Many people go to college so they eventually can land the job of their choice. But the high cost of postsecondary education means some people must go to work immediately.
Some of those who start college right out of high school must leave — because the money runs out, family obligations or other reasons — before securing a degree. But having to go to work doesn’t have to dash your dreams of college.
That’s because many companies not only allow employees to pursue degrees outside work, but they also actively encourage it by providing tuition assistance. According to the International Foundation of Employee Benefits Plans’ 2015 Educational Assistance Benefit Survey — which received 338 responses from various companies — 83 percent of the organizations surveyed offer some type of tuition reimbursement or educational assistance.
These companies cited employee retention, the ability to attract future talent and increasing employee satisfaction and loyalty as some of their reasons for providing these benefits.
[Learn what you need to know about employer tuition benefits for college.]
Here are seven such companies that provide tuition help or reimbursement for employees and how they do so.
— Procter & Gamble: The Cincinnati-based consumer goods company reimburses employees for 80 percent of tuition and qualifying fees for continuing education courses or programs related to their current or next assignment. There is a lifetime cap of $40,000.
— Fiat Chrysler Automobiles: The automaker, through its labor agreement with the United Auto Workers, offers employees help with tuition and fees for job-related, degree-seeking courses at nationally and regionally accredited educational institutions. The tuition assistance plan administrators must review the courses to determine their eligibility for the assistance. The benefit is capped at no more than $5,000 annually.
The company also has a program for employees’ children that provides up to $1,500 in tuition assistance and up to $200 for degree-related books per year. Further, part- and full-time employees at Chrystler, Jeep, Fiat, Dodge and Ram dealerships who have been employed for at least 30 days can receive tuition assistanceto seek associate, bachelor’s or master’s degrees at no cost through Strayer University. This program covers full tuition, books and fees.
— Boeing: The aircraft manufacturer offers employees the Learning Together Program through which it pays employees’ college tuition, books and fees for degree and professional certificate programs. It also pays for individual courses at quality schools.
[Discover how to ask your company to help pay for college.]
Full- and part-time employees are eligible after a year at the company. Schools must have accreditation that the Council for Higher Education Accreditation or the U.S. Department of Education recognizes, and employees who use tuition assistance are taxed for amounts greater than $5,250 a year. Employees can’t use the money for meals, lodging or transportation.
— Anthem: The Indianapolis-based health insurance company offers up to $5,000 in tax-free reimbursement annually to help its employees cover the cost of tuition, fees and books at accredited institutions.
In addition, through its partnership with College for America at Southern New Hampshire University, it offers no-cost associate or bachelor’s degrees online. Benefits are available to full- and part-time employees who work at least 20 hours a week and have been with the company at least six months.
— Disney: The entertainment giant provides employees with tuition help for educational courses that relate to their job duties. Disney pays up to $700 per credit unit and covers the full purchase price of books as well as up to $100 per course for materials.
— AT&T: The communications company offers employees life enrichment benefits, which include tuition aid. All full-time employees who have been with AT&T for a year are eligible for the aid.
The tuition aid policy covers a variety of degree programs, including marketing, human resources, economics, business and communications/mass media. AT&T will pay up to $3,500 a year, with a lifetime cap of $20,000 for undergraduates and $25,000 for graduate degrees.
[Weigh the downsides of tuition assistance through employer-college partnerships.]
— JetBlue: The airline encourages employees to earn degreesand will cover the cost of JetBlue-approved online courses as well as provide college advisement and resources to help employees graduate. Participants must have two years of service with the airline and at least 15 hours of prior college credits or the equivalent.
Employees take their final semester online at one of the partner universities, which includes Thomas Edison State University. With company assistance, grants and scholarships, employees only pay $3,500 for tuition.
Many companies offer employees financial help to further their education or earn degrees. The bottom line: Entering the workforce immediately after high school — or interrupting a college career to take a job — doesn’t have to end your educational pursuits.
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7 Companies That Offer Employees College Cash as a Benefit originally appeared on usnews.com
