Employers are continuously finding new ways to reward employees for good work and incentivize growth within the company. One way many companies choose to do so is through tuition assistance.
What is Tuition Assistance?
Tuition assistance is a benefit offered through an employer which pays for college-level courses. This is offered tax-free up to $5,250 per year. This form of aid only covers tuition for courses, fees, and course materials. Examples of what’s not covered include associated meals, travel, and room and board.
How is It Applied?
Employers either reimburse eligible employees for tuition or pay the college or university directly.
Am I Eligible for Tuition Assistance?
Connect with your company’s HR department to learn what benefits are available to you and what steps you need to take to access them. Be sure to ask what stipulations exist around tuition assistance and take steps for approval before enrolling in courses to ensure you receive all eligible aid. If this is your second degree or an advanced degree, be sure to check that you are able to use this benefit. If you are a military service member or DOD employee, you may also be eligible for DOD tuition assistance funds. Military service members and DOD civilians must see their Education Services Officer at their respective military duty installation education office or employer for getting approval for DOD TA funds prior to the start of any class they want to use DOD TA towards. National Guard and Reserve servicemembers apply for their DOD/TA through their respective military branch education portals.
Can I Still Receive Other Financial Aid?
When financial aid offices calculate how much aid you are able to receive, they factor in all forms of assistance you will receive to cover the expense of your classes. That includes outside scholarships, tuition assistance, and other forms of aid.
Does It Apply to Every Program?
SNU accepts tuition assistance for each program, however, your employer may want your field of study to stay in a certain area so your education will advance the company’s goals as well. For example, an employer specializing in business services may see great value in a business administration degree program.
Can I Use Tuition Assistance at SNU?
SNU accepts tuition assistance as a form of payment. However, your employer may only permit tuition assistance to be used at certain universities. Check with your HR department if there are such restrictions and if SNU is an approved education provider.
What Should I Consider Before Enrolling?
Keep in mind that certain employers require employees to work at the company for a specific length of time before and potentially after using tuition assistance. If you have a move or other life change coming up, you may need to have a backup payment method in mind through the financial aid office.
Contact us to learn more about the process of enrolling at SNU with employer-provided tuition assistance. We are happy to help you grow your career!