54% of adults in the labor force say that, in order to keep up with changes in the workplace, they need to get training and develop new skills throughout their work life.
That is why many companies have started offering education benefits for their employees. Some might help you pay off those relentless student loans. Others will train you themselves or provide tuition reimbursement for external programs, such as coding bootcamps.
Ethan Barnowsky: via GIPHY
Tuition reimbursement is when an employer provides money to an employee, so the employee can pay for eligible education costs. After learning about how tuition reimbursement works, take a look at which companies offer it:
- Wells Fargo offers employees up to $5,000 in tuition reimbursement annually, for eligible tuition expenses. Also, several scholarships, ranging from $1,000 to $3,000, are offered to children of team members every year.
- Bank of America will reimburse eligible employees up to $5,250 per calendar year for job-related courses or to fulfill a job-related degree program.
- Verizon will assist with $8,000 of tuition reimbursement/assistance per year, for approved courses or degree programs taken through a properly accredited institution and that are relevant to the business.
- UPS offers up to $5,250 in tuition assistance per year, up to a lifetime maximum of $25,000.
- Best Buy will contribute up to $3,500 per year for undergraduate coursework and up to $5,250 for graduate coursework.
- Amazon prepays 95% of tuition for employees at fulfillment centers to take courses in in-demand fields. In addition, Amazon will pay up to $12,000 in tuition, textbooks, and associated fees over four years.
- Oracle may grant regular, full-time employees up to $5,250 per calendar year in tuition reimbursement for courses related to their current of future responsibilities at the company.
- P&G will reimburse 80% of tuition and qualifying fees with a lifetime cap of $40,000 on company-reimbursed expenses.
- Capital One Financial allows for up to $5,000 towards degree or non-degree courses that are eligible and taken for academic credit at an accredited school for personal or career growth.
- Ford will pay for up to $6,000 per year in tuition and fees in advance of class completion.
- Acuity offers up to $5,250 per eligible year after 180 days of service and full-time employment.
- Google offers $12,000 a year in tuition reimbursement, as long as the employee earns A’s and B’s in his or her courses.
- JetBlue partners with online course providers and institutions of higher learning to make earning a degree simpler and more affordable.
- Smucker’s reimburses some costs of qualifying continued an/or higher education. The company also awards scholarships of $3,000 to ten children of employees each year.
- Starbucks offers employees, either part-time or full-time, 100% tuition coverage for a first-time degree through Arizona State University’s online program.
Student loan repayment
In case you’ve already enrolled in an educational program and have taken out a student loan, the following companies will help you pay off it off:
- Chegg offers $1,000 annually (minus taxes) towards employees’ student loan debt.
- Commonbond offers up to $100 per month towards employees’ student loans for a maximum of $1,200 per year.
- Fidelity Investments can pay $2,000 per year paid to their servicer for a maximum of $10,000.
- PwC will pay $1,200 a year towards your loan, for up as much as $10,000.
- Aetna assists with student loan repayment of $2,000 annually, with a $10,000 lifetime cap, for undergraduate and graduate school.
- Staples offers $100 per month, up to $3,600, to qualifying employees who have been nominated for this financial perk.
Learning and development
In addition to tuition reimbursement and student loans, many companies are internally training employees and providing great learning and development programs:
- AT&T trains employees through online courses, certification, and degree programs developed by AT&T, Udacity, and Georgia Tech.
- “Pixar University” offers required trainings as well as optional classes for different disciplines, from screenplay writing and drawing to pilates and yoga.
- “Etsy School” allows employees both to teach and learn in classes on a wide range of topics, like tap dancing or how to navigate a difficult conversation.
- Airbnb hosts internal event that bring in industry leaders who share insights on a certain topic.