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Further your education with employer tuition assistance

September 20,2011 by: Dallas Browne

Contemplating of pursuing your college education, but in a dilemma to pay for it? If the thought of bearing the increasing costs of higher education hindering you from pursuing your dream, you may be in for a refreshing surprise. The solution lies in obtaining tuition assistance from your employer. Yes you heard it correct, your organization may have a plan in place to fund its employee education plans. Employer Tuition Assistance program not only allows the employee to further their education but also serves as an employee retention program. Today, several organizations are ready to provide the program benefits to its deserving employees. To check if your organization has a program in place, check with the company’s human resource department. Employer Tuition Assistance program undoubtedly opens new pathways to furthering your education and offering you a chance to build your future career objectives.

The support from your current employer in the form of employer tuition assistance program falls along the lines of government guidelines. According to the IRS regulations, companies can offer financial assistance up to $5,250 annually to an employee which would be tax-free. However, any additional financial assistance for education offered by the employer is taxable. Hence, tuition assistance from employers is usually within the IRS prescribed limits.

In order to gain complete benefits of the program, it is essential to learn the common factors and elements of the program. Read on to know more.

Every organization requires its employee to maintain a specific GPA in order to impart the benefits of the employer tuition assistance program. Grade Point Average of 3 or grade “A” is considered an excellent academic level to offer 100% financial assistance on the study course. While the lower grade points will be indicative of the varying percentage of financial aid that you would receive.

Different employers follow varied modes of tuition payments. Some employers pay for your semester fee directly to your college while others may ask you to make the payment every semester and reimburse the total cost on an annual or quarterly basis, when you have received your grades.

Hence, you should save adequate finds so that you can pay for the tuition fee up front, without missing the date and hindering your study program. It is a stress free manner of pursuing your education even when the tuition fee checks from the organization are delayed. Interestingly, some students may pay their college expenses through their credit card, and in return receive frequent flyer miles.

In addition to your GPA score, your employer may restrict the choice of subjects while weighing your proposition against the organization’s objectives and plans.

Inquire with the HR department regarding the tenure of service after acquiring your college degree. Some employers will make it mandatory for you to work for them over a defined period of time. However, if you want to move ahead in life and quit your current employment, then you must pay back the company the total amount owed by you for the employer tuition assistance program.

Undoubtedly employer tuition assistance program certainly saves you hundreds of dollars that you have otherwise spent in furthering your education. Remember, to consider the employer’s concern on how you would be completing the study program without comprising the office hours.

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