This study used interviews and questionnaires to survey 770 no-fee preservice students. Its findings were as follows: (1) Their employability encompasses five dimensions: teaching skills, ability to learn specialized knowledge, ability to grasp elementary and secondary teaching materials and methods, communication skills, and ability to apply for a job. (2) Teaching skills scored highest as the most important aspect of employability. Men scored higher than women on overall employability and ability to apply for a job, while women scored higher than men on ability to learn specialized knowledge. Students who had been student leaders scored higher than nonleaders on overall employability, ability to apply for a job, communication skills, and ability to learn specialized knowledge. Students from well-off families scored higher than poorer students on overall employability and communication skills. There was no significant difference on employability or communication skills between students from families in average economic circumstances and those from poor families. (3) Employability, internship experiences, popularity of specialty, employment opportunities, and being in the no-fee program directly predict the employment outcomes of no-fee students; outstanding personality traits and significant others (e.g., family members and personal networks) affect their employment outcomes indirectly through employability, and the same holds for their internship experiences.