Finance postsecondary education is the concern of many institutions and individuals which includes parents of course. But your employer can be of help to. Postgraduate studies can be made easier with the use of this option. Personnel improvement is the primary objective of employers in their tuition assistance programs. It follows that it is more difficult to find an employer who would finance the undergraduate studies of an employee.
People who prefer to take up a masters course in Business Administration or Business administration find it easier to avail of tuition assistance in today’s environment given that employers look for associates who can be of help in running their business. Tuition assistance is tax-free and is also not included in the income tax. Nonetheless there are many fund restriction with regard to this. The allotment of US$5,250 should be utilized for tuition, supplies, books, fees and equipments only. Benefits are also non-transferable.
Companies usually demand a specific grade, level or course for employees to be able to avail of a more comprehensive tuition assistance program. Sports oriented courses are exempted as well as travel and lodging or meals. Funds are to used solely for tuition fees. Since employee development is the goal, the course must be in line with the employee’s career and nothing else. Employees however retain possession of tools and implements purchased in the course of the program.
The tuition fee assistance program is usually channelled through the Human Resource Department of companies. Companies aim at improving the knowledge and skills of their employees for future use in their career within the company. The Human Resource Department are the ones you should consult if you are interested to avail of such tuition assistance programs.
Moreover, grades are important. Employers have the option of basing assistance on grade point average. A-graders can get 100% assistance while those with lower grades get lesser of course. Although US$5,250 is provided by law, companies have the prerogative of basing assistance to grade point averages. Working condition fringe benefits that go over the $5,250 law provision remain tax-free as long as they can be proven to be so.
Meanwhile, other companies ask their employees to pay for their tuition and just apply for reimbursement. It is then imperative for employees to earn enough so that financial issues will not get in the way of their coursework.
Tuition waivers or reductions are also in place for employees in some colleges. High salary employees are of course exempted from these benefits. Non-academic staff and their children are given priority. Faculty members who would want to pursue further studies under the college are given full or partial tuition fee assistance or waivers as well.