Get Schooled: Employer-Sponsored Education Benefits
In 2021, Walmart announced that it would invest nearly $1 billion in Live Better U, its employee training and development program. Chick-fil-A offers tuition discounts at more than 100 universities. Starbucks covers 100% of tuition for first-time college students through online Arizona State University programs.
Few employers can match programs like those, but nine out of 10 employers do offer some kind of education benefits, according to a study by the International Foundation of Employee Benefit Plans, ranging from tuition reimbursement to in-house training, and from college-savings plans to personal development support. Following are some common programs that might be available to you through your employer.
Tuition assistance or reimbursement. These programs reimburse employees for tuition costs, often – but not always – for coursework that applies to their jobs. They might cover part or all education costs, typically rely on passing the coursework, and will not cover prior expenses or student loans.
529 college savings plans. 529 plans are state-run programs that allow employees to save money for education costs including tuition, housing, books and materials. Most states offer tax incentives. NOTE: Even if your employer does not offer a 529 plan, you typically can enroll in one through your state or financial institution.
Scholarships. Some employers have scholarship programs based on a variety of criteria.
Student loan repayment programs. These increasingly popular programs will pay some or all of an employee’s student loans, with certain limitations and requirements. Assistance or reimbursement for professional licensing and exams. Some employers will pay part or all of the cost of training and exams required to obtain licenses or certifications.
Education conferences. Often drawn from professional development budgets, some employers will pay the cost for workers to attend conferences that help them expand their skills, get up to speed on new technology, learn about regulations and so on.
In-house training. Employers often offer in-house training sessions, especially when introducing technology, systems or processes.
Continuing education courses. If you work in an occupation that requires you to obtain continuing education credits, many employers will cover part or all of the cost of the necessary coursework.
Personal development. Employee Assistance Programs often include personal development opportunities, and some employers provide or support personal development programs of the employees’ choosing.
If you are not sure what programs are available to you or how you can access them, reach out to your HR department.
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Tags: Back to School, benefits