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Using focus group data from 16 Black undergraduate students who expressed interest in teaching, we examine their perceptions of the multiple costs of choosing a teaching career in PK-12 public education and consider the role structural racism may have played in their perceptions. We identify three themes that connect these undergraduates’ perceived costs of teaching to economic and social aspects of systemic racism: (1) the pursuit of financial stability, (2) dispelling the myth of Black intellectual inferiority, and (3) the “Black Tax.” We argue that researchers, educators, and policymakers must give more consideration to the deep social structures of racial inequality in addressing the critical shortage of Black, PK-12 teachers in the U.S.