P-12 Residency Funding Tool
Prepared to Teach, Bank Street College of Education
A web-based calculator that residency partnerships can use to estimate costs, explore funding scenarios, and calculate savings.
This tool is designed to help schools & districts identify potential funding sources for a year-long paid teacher residency. The tool uses two funding sources: reallocation of existing roles to support instruction and resident stipends, and investments in residencies from actual or projected saved dollars due to decreased teacher turnover. The tool offers some guidelines for estimating costs and savings based on existing research, but ideally the tool will be populated by local actual values that users provide.
If you're using this tool as a first step for exploring the possibility of a funded teacher residency, you can select from pre-loaded estimates to experiment with variables such as cohort size, stipend amount, and roles for which residents might receive pay. If you're ready to dive into the details of funding your residency, we suggest you have some key information handy—like how much substitute teachers, assistant teachers/paraprofessionals, and summer school teachers are paid. You'll also need to enter basics about how much your school and district spend on things like recruitment, hiring, and professional development. We highly recommend using your budget from the prior year to get the best possible estimates of what your residency funding could look like under different assumptions.
This tool will NOT save your inputs once you end your session. If you are collaborating with others on your team, gather the information beforehand and then enter it here. There are instructions to save your work offline at the bottom of the page.