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It’s no secret that college is expensive! Average tuition and fees for the 2019–2020 school year totaled roughly $37,000 for private institutions and $23,000 for out-of-state public institutions, according to U.S. News & World Report.
Only about 31% of families feel like they’re getting a good value for their tuition dollars, and 29% say they’re paying too much for college, according to a Sallie Mae/Ipsos poll. That’s why students are increasingly turning to their employers to help them pay for education.
Here’s a comprehensive list of companies with tuition reimbursement programs, whether you’re looking for assistance with an undergraduate degree or advanced degree, or for help paying down your student loans.
Here’s how tuition reimbursement works: you pay your tuition bill up front, and your company reimburses you up to a certain amount at a later date. (Alternatively, some companies pay tuition costs for employees up front.)
The first $5,250 you receive each year from your company doesn’t count toward your taxable income, according to the IRS. Any additional tuition assistance you receive above that amount is taxed. Many companies also set additional requirements around tuition reimbursements.
For example, you might be required to maintain a certain grade point average, take certain classes that relate to the field of work that you do or even stay at your company for a certain amount of time after you receive your tuition assistance.
You can use your company’s tuition reimbursement benefit and financial aid together. However, be aware that receiving tuition reimbursement from your company may result in less financial aid awarded.
Companies offer tuition reimbursement packages because these benefits attract highly qualified job candidates, lead to greater employee retention and contribute to happier, more confident employees, according to HR Daily Advisor. Companies also can write off these expenses on their taxes.
Every tuition reimbursement program is a little different, so be sure to read your company’s specific policies.
Companies that Help Pay for College
Americans now hold almost $1.7 trillion in student loans, according to the Federal Reserve Bank of St. Louis, and student loan debt continues to rise. Here are a number of companies that pay for college, in full or in part, and can help you reduce the amount you have to borrow.
Amazon: The company’s Career Choice program pre-pays 95% of the tuition and fees for associate’s degrees and certificates in certain high-demand fields like aircraft mechanics and nursing. Employees must have a year of service to be eligible. Amazon will also reimburse 95% of the cost of required textbooks. Explore these Amazon coupons and deals for even more savings on whatever you need.
AT&T: Employees working toward their undergraduate degrees can receive up to $20,000 in tuition assistance during their time with the company. Those working toward graduate degrees can receive up to $25,000 during their time with the company. Check out these AT&T deals for savings on phones, internet and TV.
Baxter: Employees can receive up to $5,250 in tuition reimbursement per year for certain undergraduate programs.
Best Buy: Employees who work at least 32 hours per week for at least six continuous months can receive $3,500 in tuition reimbursement per year for undergraduate courses and $5,250 per year for graduate courses. Undergraduates must earn a C- or better in their courses, while graduate students must earn a B- or better.
CarMax: Full-time employees pursuing associate’s, bachelor’s, master’s or doctoral degrees can receive $5,250 in tuition reimbursement per year, and part-time employees can receive $2,500 per year. This covers the cost of tuition, books and other required fees. Employees must pass their courses with a C- or better.
Chick-fil-A: The restaurant chain offers scholarships worth $2,500 and $25,000 each year to be used for undergraduate or graduate study at two- and four-year colleges, universities and technical schools. Chik-fil-A employees also can receive tuition discounts at more than 100 colleges and universities.
Chipotle: For some degrees, Chipotle offers up to $5,250 in tuition reimbursement per year. For other degrees, it offers 100% tuition coverage. Employees can receive tuition assistance after working at Chipotle for at least 120 days and 15 hours per week.
Disney: Employees pursuing high school diplomas, skilled trade diplomas, bachelor’s degrees and master’s degrees can receive full tuition payments up front through the Disney Aspire program.
FedEx: Package handlers who have worked at FedEx for at least 60 days can receive $1,500 in tuition reimbursement per year. Seasonal package handlers aren’t eligible for this benefit unless their employment continues. Be sure to check out these FedEx coupons and deals for savings on your shipments.
Geico: Full-time employees can receive up to $5,250 in tuition reimbursement per year for their undergraduate education. The reimbursement covers application fees, tuition payments, course-related charges and certain textbook costs.
Intuit: Full-time employees can receive up to $5,000 in tuition reimbursement per year, and part-time employees can receive up to $2,500 per year. The program covers tuition, book, software and other fees. Employees must pre-approve their courses and receive a C or better (or “pass” or “completed” grades).
Lowe’s: Full-time employees who’ve worked at Lowe’s for at least a year can receive up to $2,500 per fiscal year for tuition, book and lab fees when working toward their associate’s, bachelor’s, master’s or doctoral degrees. For savings on your next home-improvement project, check out these Lowe’s coupons and deals.
McDonald’s: Employees who have worked at McDonald’s for at least 90 days and 15 hours per week can receive $2,500 per year in up-front tuition assistance to go to community colleges, universities or trade schools. Managers can receive $3,000 per year.
Novartis: The pharmaceutical company offers 100% tuition reimbursement for certain eligible expenses.
Oracle: Full-time employees can receive up to $5,250 per year in tuition reimbursement for certain approved programs.
Procter & Gamble: Employees can receive up to $40,000 in tuition reimbursement during their time with the company. The courses or programs must be pre-approved.
Publix: Full- and part-time employees who have worked at Publix for six continuous months and an average of 10 hours per week can receive $3,200 in tuition reimbursement per year to pay for their enrollment in colleges or universities. For enrollment in technical programs or other courses, employees can receive $1,700 per year and a lifetime maximum amount of $3,400.
Starbucks: The coffee brand offers 100% tuition reimbursement for first-time bachelor’s degrees earned through Arizona State University’s online program. Part-time employees can receive the reimbursement if they’re eligible for benefits. Starbucks employees who are veterans can also extend the free tuition benefit to a family member.
