Tuition Reimbursement: Your Employer Helps Pay For Your Education
If you’re thinking about going back to school this year, talk to your employer about the type of financial aid known as tuition reimbursement. Continuing education credits or a college degree can often help you get ahead on the job, and skilled, educated employees are usually an organization’s greatest assets. Many companies offer tuition reimbursement as a worker benefit because they appreciate the value of dedicated employees.
Tuition Reimbursement 1-2-3
1) If you’re counting on tuition reimbursement for funding, contact your supervisor or human resources department before enrolling in any classes. If you qualify for tuition reimbursement, confirm exactly what percentage of your tuition will be covered. Depending on your company and the education program you select, you may be reimbursed for at least 25% of your tuition, but perhaps as much as 75% or even 100%.
2) Choose a continuing education or college degree program that will benefit both you and your employer. Most companies reimburse tuition only if the continuing education or degree program the employee takes is related to and enhances his or her contribution to the company, thus directly benefiting the employer. On the other hand, when lay-offs are epidemic, some employers will provide tuition reimbursement to help their employees transition to new careers.
3) Keep up with the necessary documentation. Stay on top of whatever paperwork is required to ensure your tuition reimbursement! Find out from your employer exactly what they need, and when, for processing your tuition reimbursement request by the time you need the money.
Tuition Reimbursement is a Good Investment for Employers
Companies benefit from investing in their employees’ education for many reasons:
- Educated employees bring improved skills and knowledge — and often renewed inspiration — to the job, enhancing productivity and performance.
- Employees with advanced skills and continuing education training may be promoted to senior positions within the company, saving an employer time and money on recruiting and training efforts.
- Tuition reimbursement as a benefit creates an encouraging and supportive environment for employees, resulting in better morale and work performance.
Higher Education & Tuition Reimbursement: a Win-Win for Everyone
Higher education can improve not only your career but also your life, when advanced skills and expertise lead to a bigger paycheck and the financial stability that can come from a boosted salary. If you like the company you’re working for, going back to school to enhance your value to the organization is a practical investment in your future — and your employer may see your education as a good investment for the company, as well.