Employee tuition reimbursement is a benefit offered to employees of certain businesses. Companies often encourage employees to continue their education and learn more about the business in which they are working. Employee tuition reimbursement can be a great way to help finance the cost of education, and to receive promotions at work.
Employees will generally advise new employees of the option of an employee tuition reimbursement program at the time of hire. Generally, there are a number of requirements surrounding this type of benefit, which will also be specified. Someone applying for employee tuition reimbursement will generally need to work for the company for a certain period of time, such as six months to one year.
In addition, the program of study at the university at which the employee is attending generally must be related to the business. For instance, someone who works in technology will need to pursue a technology or business degree. Most businesses will not reimburse employees for unrelated degrees, though some employers are less strict about this than others. Keep in mind that taxes will frequently need to be paid on money received, even for educational purposes.
It is also important to consider what percentage of the costs the business will assume in employee tuition reimbursement. Some businesses will pay one hundred percent of education costs, but most will pay seventy or eighty percent, for example. Be sure to have all of the details worked out ahead of time before applying for a degree program, because it may be necessary to make some payments up front. Some businesses will only reimburse employees once a degree program is completed, meaning one might have to pay out of one's own pocket for a period of time.
If an employer offers tuition reimbursement, it is generally a good idea to take advantage of this program if possible. Many colleges offer evening classes or degrees that may be obtained completely online. Research all options thoroughly, but tuition reimbursement can save a great deal of money. The different branches of the military often offer opportunities for tuition reimbursement as well, but be sure to check with a recruitment officer for details.
Finally, keep in mind that there are plenty of other options for financial aid available as well. These include scholarships, grants, loans, and student work programs, all of which can be used to help finance an education. Keep all of
these programs in mind when pursuing higher education.
