Essentially, the most significant and generous thing a business can offer to their employee, is a tuition reimbursement. It is a contractual agreement between company and employee that describes particular terms to which the employer pays money for the employee’s continuing education. Nowadays, tuition reimbursement added benefits may also be called tuition assistance or tuition financing, and vary considerably from one company to another and the course the employee will take.
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It normally takes a solid, well-established business in order to offer what can add up to $10,000 per semester or even more, for qualified employees. Distance learning technologies are offering new opportunities for workers to acquire degrees from online universities at reduced cost than standard study programs.
If this benefit is very important to you, simply because you desire to finish a bachelor’s degree or earn a high level degree, it seems sensible to clarify the scope of your motives and the company’s capabilities up front.
A lot of companies that offer tuition financing base the total amount on the employee’s grade. When the employee has a lower salary or a lesser importance in the company, most companies won’t pay. Additionally, some companies pay money for the course at enrollment, but others pay the cost once the course was completed. When examining a tuition assistance program, inquire about timing of reimbursement, since that may make a difference in how many classes you’re taking at once.
A lot of companies say reimbursable courses must be “work-related,” but definitions of “work-related” vary. As an example, some companies pay only for classes associated with the position an employee is doing currently with the company, while some pay for classes that improve professional capabilities such as management that help employees grow into new positions. Businesses, that are truly interested in career advancement, will pay for future-oriented education and learning.
Simply because tuition reimbursement is such a pricey benefit, some businesses hold back payments for up to a year, so that the employee can prove themselves on the job. Withholding the funds is also a way to make sure that employees don’t leave right after they earn a degree at the company’s expense. Other companies just deduct what they paid for education from an employee’s final paycheck – and continue to send bills – if the employee leaves earlier than what is expected by the company.
