If you've been thinking about going back to school in 2022, you have likely thought about getting that degree while continuing to work full-time or part-time. But that's not the only way your employer can help you finance your tuition fees.
Many companies offer tuition reimbursement programs as part of their employee benefits package. If higher education is on your New Year's resolutions, here are 9 companies that might be ready to hit the bill.
What is a tuition reimbursement?
Tuition reimbursement is an employer contribution that partially or fully covers the cost of a secondary school, college, or other education. Most employers only pay bachelor's degrees, while some also cover a master's degree, certificate, or GED.
Companies that offer full study support generally require their employees to attend a college or university they have a relationship with, but not all employers have this requirement.
While many large companies offer tuition reimbursement or assistance, some small companies offer the same. If you are currently employed, check with your Human Resources department about potential educational benefits for employees.
Tuition Reimbursement Rules
When it comes to tuition reimbursement, there is no such thing as a free lunch. Some companies require you to continue working for a period of time after you receive your tuition. If you cancel before that point, you may have to repay some of the money.
Employers also often have a GPA requirement in order to be eligible for tuition reimbursement. If your GPA falls below this minimum, you will not receive any tuition reimbursement at all.
Many employers only pay for a degree related to the industry you work in, while others let you choose any degree. Some companies only pay tuition fees when you get your first degree, but others may cover advanced degrees.
If your employer reimburses you more than $ 5,250, you will need to pay tax on the additional amount.
Some employers, like Starbucks, will pay for the cost of training up front, while others require you to pay for the cost yourself, with the promise of a reimbursement at a later date. It is important to understand what type of tuition reimbursement program the company is offering so that you are not surprised.
9 companies that will pay your tuition fees
Here are some of the top employers that offer full or partial tuition reimbursements:
Both part-time and full-time employees can get 100% of their tuition fees through Arizona State University's online program. There are more than 100 courses to choose from. Starbucks employees must continue to apply and be accepted by ASU. For employees who are not initially accepted at ASU, Starbucks offers a program to increase the applicant's chances of admission.
To qualify for tuition reimbursement, you do not need to currently have a bachelor's degree and have worked at Starbucks for at least 240 hours for three consecutive months.
Veterans who are Starbucks employees get an added benefit as they can transfer their coursework to a family member.
Amazon employees are eligible for 100% student grants after having worked for the company for at least 90 days. There is no lifelong limit on the student grant. Both part-time and full-time employees are eligible.
Employees can choose a program in any of the following areas:
Administration and commercial services
Mechanical engineering and craft
Walmart offers 100% free tuition for more than 50 different online programs from colleges such as the University of Arizona, University of Denver, and Purdue University.
Both part-time and full-time workers are eligible for the Walmart tuition reimbursement program once they start work. Employees may not already have a bachelor's degree. Salaried employees and temporary workers are not qualified.
Intuit employees are entitled to a reimbursement of tuition fees. Full-time workers can receive up to $ 5,000 per year, and part-time workers can receive up to $ 2,000 per year.
Classes must be approved in advance and staff must work towards graduation to qualify.
Chipotle offers a free study program for employees to choose from a select list of study programs. These include high school, undergraduate, and graduate degrees with more than 300 different programs to choose from in areas such as business, technology, and healthcare.
Employees who select a program that is not on the official list will receive up to $ 5,250 in student grants.
McDonald & # 39; s offers tuition reimbursement for both salaried employees and hourly workers. Managers can receive up to $ 5,250 in student grants while other employees can receive up to $ 2,000.
Employees must work at least 15 hours per week, have been employed for at least 90 days, and have a “significant performance” or better on the performance assessment.
Home Depot has partnered with several universities to offer their employees discounted tuition fees, but employees are free to choose their own schools.
You cover up to 50% of the training costs for approved courses. The annual limit is $ 5,000 for employees, $ 3,000 for full-time employees, and $ 1,500 for part-time employees.
Part-time and full-time Target employees are eligible for a free bachelor's or associate's degree. Employees must choose from a business-related degree such as business administration, operations and supply chain, data analysis, computer science and design.
For employees who already have a bachelor's degree, Target provides up to $ 10,000 annually to fund a master’s degree.
UPS employees working in their Louisville, Kentucky hub are eligible for a complimentary undergraduate degree from Jefferson Community Technical College or the University of Louisville.
Employees residing elsewhere are eligible for a tuition refund of up to $ 5,250 each year, including part-time and full-time UPS employees. Employees qualify for this program once they are hired and there are no restrictions on what they can study. There is a lifetime limit of $ 25,000.
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Zina Kumok (156 posts)
Zina Kumok is a freelance writer who specializes in personal finance. As a former reporter, she has covered murder trials, the Final Four, and everything in between. It has been featured in Lifehacker, DailyWorth, and Time. Read how she paid off $ 28,000 in student loans at Conscious Coins in three years.