With the increasing cost of graduate school, many students are thinking hard about whether or not the graduate education is actually worth it. In 2009, the average cost of a public university graduate problem was $21,900/ year and $34,100/ year at a private one. Even with loans and other federal financial aid, many students are still unable to finance this education.
However, if you are considering pursuing a graduate education but would first like to work, keep this in mind: some companies do help finance your education! Some companies offer a benefit package that includes some sort of tuition reimbursement plan. This means that the company would pay for a certain (varying from one company to another) percentage of the cost to obtain a degree.
There are a few strings attached, however. This degree must usually relate the employee’s field and employers usually have certain requirements. For example, some companies require the employee to have a high GPA in order to receive the tuition reimbursement and other companies require the employee to remain with the company for a certain number of years after completing the education.
Several major companies such as Apple, Boeing, Disney, Gap and Procter & Gamble (each with their own specific requirements) offer tuition reimbursement as a benefit. But that doesn’t mean that only large companies offer this benefit. Offering benefits like tuition reimbursement is seen as an investment. Employers pay for their employees to further their education and in turn benefit the company by “performing better”. In fact, employers get a tax write-off when they offer benefits such as tuition reimbursement and continuing education programs.
If your company does not have an established tuition reimbursement program, there are ways to convincing your employer to design one for you!
- Take time to research the degree you’d like to obtain and the different classes you would like to take
- Decide if you will be going to school full-time or part-time and how much of the tuition you would like the company to assist you with.
- Create a list of ways this addition education will benefit the company. Will it make you more productive at work with newly acquired skills? Will you be able to on additional assignments or even become a leader in the workplace?
- Anticipate your employer’s possible concerns. Make a list of questions/problems your employer may raise and think of possible solutions to each.
- Set an appointment to discuss this tuition reimbursement with your employer and the benefits of it.
- If your employer refuses, don’t give up! Try again next quarter.
The bottom line: The benefits of employee-sponsored education benefit both the employer and employee. The employee benefits are obvious and the employer benefits need to be made obvious. If your future employer doesn’t already offer tuition reimbursement as part of the benefit package, do some research and ask your employer!