All About Tuition Assistance

Organizations can provide various employee benefits beyond the usual salaries, health insurance, and vacation leaves among others.  If your company attracts young employees and are advancing their knowledge by taking up their masters, perhaps a little financial assistance could help them a lot, as well as boost your image as a good employer.

The employer’s tuition assistance program pays for all or part of an employee’s cost to attend college or university classes.  Employers can also cover full cost of what the employees need for lab fees, books, and other necessary payments.

If an organization provides tuition assistance to its employees, the most common method in administering the program is to pay for their tuition and other fees upon registering for classes.  The employee then reimburses the fees by submitting the receipts as well as evidence of earning a grade of C or above upon completion of the class.  An example of such evidence is a copy of their transcript.

Meanwhile, some companies provide extensive funds when it comes to tuition assistance, wherein the employer requires that the employee sign an agreement that he or she would pay back the tuition assistance if the employee leaves the company within a certain period of time.  In every year the employee stays with that organization, the employer forgives a percentage of the tuition assistance.

The tuition assistance program makes sense for employers who want to enable their workers to continue their career growth as well as develop their knowledge.

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