Lana Oconnell
As college tuition fees continue to rise, many employers are now offering to pay for their employees' college tuition as a benefit. This is done through tuition reimbursement programs, which can be used to invest in employee growth and development, entice workers, and improve retention. Some companies that offer tuition reimbursement include Amazon, Boeing, Chipotle, Starbucks, Target, and Walmart. These programs vary in their coverage, with some providing full tuition reimbursement, while others offer partial coverage or have specific eligibility requirements. Additionally, some companies may only cover certain types of education, such as online programs or degrees related to the employee's current job.
| Characteristics | Values |
|---|---|
| Companies offering tuition reimbursement | Amazon, Boeing, Chipotle, Discover, Starbucks, Target, Best Buy, Walmart, Verizon, Waste Management, Kroger, Lowe's, McDonald's, Chick-fil-A, Google, Microsoft, Intel, UPS, Raytheon, JetBlue, Carmax, Apple |
| Amount of reimbursement | Varies by company, typically up to a certain limit per year (e.g. $5,250, $10,000, $12,000, $15,000, $25,000) |
| Eligibility | Full-time or part-time employees, minimum work hours, completion of a certain period of employment, specific fields of study, grade requirements |
| Type of education covered | Undergraduate, graduate, associate, certificate, diploma, GED, high school diploma, English as a second language, vocational training |
| Benefits | No requirement to stay with the company after graduation, improved employee retention, enhanced employee growth and development, skill development |
| Drawbacks | Fine print may include conversion of benefit to a loan if the employee fails or quits, may only cover online education costs |
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What You'll Learn
Companies that offer tuition reimbursement
There are people and companies that offer to pay college students' tuition. Some companies offer tuition reimbursement to their employees, which can be a great benefit for those looking to further their education while working. Here are some examples of companies that offer tuition reimbursement:
Amazon
Amazon offers the Amazon Career Choice program to most of its full-time and part-time hourly employees in the United States. The program provides prepaid college tuition and reimbursement for books and fees, up to an annual limit. Amazon recently expanded its coverage to include 100% of tuition costs, fees, and books for its hourly workers.
Boeing
Boeing, the aircraft manufacturer, offers extensive college tuition support globally through its Learning Together Program (LTP). For STEM programs, the LTP covers up to 100% of tuition, books, and fees, paid directly to the school. For other programs, there are annual limits, such as $15,000 for bachelor's degrees and $25,000 for graduate degrees.
Chipotle
Chipotle offers a range of college education financial support options through its partnership with Guild Education. Employees can access tuition-free degrees, including bachelor's and master's programs, at over 20 schools. Chipotle also contributes up to $5,250 annually towards tuition costs for employees enrolled in specific degrees offered through their partner program.
Starbucks
Starbucks has a unique partnership with Arizona State University (ASU) as part of its education assistance program. The Starbucks College Achievement Plan covers 100% of tuition and fees for ASU's online bachelor's degree program, providing a fully free education as ASU offers open-source materials.
UPS
UPS offers tuition reimbursement to its part-time and full-time employees through the Earn & Learn program. Employees are eligible for up to $5,250 in tuition assistance per year, with a lifetime maximum of $25,000.
Verizon
Verizon offers tuition reimbursement to its full-time employees through a partnership with Bellevue University. Employees enrolled as full-time, degree-seeking students can receive up to $8,000 per year in tuition assistance. Part-time employees are eligible for up to $4,000 annually. However, Verizon's program requires that the education be related to the company's business.
Walmart
Walmart offers 100% tuition coverage for its employees through its Live Better U program. For $1 per day, employees can earn college degrees in demand fields at one of their partner online colleges.
These are just a few examples of companies that offer tuition reimbursement. Each company has its own eligibility requirements and conditions, so it is important for individuals to research the specific programs and their limitations.
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Tuition assistance programs
There are two main types of tuition assistance: tuition assistance and tuition reimbursement. In tuition assistance programs, employers pay the tuition fees and costs directly to the institution, reducing paperwork and upfront costs for employees. On the other hand, tuition reimbursement programs require employees to pay tuition-related fees upfront and then seek reimbursement from their employer later. It's important to note that reimbursement may be contingent on grades or continued employment for a set period.
Numerous companies offer tuition assistance programs, including large corporations such as Amazon, Boeing, Chipotle, Disney, Starbucks, and Target. For example, Amazon's Career Choice program offers prepaid college tuition and reimbursement of books and fees for its employees. Similarly, Chipotle's Debt-Free Degree Program provides employees with tuition-free degrees in various fields. Smaller companies may also provide tuition assistance for job-related courses or specific certifications.
