Research studies on service learning and teacher education have concluded that one of the major challenges is the lack of assessment studies that document the impact of service learning on students' academic development. In this research study, the perceptions of 65 preservice teachers on service learning were assessed. The major goals of the study were (1) to assess the perceptions of preservice teachers on service learning, and (2) to analyze the impact of service learning on preservice teachers' academic growth and achievement. The results from the analysis showed that participation in service learning activities resulted in students' gain in the area of diversity, fairness, strong work ethics, and patience. The result on the impact of service learning on achievement was inconclusive.