Salary and Benefits

Salary

The starting salary for Fellows is the same as that for all other beginning teachers in Memphis City Schools. In the 2009-2010 school year first-year teachers with no previous classroom experience earned $40,298. Fellows with advanced degrees may be eligible for a higher base salary. Fellows become salaried employees of MCS when all teachers report back to work in early August; teachers normally receive their first pay check at the end of August.

Summer Stipend

During the summer training session Fellows, in good standing, are provided with a $2,000 (pre-tax) transitional stipend. The stipend is generally distributed at the end of the summer session. Because of the timing of the training stipend and because the time between the end of training and a Fellow’s first paycheck may be lengthy, we strongly encourage Fellows to take appropriate measures to prepare for their financial well-being during this time.

Benefits

As employees of Memphis City Schools, Fellows are eligible for the same comprehensive benefits as all teachers. These benefits include a choice of medical, vision, dental, and retirement plans. For more information on teacher benefits, visit the Memphis City Schools employee benefits page.

First year Teaching Fellows may be eligible for an AmeriCorps Education Award after completing their first year of teaching. The award, which is valid for seven years, may be used towards the cost of certification or future education costs, including the repayment of student loans.

Loan Forgiveness

While Memphis City Schools does not provide for any direct loan forgiveness, according to the Federal Student Aid website, many Fellows may teach in schools that qualify them for federal loan deferral and/or cancellation. For example, a teacher may be eligible to cancel up to $5,000 of Stafford Loan debt if he/she teaches for five consecutive years in a school identified as serving "low-income" students.

Federal Perkins Loans can be cancelled if the teacher is employed by a school recognized as serving low-income students, employed in a school that has teacher shortages in high- need subject areas, or teaching students with special needs.

The conditions for deferral and cancellation are different for each loan and are often dependent on the date the loan was issued. The teacher should research his/her specific situation.

Please visit the following websites for more up-to-date information.

Stafford Loans Cancellation/Deferment Options
Stafford Loan Teacher Cancellation
Stafford Loan Teacher Deferments

Perkins Loans Cancellation/Deferment Options for Teachers
Federal Perkins Loan Teacher Cancellation

General Financial Aid Websites
Federal Student Aid Insert
FinAid- The Smart Student Guide to Financial Aid