With the cost of education rising exponentially each year, tuition benefits are becoming more and more popular. Companies have been getting creative with numerous offerings out there that can help you with either paying down your current student loan debt, or providing a cheaper alternative to earn your degree.
Let's take a look at some of these benefits and how they can help you when navigating your career.
Student Loan Repayment Program
Student loan repayment is becoming increasingly popular. Americans owe over $1.7 trillion in student loan debt and that number continues to climb every day. With student loan repayment, companies can make direct payments towards your student loan balance.
This can vary as some companies may provide monthly payments such as $200 per month, or even offer to pay upwards of $1,000-$10,000+ per year.
If you're someone who is looking for another career opportunity and have student loan debt, be sure to see which companies provide this as a benefit. It could help you pay off your debt sooner and allow you to start building for your future. This means saving for a home, going on that vacation you've always wanted, or saving for retirement by investing.
You can view 10 companies that help pay off your student loans here. We also have more companies listed on our companies page.
Tuition Reimbursement
Tuition reimbursement is a great benefit that shows companies want to invest in you and your skills. The way it works can vary from company to company but typically, an employee will pay for an approved class, and the employer will then refund that amount back to the employee.
Be sure to read through your employee handbook or company policy to ensure you understand the tuition reimbursement benefit. Some companies will only reimburse you if you obtain a specific grade.
For example, your employer may state that you can only receive this benefit if you receive a grade of B or better, and if the course is directly related to something you can do at the current company you work for.
Tuition Assistance
Tuition assistance and tuition reimbursement are somewhat similar and often confused. With tuition assistance, your employer will pay for your tuition or education costs upfront vs. you paying for them upfront and getting reimbursed. This is helpful because your company will pay tuition directly to your school.
Similar to tuition reimbursement, there may be a certain criteria to meet in order to receive the payment from your employer. This could be an approved school, course, grade, or grade point average. Be sure to contact your benefits office to find out more information on this.
Your Next Steps
There are different benefits out there that can help job seekers with building towards a better future. You may be thinking about going to college but are unsure on how to pay the high cost of tuition. Take a look at some companies on our site that provide tuition assistance or tuition reimbursement as this can significantly help you lower the cost of your education.
You may have already attended college, earned a degree or not. The burden of those student loans are now weighing you down and you need to find a way to pay them off. Search for jobs on our site that provide student loan repayment. You could end up working for a company that pays anywhere from a few hundred a month to over $10,000 per year.
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