voucher that can be used to repay student loans or to pay education costs at qualified institutions of higher education (including loans for your Master's degree).
Minority Teachers of Illinois (MTI) Scholarship Program
Qualifying residents are eligible for up to a $5,000 scholarship towards education expenses.
The financial aid departments at our partner universities work with residents to create a financial aid package for each unique situation. View additional information and resources on their websites.
Other Scholarship Opportunities
There may be additional scholarships available based on your background and content area. Use this list as a starting point for your own research.
Teacher Loan Forgiveness
Under the Stafford Loan program, individuals who teach full time for five consecutive, complete academic years (following the residency training year) in high-needs schools (all AUSL schools qualify) may be eligible for loan forgiveness. Math, science, and special education teachers are eligible for up to $17,500 of loan forgiveness; teachers of other subjects are eligible for up to $5,000.
* The Chicago Teacher Residency is currently an AmeriCorps program. For 2016-17, we anticipate that some residents may be eligible for an Education Award valued at $5,775. Individuals who have previously earned AmeriCorps awards are subject to lifetime limits. Awards are subject to AmeriCorps program approval.
All costs and fees are subject to change.