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How Can Employers Help Employees with Tuition?

College tuition is a high bill that most Americans feel it necessary to further their place in life.

Without a degree, it’s borderline impossible to get a job that pays very well, or even one in a field that you want to work.

Finding out that a prospective job might help you cover this cost can be huge, but it’s essential to look at the fine print before making any decisions.

Here are the kinds of help employers may offer and how they benefit you in the long term:

Student Loan Repayment

This version is what replaces many retirement plans.

Since the average student walks away from college with at least thirty thousand dollars of debt, this is a huge incentive for employees.

Usually, these loan repayment programs pay off a specific amount per paycheck, and will only stay active as long as you are currently working for the employer.

Unfortunately, a student loan assistance and benefits program doesn’t get rid of interest and will deplete your savings for retirement, but it can be helpful to take the strain of loans off your back.

Tuition Reimbursement

Tuition reimbursement is like student loan repayment, but it’s made directly to the student.

Usually, this is done from semester to semester, and the employee will be working and getting an education at the same time.

Most of the companies that offer this have requirements for the degree being achieved and grade requirements to ensure they’re not losing money.

This choice can be a great option because it cuts loans out of the equation entirely, allowing students to get payment from their employer to cover tuition immediately.

Often employers will require a contract that the employee will stay with them for a certain number of years to cover this so that the company may reap the benefits of this education.

Tuition Grants

This option has fewer strings attached than the others. Grants are money that doesn’t have to be paid back and don’t necessarily have a lot of stipulations.

This money is given to students upfront to cover their tuition and supplies. There’s no loan, generally no significant rules and, most importantly, no risk of having to pay interest or tank your credit score.

These grants might not cover everything, but they take a large portion of the tuition costs out, which helps in the long run.

Non-Financial Support

Non-financial support is as essential as any other kind of help.

This step refers to any way a company accommodates it’s employees while they’re getting their education.

Whether that means more flexible shifts, better pay with fewer hours, daycare discounts for parents going back to school, or offering boarding for students near the school- it has to help the student.

Non-financial support is a fantastic way for companies to show that they care and want to support their employees, while also not forcing them to shell out thousands of dollars for a degree.

An employee who feels well taken care of is more likely to stay with a company and work hard.  Getting an education is beneficial for the company in the long run, so the perks that come with it are well thought out.