To summarize, tuition assistance programs are a valuable resource for employees seeking to further their education while receiving financial support from their employers. These programs offer a range of benefits that can enhance an individual's professional development and career prospects. By taking advantage of tuition assistance opportunities, employees can invest in their future while also contributing to the growth and success of their organizations.
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Scholarships
Company-Provided Scholarships
Some companies offer scholarships to their employees or their dependents as an employee benefit. For example, aircraft manufacturer Boeing offers extensive college tuition support through its Learning Together Program (LTP). The LTP covers up to 100% of tuition, books, and fees for STEM programs, and it has annual limits for other programs, such as $15,000 for bachelor's degrees and $25,000 for graduate degrees. Boeing also offers scholarships for employees' dependents and reimburses certain exam fees.
Chipotle, in partnership with Guild Education, offers employees up to $5,250 in tuition reimbursement annually, which can be used for undergraduate or graduate programs. Certain programs may qualify for 100% tuition reimbursement, and qualified applicants may also access additional federal grants. Chipotle also offers a Debt-Free Degree Program, providing tuition-free degrees at over 20 schools in various fields.
Other companies that provide scholarships or tuition reimbursement include Amazon, Starbucks, Discover, Walmart, Target, UPS, McDonald's, Chick-fil-A, and more. These companies often have specific requirements and limitations, such as maximum reimbursement amounts, eligible programs, or partner schools.
JetBlue Scholars Program
JetBlue offers a unique scholarship program that provides college assistance to its students. Credits can be earned through various means, including courses completed at other colleges, licenses, certifications, and on-the-job experience, including JetBlue training. Students can take approved courses online and may also be eligible for scholarships offered by JetBlue.
Athletic Scholarships
Many colleges and universities offer athletic scholarships to students who excel in sports. These scholarships typically cover a portion or all of the student's tuition and fees and may include additional benefits such as room and board or sports equipment. Athletic scholarships often require students to maintain a certain level of academic performance and participate in the respective sports team's activities.
In summary, scholarships are a valuable source of financial aid for college students, and they are offered by a variety of organisations, including companies, educational institutions, and sports programmes. Each scholarship has its own criteria and benefits, so it is essential for students to research and apply for the ones that align with their interests, achievements, and goals.
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Student loan refinancing
When refinancing, you may qualify for a lower interest rate or a new term. However, it's important to note that refinancing federal loans turns them into private loans, causing you to lose access to federal repayment programs and protections. For example, if you refinance federal loans with a SoFi loan, you forfeit your eligibility for all federal loan benefits, including flexible federal repayment and forgiveness options.
You can compare prequalified student loan refinance rates from trusted lenders with fixed-rate APRs starting at 3.99% and variable APRs starting at 4.35%. When evaluating lenders, consider interest rates (fixed vs. variable), repayment terms, and monthly payments.
Some companies that offer student loan refinancing include SoFi, Earnest, Citizens, and ELFI. Earnest, for example, offers better student loan rates through deeper data analysis and unrivaled flexibility and client support. SoFi offers fixed rates starting as low as 4.49% APR with autopay.
It's important to note that refinancing isn't the best choice for everyone, but it can make a significant difference in the right circumstances.
Companies That Offer to Pay College Tuition
There are several companies that offer to pay for college tuition for their employees. Here are some examples:
- Amazon: The Amazon Career Choice program offers prepaid college tuition and reimbursement of books and fees, up to an annual limit. Amazon may also pay up to 95% of tuition and fees (up to a yearly maximum) towards a certificate or diploma in qualified fields of study.
- Boeing: The Learning Together Program (LTP) offers extensive college tuition support globally. For STEM programs, the LTP covers up to 100% of tuition, books, and fees. For other programs, there are annual limits, such as $15,000 for bachelor's degrees and $25,000 for graduate degrees. Boeing also offers scholarships for employees' dependents and reimburses certain exam fees.
- Chipotle: In partnership with Guild Education, Chipotle offers a Debt-Free Degree Program where employees can earn a tuition-free degree, such as a bachelor's or master's, at over 20 schools in areas including business, technology, culinary arts, hospitality, and agriculture. Chipotle also provides a 401(k) match of up to 4% of an employee's salary if they make student loan payments.
- Starbucks: In partnership with Arizona State University (ASU), Starbucks offers the College Achievement Plan, which covers 100% of tuition and fees for ASU's online program to earn a bachelor's degree.
