Tuition Reimbursement - The Pros And Cons

Time to move ahead in you career? Thinking of going to college with company money, using a tuition reimbursement plan? I did it. Take a look at the pros and cons of this great benefit, and get started.

It's frustrating to see how many of people pass a better future because they think they can't go to school or qualify for a better position. If you are reading this, you likely think you can do it - which is true. You can go to college, and finish.

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Tuition reimbursement helps thousands of students every year, and it helped me. I have jotted down a few things you need to know as you get going on your college education.

First, find out what your company offers - how much money for college will you get back? The limits will help you plan your education and your cash. Does the company offer 80% reimbursement? Can you handle the other 20%? What about books?

The point: know your policy. Especially your obligations.

Usually, you have three obligations in tuition reimbursement programs:

1. Remain an employee in good standing. You know, no major problems, no law suits, big goofs or blunders, you come to work when expected, complete assigned tasks - regular stuff.

2. Achieve a good grade, usually a B or better. Sometimes a B- or C, but you should check. Going to school and working at the same time can cause time juggling. You'll want to know if your grades have slipped too low.

One good thing about tuition reimbursement, you had to set it up. This means you want to go to college, you are motivated. You will probably have good grades just because you want to be there instead of being required to go.

3. How long is your time commitment? Most companies send you to college to gain something for the company. You will gain new skills, better productivity, and this will benefit the company. To keep those expensive new skills in house, the company will usually require you to sign a commitment to stay for a while.

My own commitment was 1 year. For shorter classes, a typical policy I've seen states 3 times the length of the class. These are reasonable commitments. I have had to sign a time commitment for each class the company paid for, a total of about 13 classes. Everything went fine, I worked a year beyond the class, and I still have my job, and I get paid more. Success!

If the time commitment goes over 2 years, you may want to attempt to renegotiate. What if the company wants 4 years and won't budge? One simple tactic: ask for a prorated monthly or quarterly schedule. Prorated, meaning that every time period that passes pays off part of the commitment. After 3 out of the 4 years, you would only owe one quarter or 25% of the money if you left.

Those 3 items cover the main obligations. I found that using the company system also provided me with a couple of added benefits. For example, I sit at a desk and use a computer. If I had a textbook out at my desk and wrote a school paper during slow times, no one minded, they all knew I was in school and the boss approved of it.

Spend some time with your benefits office or your supervisor and get this started. If you can start the paperwork now you may get into classes next semester. How cool is that? Do it. You'll be glad you did.

Tuition Reimbursement - The Pros And Cons

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