Are you an adult with a job who wants to go back to school? Not sure how you would afford it. tuition reimbursement might be they way. A 2018 survey by the Society for Human Resource Management found that 51% of companies provided help with paying for a bachelor’s degree, while 49% assisted with master’s and Ph.D degrees
The most common kind of support is known as tuition reimbursement. In this article, I will explain everything you need to know to make use of this help. I will also share some other choices that can possibly reduce the cost of your college degree.
Also read: NCCRS vs ACE: Understanding Credit Transfer Options
What Is Tuition Reimbursement?
In simple terms, tuition reimbursement is when your employer helps pay for your education. They may cover some part or every cost. These programs help you in addition to your salary, and there are other benefits like retirement savings and medical care.
Not all companies can help pay for college, but many bigger companies are happy to do so. They want to train their employees and stay competitive by getting the best people to work for them.
I need to clarify that tuition reimbursement is different from help with repaying student loans. The second one is when a company offers money to help an employee pay off their existing loans, while the first one helps an employee go back to college and get a degree.
How Does Tuition Reimbursement Work?
Many workers don’t know that their company provides financial assistance for their education. Sometimes, the advantage is hidden in the initial documents (which were stored in a place you can’t remember). Companies typically do not promote this as a major advantage. If you’re not sure if you can use this financial program, ask your HR department. It’s always okay to ask.
Every company has its own set of rules for a tuition reimbursement program. These rules determine how much tuition costs are paid for, which courses are eligible, the minimum GPA required, and the minimum length of time an employee must work for the company. Usually, only the classes that are connected to the job you do qualify for getting money back for tuition expenses.
If you are unhappy in your current job and want to switch careers, tuition reimbursement is not the right choice for you. But don’t stop reading because I will tell you some inexpensive ways you can return to school and get your degree to pursue the career you have always wanted.
Lastly, tuition reimbursement means that you have to pay the tuition fees in advance and from your own money. In easy terms: Your employer will only pay for some of your tuition fees after you finish your degree and keep a certain grade average.
What Classes Can I Be Reimbursed For?
Usually, only the courses that are connected to your job will qualify for payment. However, it is crucial to ask your boss or company to get a clear understanding of how they specifically define this. Some companies are willing to pay for certain courses that can help you improve your skills and prepare for future challenges in their industry. Some people are willing to contribute money to support programs that will assist you in transitioning to a leadership position.
How much Money will my Employer give for my Education Costs?
Most organizations have a fixed amount they are ready to pay for courses that meet their requirements, and this amount is usually determined by several factors. For instance, some employers will pay for all your classes, while others might only pay a portion based on how well you do in them. No matter how much money your boss is ready to give, you have to get a B or better grade to be eligible for getting your money back.
When will I get my Money Back?
This is maybe the most important question workers have. And it’s an important thing to think about when deciding how much money you’ll need for classes each semester.
You should ask your HR department if they can help pay for your tuition fees upfront, or if they can give you the money later. Usually, employers make their workers sign up and pay for classes in advance, but they will give you the money back later. Determine how long it takes for your company to pay, whether it is a few weeks or a few months. Do they give money after each course is finished, or all at once at the end of the year.
And in conclusion, it is very important for you to make sure that you understand ALL of the terms of your company’s tuition reimbursement program before starting. This means that if you leave your courses or don’t get good grades, your employer may ask you to repay all or part of the money they spent on your education.
Easy Ways to Pay for College and Save Money at Once
When you first learn about tuition reimbursement, it seems like a really good choice for getting your degree. But when you investigate these programs more closely, as we just did, you realize they are not as beneficial as they initially appear.
First, not all companies will give you money back for your expenses. Actually, only big companies have enough money to do that. And it’s easy to see why when you consider the normal price of going to college. Think about how much money people had to pay for one year of college courses within their own state in 2019. On average, it was around $10,230. The cost only goes up for students attending private schools and students who come from other states.
If your employer doesn’t offer to pay for your tuition, there are other choices that you should think about. To be truthful, these choices are much better because they actually help you keep more money. Sometimes, you can save thousands of dollars on your tuition costs.
Here are ways students can save a lot of money for their degree:
Pursue an Online Education
When you consider the cost of staying and transportation, a regular college tuition has many additional expenses. Even going to night classes at your nearby community college will require you to spend money on gas and also keep you from spending time with your family during special events.
In addition, traditional college campuses have to spend money on paying professors, property taxes, and expensive utility bills. And you know what. You, as a student, have to pay for all these costs. Online degrees don’t have to come with these same expenses. And since you can study from home, you don’t have to pay for gas.
Reduced Prices for Education Fees
When thinking about how to pay for college, many students believe that the only way to save money is by applying for scholarships and grants. However, if you consider the time and effort required to apply for scholarships and grants and compare it to the number of scholarships and grants actually given out, you will realize that the numbers don’t make sense. A smarter way to save money is to apply to colleges that give discounts at the beginning. If you choose this option, you could reduce your tuition fees by 5% to 25%.
Partake in CLEP Exams
CLEP exams are tests that allow students to demonstrate their knowledge in various subject areas and potentially earn college credits. CLEP is a short form of College-Level Examination Program. These exams can help students get credit for what they already know in college. Isn’t it great.
Imagine that you completed a degree in accounting a while ago and have since been working in the payroll department at your company for some time. You already know a lot of things and have done many things. If you pass the exam and prove to schools that you already know some of their teachings, you can get credits and save a lot of money on tuition, student loans, and books.
CLEP credits are recognized by 2900 colleges and universities across the country. The exam fee is only $85, which is much cheaper compared to the average cost of $900 for a regular college course.
Find Adult-Friendly Institutions
Many older adults who work are now wanting to go back to school to get a degree that will significantly improve their career and earnings opportunities. And now, many colleges and universities are focused on helping this special group of students. They are forming a group called the “Age-Friendly University Global Network. ”
Many schools for adults understand that it’s important for education to be affordable. That’s why they offer different ways of learning, like online courses or a mix of in-person and online classes. These help adults who are working and are older to both save money and get their degree faster.
