Consider a career that pays more than a salary if you plan to earn your college degree. Some employers pay for college – either fully or partially, through educational benefits.
Employer assistance, when combined with other ways of paying for college – like grants, scholarships and fellowships – can help reduce the total cost and get you started in your new career on solid financial ground.
Employers who pay college tuition
Do not overlook the educational benefits of local companies. Look into the education benefits that local businesses offer. Dick’s Drive-In Restaurants, a Seattle-based chain of popular restaurants with a large following, offers a scholarship program worth $28,000 for those who successfully pass a test.
What are the employer-sponsored educational benefits?
Employers can help pay for your college tuition in different ways. These are some of the most popular employer tuition assistance programmes.
Tuition reimbursement. Many employers who reimburse tuition will pay for your qualified education expenses even after you have paid the college. The employer can cover a certain percentage of tuition or a flat sum. You can also be reimbursed the full amount of tuition. Although this can help cover costly college costs, paying the bill up front is difficult for those students.
Direct payment of tuition. Employers may offer tuition reimbursement if eligible costs of college are paid to the institution directly. Some companies will work with an educational platform or college — such as Guild — for payment and administrative duties. Employers can cover all or part of the cost for your education, similar to reimbursement.
Employer-sponsored scholarships. Your employer may offer you scholarships worth tens or even hundreds of thousands of dollars to help fund your education. Taco Bell, for example offers the Live Mas Scholarship — up to $25,000. You may have to complete a series of questions that highlights your goals and achievements, just as you would with any other scholarship or merit-based reward. It may be necessary to keep a specific GPA.
Before you make a decision, read this to learn more about tuition reimbursement from employers.
The educational programs offered by companies can differ greatly.
A company’s benefit policy will generally specify the amount and type of benefits, as well as who qualifies and other conditions.
Based on the findings of the Society for Human Resource Management, here are some questions you should ask to evaluate a company’s educational assistance programs.
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What employees are eligible for tuition aid?
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You’ll have to be enrolled in an accredited school if you want financial aid. Your employer may have other requirements, such as a degree that is related to your job.
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What percentage or amount does your company pay?
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Will financial aid cover textbooks, fees and other expenses?
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You may be required to provide proof of payment and documentation by your employer in order for them to reimburse you. They may also have an agreement with a university or other educational platform that handles payments.
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Do I have to meet any conditions to continue to be eligible? It may require you to work for your company for an extended period of time after the program is completed.
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What are the steps to enroll in employer-sponsored educational benefits? Be aware of the deadlines and enrollment periods.