The Home Depot: Employees working toward their bachelor’s, master’s, doctoral or technical degrees are eligible for tuition reimbursement benefits on their first day of employment. Salaried employees can receive up to $5,000 per year. Full-time hourly employees can receive up to $3,000 per year, and part-time hourly employees can receive up to $1,500 per year. Additionally, The Home Depot specifies that 50% of the cost of tuition, books and registration fees can be reimbursed, and 50% of mandatory fees can be reimbursed up to $250 per quarter or semester.
T-Mobile: After working at T-Mobile for 90 days, full-time employees can receive up to $5,250 per year for classes directly related to their position or another position in the company. Part-time employees can receive up to $2,500. The company also offers full tuition reimbursement with certain partner schools. Also, check out these T-Mobile coupons for potential savings on your phone bill.
UPS: Through the Earn and Learn program, employees can choose any subject of study and receive up to $5,250 per year up to a lifetime maximum of $25,000. Employees are eligible on their first day of employment. Explore these UPS coupons for additional savings on your shipping needs.
Verizon: Full-time employees can receive $13,250 per year when they attend Bellevue University, Verizon’s university partner. Part-time employees can receive $8,000 per year when they attend Bellevue. Check out these Verizon deals for additional savings.
Companies that Pay for MBAs and Graduate Degrees
Earning a graduate degree can help you advance your career more quickly and provide you with a larger paycheck. Here are some of the companies that will fully or partially pay for your MBA or another graduate degree.
Boeing: Boeing provides tuition assistance with no annual limit for degrees in science, technology, engineering and math.
BP: Full-time employees can receive reimbursements of up to 90% of the costs of tuition, books and other fees for certain courses at approved institutions (no maximum limit). Employees must earn a passing grade.
Chevron: The energy company offers tuition reimbursements of up to 75% of the costs of tuition and other fees.
Deloitte: Through the Graduate School Assistance Program, certain top-performing consultants can receive a full tuition reimbursement for graduate school after staying with Deloitte for two years after their graduation.
Intel: Employees can receive up to $50,000 in tuition reimbursement during their time at the company. Intel also provides free tutoring and scholarships for employees’ children.
JetBlue: Employees can earn master’s degrees in leadership, business management, information technology, aviation management or liberal arts at discounted rates (with total costs between $13,000 and $30,000). The five participating institutions include City University of New York School of Professional Studies, Louisiana State University Shreveport, Thomas Edison State University, University of Maryland University College and Western Governors University.
L.L. Bean: Year-round employees can receive up to $5,250 in tuition reimbursement for business-related bachelor’s and master’s degrees. Explore these L.L. Bean offers for additional savings.
Papa John’s: Corporate employees who have worked at Papa John’s for 90 days and at least 20 hours per week can earn their MBA from Purdue University Global. The pizza chain fully covers tuition. Also, check out these Papa John’s coupons for additional pizza savings.
Salesforce: The company offers up to $5,250 in tuition reimbursement per year to cover tuition, books and other fees.
Qualcomm: Full-time employees can receive up to $10,125 in tuition reimbursement per year for graduate degrees at certain approved schools. Programs must be considered job-related.
Companies that Help with Student Loans
Maybe you’ve already paid for college, and you now have a sizable amount of debt. Some companies help you pay off your student debt so that you can save more for retirement and other long-term priorities.
Abbott: When employees use 2% of their eligible pay to reduce their student loan debt, they receive a 5% contribution to their 401(k) accounts from Abbott without having to contribute to their 401(k) accounts themselves.
Aetna: The health care company matches employees’ student loan payments up to $2,000 per year for full-time employees and up to $1,000 per year for part-time employees.
Chegg: Employees receive up to $1,000 per year to pay off their debt for as long as they work at the company and still have outstanding debt. Additionally, through the company’s Equity for Education plan, entry level employees up to managers receive up to $5,000 per year to pay down their student debt if they have at least two years of experience. Directors and vice presidents can receive up to $3,000 per year. Also be sure to check out these for savings on study solutions.
Estée Lauder: Employees of the beauty company receive $100 per month to pay down their student debt up to a maximum of $10,000. Explore these Estée Lauder coupons and deals for savings on your favorite beauty products.
Hulu: The streaming service matches employees’ student loan payments up to $1,200 per year. For additional potential deals on the streaming service, check out these Hulu deals.
Nvidia: Employees who’ve worked at Nvidia for at least three months and 20 hours per week can receive $6,000 per year to pay off student loans up to a maximum of $30,000.
PricewaterhouseCoopers: The professional services company offers employees up to $1,200 per year to pay down their student debt for a maximum of six years or until employees become managers.
Also keep in mind that working for a government or nonprofit organization or as a teacher in a low-income school for a given period of time can qualify you for student loan forgiveness.
Additional Ways to Cut College Tuition Costs
There are plenty of other ways to reduce your tuition payments besides working for a company that offers reimbursement perks:
Work for your college and receive discounted (or even free) tuition
Become a resident assistant and receive free room and board
Attend a college in your state, which is typically cheaper than attending one that’s out of state (or go to a college with the same tuition rates for in-state and out-of-state students)
Consider joining the Peace Corps and receive reduced tuition at more than 90 participating colleges and universities when you return
Graduate in three years instead of the typical four
Explore schools that don’t require tuition payments until you get a job
Look to these companies to gain valuable experience and work toward your educational goals at the same time. For even more ways to maintain a lean budget as a student, check out more than 200 student discounts on everything from beauty products to food and clothing.
We hope that you found this blog helpful. Our content is not intended to provide employment, tax or financial advice. For specific advice about your unique circumstances, consider talking with a qualified professional. Wikibuy from Capital One does not endorse or guarantee any information or recommendation listed above.