There are many factors to consider when you’re looking for a job, including salary and career prospects. According to GoBanking, the cost of living in the USA has risen by 14% since 2016, which leaves people with less chance to pay off their student loans.
That’s one of the reasons that employee benefits packages have been so valued. Benefits packages lessen your monthly bills and make it possible to do things that wouldn’t be possible to do otherwise. One of the most appreciated benefits that companies can offer is tuition reimbursement programs.
How Does Tuition Reimbursement Work?
Tuition reimbursement happens when a student receives a portion of their education fees back from their employer. Not only does this help you to reduce your debt, but it also means you can continue your education and develop professionally.
Most companies cap their tuition reimbursement rates, and the amount that employees are awarded depends on the time worked and the course chosen.
Companies often incorporate tuition reimbursement into their benefits package and work with specialist organizations such as FutureFuel to support the educational development of their talented workers.
You’re probably thinking that this all sounds great for employees, but what are the benefits for employers? The fact is, tuition reimbursement offers many benefits for companies. Let’s examine those further:
Why Do Companies Offer Tuition Reimbursement?
Companies that offer tuition reimbursement see many benefits coming from the implementation of these programs. These benefits include:
- The improvement on overall employee experience;
- A significant increase in employee engagement;
- Tax deductions — the programs are cost-effective options for companies that want to limit the amount they spend on each employee’s development;
- An important investment in employees development, both professionally and personally.
The Best Companies That Offer Tuition Reimbursement
If you’re looking for tuition reimbursement jobs, here are the best companies to work for:
AT&T rewards its full-time employees with tuition reimbursement for both undergraduate and specialist education programs. Working for AT&T means you can claim up to $5,250 a year in fees, but the company caps their reimbursement allowance to $25,000 for a graduate degree.
BP is one of the best companies that offer tuition reimbursement programs around, which makes working for them an attractive possibility. The company will reimburse up to 90% of your education costs, providing you meet their strict criteria.
The course you choose should be relevant to your job role, and you must achieve a minimum grade C when you complete the course. Further requirements include submitting receipts to show your textbook and tuition fees, and you must apply for reimbursement within 60 days of finishing your course.
Bank of America
The Bank of America is a global banking and investment company, with approximately 211,000 employees. If you work at the company for six months in either a full or part-time capacity, you could be eligible to receive up to $5,250 each year towards your education. It’s important to note that the Bank of America has stipulations, such as how relevant the course is to your field.
Chipotle offers tuition reimbursement to salaried and hourly employees, which is beneficial if you want to improve your career prospects. The company partner with an educational program called Guild, so they can offer a range of courses. Employees can complete a degree or finish their GED. You can receive up to $5,250 in fees each year and study online.
Let’s face it, who wouldn’t want to work for Disney? They offer a defined benefits program, pay $700 per credit unit, $100 for course materials, and will reimburse you 100% of your textbook cost.
Home Depot offers an excellent tuition reimbursement program for both salaried and hourly employees. The amount you receive depends on how many hours you work and how you’re paid. Salaried employees can claim up to $5,000 a year, while full-time hourly employees receive up to $3000. The company also offers part-time employees $1,500 a year towards their education costs.
Working at this airline means you can enroll in their JetBlue Scholars program. The eligibility criteria states you must be employed for at least two years with the company and have previous college credits.
Proctor & Gamble
If P&G approves your chosen course, you could receive up to 80% of your tuition fees back. The company caps its reimbursement rate at $40,000, which makes Proctor & Gamble one of the places to look if you want to find tuition reimbursement jobs.
Smucker’s make a range of packaged foods, and they’re also one of the best companies that pay for college. If you choose one of the companies’ pre-approved college courses, they’ll offer a reimbursement of up to 100%.
Starbucks, the coffee giant, shows its commitment to personal development by offering a full-time education program at no cost. Students can achieve a degree, but they must study through the University of Arizona. Luckily, there are over 80 undergraduate online courses to choose from.
There aren’t many tuition reimbursement programs for part-time staff, but UPS offers up to $25,000 ($5,250 a year) for members of their package handling team. The Earn and Learn program aims to help people develop professionally, and you’re eligible from the moment you begin employment with UPS.
If you’re a full-time employee of Verizon, you can claim up to $8,000 in tuition reimbursement each year. Part-time staff members can claim $4,000, providing they work 20 hours a week. You can choose from a range of courses, but the telecommunications giant only funds business-related studies.
The Bottom Line
There are plenty of jobs that pay for academic expenses, so that could represent a chance for you to acquire theoric knowledge while applying everything in practice.
Keep in mind that college is a big commitment, and most companies will only reimburse your fees if you achieve a satisfactory grade.
Tuition reimbursement can improve employee retention, help to build a skilled workforce, and creates positive relationships between management and lower-level employees. It’s likely that in the future, smaller companies will implement similar programs. Studying while you work can be the ideal solution, but make sure you choose the right course for your future.