This report details the activities of the Educator Recruitment and Retention Financial Assistance Program (ERR Program) created pursuant to Senate Bill 21-185 (C.R.S. 22-60.3-201 et seq.). Developed in response to persistent educator shortages across the state, the ERR Program removes or reduces a potential barrier to entry into education: the tuition cost of an educator preparation program (EPP). Applicants for the financial assistance must commit to working in an educator shortage area for three years in Colorado and be enrolled in a Colorado-approved traditional or alternative EPP or institute of higher education. Annually, the legislature appropriates $5 million to the Colorado Department of Education (CDE) for tuition assistance of up to $10,000 per qualified applicant, which is paid to the EPP in which the applicant is enrolled. To gauge the impact of the ERR Program, CDE administered a perception survey to ERR Program recipients and local education agencies (LEAs) with at least one ERR Program participant. The response rate was 37%. Almost 70% of the respondents considered dropping out or delaying their educator preparation program before receiving financial assistance, and over 94% reported that the financial assistance positively impacted their careers. CDE recommendations for legislative or regulatory changes to facilitate the effective implementation of the program are provided.