- Target: In partnership with Guild, Target offers to pay for specific degrees with values ranging from $5,000 to a full ride.
- Walmart: Walmart now pays entirely for employees to get a degree.
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Job-related courses
Many companies offer tuition reimbursement or assistance for job-related courses, often with certain conditions attached. Some companies will only pay for courses or degrees related to an employee's current job, while others require that the education advances the employee's career at the company. Some companies partner with specific institutions, while others offer a network of colleges and universities that provide discounts.
Amazon
Part-time workers at Amazon.com Inc. who work more than 20 hours per week are eligible for the company's Career Choice program after one year of continuous employment. The program pays up to $12,000 over four years for an employee to earn an associate degree or vocational certificate. Amazon may also pay up to 95% of tuition and fees (up to a yearly maximum) towards a certificate or diploma in qualified fields of study.
Apple
Apple offers tuition reimbursement for eligible formal education that advances your career at the company.
Boeing
Boeing offers extensive college tuition support globally through its Learning Together Program (LTP). For science, technology, engineering, and mathematics (STEM) programs, the LTP covers up to 100% of tuition, books, and fees, paid directly to the school. For other programs, Boeing has annual limits, such as $15,000 for bachelor's degrees and $25,000 for graduate degrees.
Chipotle
Chipotle has partnered with education platform Guild to provide employees with access to a variety of learning programs, including undergraduate or graduate degrees, college courses, GEDs, and English as a second language. Chipotle offers up to $5,250 per year, and its Debt-Free Degree Program provides tuition-free degrees at over 20 schools in areas including business, technology, culinary arts, hospitality, and agriculture.
Discover
Discover offers US full-time and part-time employees education benefits through its Shine Brighter U program, starting from the first day of employment. The program provides tuition-free associate's or bachelor's degrees in areas like business and technology at partner schools. It also provides up to $5,250 per year for undergraduate degrees and up to $10,000 annually for graduate degrees.
Deloitte
Deloitte offers a Graduate School Assistance Program (GSAP) that sends "high-performing" consulting professionals to graduate school. GSAP participants receive full tuition reimbursement after two years of employment at Deloitte following graduate school.
Fidelity
Fidelity offers student loan assistance and reimbursement on tuition for work-related educational costs. The company will pay up to $10,000 total and payment is subject to managerial approval.
Intel
Intel offers employees access to Intel University, a training program with more than 7,000 courses. The company also offers financial assistance to employees enrolled in work-related courses outside of their training classes, with 100% reimbursement up to $50,000, including books and other expenses.
JetBlue
JetBlue offers college assistance through its JetBlue Scholars program. Students can get credit for courses completed at other colleges, licenses and certifications, and even on-the-job experience, including JetBlue training. Student employees may take approved courses online for college credit that the company pays for. Scholarships may also be available for those who qualify.
Oracle
Oracle reimburses tuition fees up to $5,250 per calendar year for approved programs of study. Management approval is required.
Starbucks
Starbucks partners with Arizona State University (ASU) through its College Achievement Plan, which covers 100% of tuition and fees for ASU's online program to earn a bachelor's degree.
Target
Target works with Guild Education to offer tuition assistance for specific degrees.
Verizon
Verizon offers multiple programs to help employees pay for schooling.
Walmart
Walmart now pays for employees to get a degree.
White Castle
White Castle has launched a program to provide tuition assistance to recruit and retain hourly workers.
Other companies that offer tuition reimbursement or assistance for job-related courses include BP, Capital One, Chevron, CVS, Lowe's, Raytheon, Taco Bell, and UPS.
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Frequently asked questions
Yes, many companies offer to pay for their employees' college tuition. Some companies that offer this benefit include Amazon, Boeing, Chipotle, Starbucks, Target, and Walmart.
Tuition reimbursement programs can help employers attract and retain top talent, particularly in highly competitive recruiting markets. Additionally, investing in existing employees' education and development can improve productivity and morale in the workplace.
Yes, there may be some restrictions or conditions attached to tuition reimbursement programs. For example, some companies may require employees to maintain a certain grade point average or only offer reimbursement for certain types of degrees or courses. Additionally, if an employee leaves the company before completing their degree, they may be required to repay the tuition costs covered by the company.
You can usually find information about tuition reimbursement programs in the company's employee handbook or by reaching out to the company's human resources department. Some companies may also require employees to work for a certain period before becoming eligible for tuition reimbursement.
