A Growing Trend in Companies Offering Tuition Assistance

Student at desk

A college education is invaluable, but that education comes with a hefty price tag.

For the 2013-2014 school years, the average tuition for a private university was about $30,000 and about $22,000 for a public university.

These high costs have resulted in a larger number of parents contributing less to their child’s college education.  According to a recent survey by Discover Student Loans, 77% of parents plan to help their child pay for college – 5% fewer than the year before.

While 96% of parents acknowledge that college is extremely valuable, they continue to worry about the financial aspect. An estimated 32% believe their child should pay for the majority of their schooling. As a result, more students are left to take out student loans – greatly adding to their debt.

Fortunately, there are alternatives. For instance, more companies are offering student tuition assistance benefits and programs for their part-time employees.

Companies that pay for college

A part-time job can be key to paying for college.

The Starbucks College Achievement Plan helps Starbucks employees complete their college degrees. Under a partnership with Arizona State University, Starbucks employees who work at least 20 hours a week receive complete tuition reimbursement if they enroll in ASU’s online program as a junior or senior.

Delivery service UPS has the Earn & Learn Program, which offers part-time employees the opportunity to earn $15,000 in tuition assistance and an added $5,000 if they’re at a manager-level.

Best Buy assists employees with partnerships where they can receive a discount at such institutions as DeVry and University of Phoenix.

Apple offers up to $5,000 tuition reimbursement to part-timers.

Publix associates who have worked for 6 continuous months at an average of 10 hours a week are eligible to receive tuition reimbursement of up to $3,200 annually with a maximum limit of $12,800. Reimbursement applies to both undergraduate and graduate degree programs, as well as individual courses, online programs and technical training.

Employees at Verizon can take advantage of the tuition assistance program, which offers up to $8,000 annually.

BP’s Educational Assistance Program for employees gives them the opportunity to receive up to 90% of the expenses for courses at approved institutions.

Paying for a college education may seem unattainable, but there are options available that can help you achieve your goals. Learn about other college savings plans and start planning for your future today.