A pension is a little different from a standard 401(k) or other retirement plan. When it’s time to retire, your pension isn’t the same as the amount in your retirement account. Instead, it’s based on the amount of time you worked, as well as your age and the average of your highest average salaries. (6) 

In CO, teachers can receive a full pension at age 65 with 30 years of in-state service. Teachers can retire earlier or with less time, and still receive partial benefits. (7)

How do teacher pensions work in Colorado?

During your career, you’ll contribute 10% of your salary to the Public Employees’ Retirement Association (PERA). Your employer also makes a contribution that goes into the statewide PERA fund. 

Your contributions, your employer’s contributions and the contributions of other state employees earn interest over time. Those contributions add up, so you’ll be financially secure when it’s time to retire. (6)

Vacation days will depend on your district, but in general you can expect: 

• Spring break
• December holiday break
• National holidays off
• Paid personal & sick days during the school year

As you probably know, teachers also get a long summer break. Teachers use this time to travel, explore professional development, relax or work elsewhere. Some districts offer summer positions for teachers, such as summer school classes or curriculum development jobs.

Want to continue your education or pursue professional development? Many CO school districts provide funds for tuition reimbursement and professional development (such as conferences or trainings) for teachers. 

Building your skills can increase both your knowledge and your pay. It also helps districts retain top-notch educators—so it’s a win-win for everyone.  

You don’t have to wait for your district to help cover your continuing education. Find grants, scholarships and fellowships for CO teachers and teacher candidates with our Financial Aid Explorer.

Stepping into a classroom could mean stepping out of debt. There are a number of loan forgiveness opportunities for teachers. These programs cancel your remaining student loans—meaning you don’t have to pay them back!—in exchange for a commitment to teach for a certain term. 

Teacher Loan Forgiveness Program

The Teacher Loan Forgiveness Program benefits public school teachers with federal student loans.

Teachers in certain shortage areas, including math, science and special education can receive up to $17,500. If you teach a different subject, you can still get up to $5,000 in forgiven loans. 

Perkins Loan Forgiveness

You can get up to 100% of your Perkins loans forgiven if you teach a shortage area subject in a school that serves low-income students. 

Public Service Loan Forgiveness

If you’ve worked full-time in a public service field for 10 years, you may qualify to have your remaining student loans forgiven through the Public Service Loan Forgiveness Program. Qualifying fields include government service, nonprofits and public education.

Buying a house is expensive, but there are resources to help teachers find a home in the community where they teach.

Landed

Landed supports educators and school staff on the path to homeownership. Landed provides education about homeownership, a personalized home-buying team, and (in some CO cities) a shared equity down payment program.

Good Neighbor Next Door

The federal government created Good Neighbor Next Door to contribute to community revitalization and to support 

people in service professions like teaching. The U.S. Department of Housing and Development offers a discount of 50% from the list price of qualifying homes.

Teacher Next Door

The Teacher Next Door Program helps classroom teachers buy a home in Colorado through grants, loans and other financial assistance. 

Support for educators includes:

• Grants
• Loans
• Down payment assistance
• Reduced interest rates

You can get even more financial assistance when you commit to becoming a teacher in a rural district for a certain amount of time. 

Below, we’ve highlighted a few key programs for rural teacher candidates. You can learn more about these and similar programs at the Colorado Center for Rural Education. 

Colorado Rural Teaching Fellowship

During your teaching program, you’ll complete your final semester or year in a hands-on school placement. Through the Colorado Rural Teaching Fellowship, you can receive $10,000 If you complete a year-long teaching experience in a rural school.

In exchange, you’ll commit to becoming a teacher in the same rural district for two years after you earn your license.

Colorado Rural Teaching Stipend

The Colorado Rural Teaching Stipend provides up to $4,000 when you complete your student teaching semester in a rural school. 

In exchange, you’ll commit to one of the available jobs teaching in the same rural district for three school years after you earn your teaching license.

Rural Alternative Licensure Stipend

In an alternative licensure program, you’ll lead your own classroom and earn a salary while you finish your license. Through the Rural Alternative Licensure Stipend, you can receive up to an additional $6,000 for program-related costs when you complete an alternative licensure program in a rural Colorado school district. 

In exchange, you’ll commit to becoming a teacher in a rural district for three  school years after you earn your teaching license.