Companies That Offer Tuition Reimbursement Programs

Companies That Offer Tuition Reimbursement ProgramsCompanies That Offer Tuition Reimbursement ProgramsWhen youre looking for a job, the biggest number to consider is your hourly wages or annual salary. But thebenefits a company offers, from health insurance to tuition reimbursement, can also make a big difference to your monthly bills and are worthfactoring into your job decision. Many companies offer tuition reimbursement as part of theirbenefits package. Heres how it typically works an employee pays upfront for college, graduate, or continuing education classes, and once the class or semester is complete, the employee pays back a portion of money spent- or the full amount. Why Do Employers Offer Tuition Reimbursement? There are several incentives for companies to offer this perk. Like any benefit, it helps attract and retain the best employees. Relevant coursework can sharpen workers skills and know-how, strengthening the company. Tuition reimbursement is tax deductible up to $ 5,250 per employee per year, making this program cost-effective for companies. How Tuition Reimbursement Programs Work Implementation of this program varies significantly from company to company Some reimburse for any educational classes, some require that coursework is done through specific schools to be eligible for reimbursement, and others only cover tuition costs for approved classes. Companies may require a certain grade to qualify for reimbursement, or that employees remain with the company for a set period of time following the completion of the class to qualify for reimbursement. Some companies may cover the costs associated with classes, such as textbooks or internet connection fees. Companies Offering Tuition Reimbursement as a Benefit From fast food chains to telecommunications companies to banks, these are some of the top companies that pay workers education costs. ATTAs part of its benefits package,ATT offers tuition assistance- employees must meet certain eli gibility requirements to get the reimbursement, and the costs must be approved by the company. Anthem, Inc.Employees at this health benefits company are eligible for up to $5,000 a year in reimbursement for tuition and textbooks. BPAt this oil giant, there are many requirements for eligibility, but tuition reimbursement is a generous 90 percent of the costs of tuition, fees, and books. Among other requirements, employees must get approval for the classes in advance of registration and receive a passing grade. Bank of AmericaEmployees can get up to $5,250 in job-related courses or degree programs covered each year. ChipotleBoth hourly and salaried employees at this fast-food chain are eligible for tuition reimbursement. To offer this benefit, Chipotle partnered with Guild Education, which offers online classes, programs, and degrees from a variety of universities. Employees can work toward degrees (undergrad or graduate), take classes, earn a GED, or study ESL, eligible for up to $5, 250 annually. Home DepotTuition reimbursement rates forHome Depot employeesvary by role- salaried employees can get up $5,000 annually, while full-time hourly employees are reimbursed up to $3,000, and part-time hourly employees can get up to $1,500 back. JetBlueThe airline runs a program known as JetBlue Scholars- employees can apply to enroll, and once accepted, take approved online courses. To be eligible, employees must have worked at JetBlue for two years, and have prior college credits in place. Proctor GambleUp to 80% of tuition and fees are reimbursed at PG, makers of a vast range of consumer and household goods. Employees must get programs and fees pre-approved, and there is a cap of $40,000 of reimbursed expenses. SmuckersThe J.M. Smuckers company makes more than jam- its brands include big names like Folgers, Pillsbury, and Meow Mix. The company offers up to 100 percent reimbursement for tuition costs for company-approved college courses. StarbucksAll benefits-eligible U nited States employees of this coffee purveyor can have their full-time college tuition covered, essentially a free bachelors degree. One important note on this program Employees can only study at Arizona State Universitys online program. UPSPart-time UPS employees who work in package handling can participate in the companys Earn and Learn Program, covering up to $25,000 in college expenses (each year, the program reimburses a maximum of $5,250 per employee).According to the company website, employees are eligible for this perk from their startdate. (Other education assistance programs are available for employees in different roles.) Wells FargoThe banking giant offers up to $5,000 in annual (and eligible) tuition expenses. VerizonAll employees atVerizon, the telecommunications giant, are eligible for up to $8,000 in tuition reimbursement each year. Verizons program requires that classes be related to the business. Key Takeaways CONSIDER MORE THAN TAKE-HOME PAY When reviewing job of fers, keep the entire package, including benefits, in mind.MANY COMPANIES OFFER TUITION REIMBURSEMENT If you work for a small or newly launched company, check with your HR department to see if theyll consider adding this perk.COVERAGE VARIESNot all tuition reimbursement plansare the same- check the details to see how much is covered, eligibility requirements, and reimbursement limits.