The Business of Company Tuition Reimbursement
One of the most important benefits a company can offer its employees is tuition reimbursement. Many businesses offer education assistance to their employees, giving them the opportunity to earn a degree, most often in their industry or line of work. Tuition reimbursement is a win-win situation for both employee and employer. For the employee, it increases their career and life potential, while for the employer, it adds investment value to their company.
Do You Qualify for Tuition Reimbursement?
Eligibility for company tuition reimbursement programs varies from business to business and depends on the company’s criteria. Typically, you’re required to be a full-time employee and may only become eligible for reimbursement after you’ve been with the company for a set amount of time. In addition, there may be specific guidelines and restrictions, such as reimbursement may only cover courses in the core curriculum. If you’re interested in taking courses outside of the curriculum, you may need to show proof the classes are required for the major. Your employer may also require you to maintain a certain GPA in order to continue receiving program benefits. Some employers even require the employee remain with the company for a certain amount of time after completing the degree.
Making Your Case for Tuition Reimbursement
Treat applying for tuition reimbursement the same way you would when requesting a raise or promotion. Present the information to your supervisor in a way that will allow him or her to see how furthering you education will assist you in improving your job performance and how your department or company as a whole will benefit from your education. Know what types of classes you plan to take and the degree you will be pursing, so you can inform your supervisor with all the facts.
The Payoff: How Much and How it Works
According to the National Center of Educational Statistics, the average employer contributes approximately $3,000 towards an employee’s tuition. However, a well-established company may be able to offer thousands more for eligible employees. Some companies pay for the course or courses at registration, while others reimburse the cost after successful completion of the program. In addition, some companies only cover courses in work-related courses and, if you decide not to complete your courses, your employer may ask you to repay the money allotted to you. It’s important that you are clear on what your company offers in terms of reimbursement.
On the Road to Career Success
Tuition reimbursement programs provide a genuine benefit to students by helping them further their education for little or no money at all. Students will increase their knowledge, acquire new skills, have more favorable relations with management and be primed for advancement opportunities. Tuition reimbursement programs have also been shown to improve work productivity and morale. The only disadvantages would be that, in some programs, students have to cover their costs up front and wait for a set amount of time before they are reimbursed for their expenses.