Tuition reimbursement is one of those little-known perks that many companies offer their employees. Companies that offer tuition reimbursement generally agree to pay eligible employees a set amount or a percentage of their college costs. This is great news for students who are struggling to get out from under their student loan debt.
There’s no denying that the cost of college has skyrocketed in recent years. Most students graduate thousands of dollars in student loan debt, which takes on average twenty years to pay back. Getting some of those loans paid off through tuition reimbursement can offer some relief.
Before listing the companies that offer tuition reimbursement, it helps to understand how it works.
How does tuition reimbursement work?
In general, tuition reimbursement is the money an employer gives an employee to help offset some of their college costs. The exact way tuition reimbursement works may vary from one company to another. Every company sets their own criteria in terms of eligibility requirements, the amount reimbursement, and other conditions.
Some companies will ask you to first pay all college expenses on your own. You can submit a reimbursement form to the company only after you’ve completed the course. In some cases, you may be able to submit a reimbursement form after you complete a semester. If you’ve met all the requirements of the program, the company will cover the agreed-upon reimbursement amount in the next paycheck.
Other companies may pre-pay a part or percentage of your college costs upfront. You will be asked to agree to certain conditions to keep the money. If you don’t meet the requirements, the company can take steps to get the money back.
Who is eligible for tuition reimbursement?
Every company sets their own eligibility requirements and terms. These vary considerably from one company to another.
Some refund the partial or full cost of degree programs or course only if they are relevant to the employee’s specific line of work. They consider this an investment in acquiring a more knowledgeable and higher-performing workforce.
Other companies may reimburse part or full tuition for any coursework the employee taken. Still others only offer reimbursement for courses taken at partnering institutions.
Regardless of the exact way a program works or its requirements, the fact is tuition reimbursement is a win-win for both, employers and employees. In addition to gaining a more qualified workforce, employers also enjoy tax-saving benefits. Employees on the other hand benefit from getting a chunk of their student loans paid off.
10 Top Companies That Offer Tuition Reimbursement.
1. Amazon
Amazon has a special Career Choice program that was established specifically for employee tuition reimbursement. The program prepays up to 95% of the total college costs including tuition and fees for all qualifying employees. This is subject to a yearly maximum and is only applicable towards courses that lead to a certificate or associate degree in high-demand occupations. This includes healthcare, medical lab technologies, IT, computer-aided design, nursing, and aircraft mechanics among others.
Both, full-time as well as part-time employees are eligible for tuition assistance after one year of continuous employment.
2. Fidelity
Fidelity refunds up to 90% of the total cost of college subject to a maximum of $10,000 a year. Full-time employees are eligible for tuition reimbursement after six months of working at Fidelity. To avail of this perk, employees must have taken a work-related course at an accredited college or university.
3. Deloitte
Deloitte offers full tuition reimbursement to employees through its Graduate School Assistance Program. The program was established to support employees seeking a graduate degree. It offers a generous $10,000 a year to employees in addition to a technology stipend and discounts on GMAT preparatory course.
Employees must have completed two years of employment to qualify for the program. They are also required to continue working for Deloitte for a minimum of two years after returning from grad school.
4. Verizon
Telecommunications giant Verizon has multiple tuition reimbursement programs with different eligibility criteria. Full-time employees who have completed a course related to the company’s business are eligible for a refund of up to $8,000 annually. Part-time employees completing coursework related to the business are eligible for up to $4,000 a year. Those who have completed a program that’s not related to the company’s business get a refund of up to $5,250 annually.
5. AT&T
AT&T’s tuition reimbursement program as part of its employee benefits package. All employees, including full-time and part-time, management and non-management employees, are eligible. Employees must have worked a minimum of 6 months at the company to receive the annual tuition assistance of up to $5,250. The reimbursement is only available for approved education costs, which includes most college degrees. It is not available for certification programs.
6. Procter & Gamble
A household name, Procter & Gamble refunds full-time employees up to 80% of pre-approved education costs. The reimbursement is subject to a lifetime cap of $40,000. In addition to working full-time with P&G, employees must also meet two other requirements to receive tuition assistance. The courses or programs they’ve taken must be related to existing or potential positions within the company. Employees must obtain pre-approval for programs they enroll in.
7. Apple
Apple has established multiple perks programs. The company’s aim is to encourage full-time employees to advance in their careers without dealing with financial stress. Full-time employees get a refund of up to $5,250 per year for education expenses, including tuition. In addition, employees may also attend Apple University. Students at this university learn key software, business and finance skills through a variety of seminars, classes and high-tech tools.
8. Bank of America
Banking giant Bank of America reimburses up to $5,250 annually as part of their tuition assistance program. All employees, full-time as well as part-time, are eligible to apply after having worked with the company for at least six months. The reimbursement is only applicable towards job-related college courses or degree programs.
9. Ford Company
Car manufacturer Ford has a generous tuition reimbursement program, refunding full-time employees up to $6,000 after ninety days of employment. The refund covers a wide range of certifications including GED, Associate Degree, Bachelor Degree, or approved certificate programs. The certification must meet two condition. It must be related to the employee’s position at Ford. And it must be earned from an accredited educational institution.
10. Home Depot
At Home Depot, employees are eligible for tuition assistance as soon as they start work. The refund amounts vary by role. Salaried employees can get a refund of up to $5,000 annually for a college year. Full-time hourly employees can get $3,000 refunded per year and part-time hourly employees can $1,5000 refunded per year.
There are several other companies that offer tuition reimbursement. The amounts and terms may vary but every little bit can help reduce the burden of student loan debt. Spending some time researching companies and their reimbursement requirements is definitely time well spent. You’re sure to come across a tuition reimbursement program that you qualify for and which can help with paying off your student loans.
| Lender | Rates (APR) | Eligibility | |
|---|---|---|---|
 |
5.34%-15.96%* Variable
3.99%-15.61%* Fixed
|
Undergraduate and Graduate
|
VISIT CITIZENS |
 |
4.92% - 15.08% Variable
3.99% - 15.49% Fixed
|
Undergraduate and Graduate
|
VISIT SALLIE MAE |
 |
4.50% - 17.99% Variable
3.49% - 17.99% Fixed
|
Undergraduate and Graduate
|
VISIT CREDIBLE |
 |
6.00% - 13.75% Variable
3.99% - 13.75% Fixed
|
Undergraduate and Graduate
|
VISIT LENDKEY |
 |
5.50% - 14.56% Variable
3.69% - 14.41% Fixed
|
Undergraduate and Graduate
|
VISIT ASCENT |
 |
3.70% - 8.75% Fixed
|
Undergraduate and Graduate
|
VISIT ISL |
 |
4.99% - 16.85% Variable
3.47% - 16.49% Fixed
|
Undergraduate and Graduate
|
VISIT EARNEST |
|
|
5.00% - 14.22% Variable
3.69% - 14.22% Fixed
|
Undergraduate and Graduate
|
VISIT ELFI |
