Tuition Reimbursement

1. Have a Plan
Companies will need detailed information from you before paying for your education. The primary question will be that old standard, “So, what’s your major?” Keep in mind that this benefit is supposed to be for both you and your employer. Therefore, have a plan for using your education well, taking classes that directly benefit your career. If you are changing careers, examine other finance options. Do not take money from your telecommunications employer to pay for your nursing degree.

2. Make it a Priority
If you are currently job-hunting, be sure to add this to your list of desired — or even required — attributes of an employer. Even if you have no immediate plans to return to school, you will be happy they offer it should you someday change your mind.

3. Negotiate
As you interview for a new job, keep in mind that tuition benefits can be a great negotiation tool as you consider your salary. Hopefully, this will be a part of the benefit package, and if the salary is a little lower than you expect, the benefit package that includes tuition can often make up for the money.

4. Stay Organized
Remember that companies don’t just hand out free money. When you are ready to collect, you must supply proof that you have attended school. Your registration, finance information, receipts, and your grades/transcripts will likely be required when you request reimbursement. If you are the disorganized type, change that habit now, or you may be out of money later.

5. Share Some of the Load
Most companies pay a portion of your tuition, not the entire amount. Companies normally offer anywhere from 25-75% reimbursement. Along with your savings, a payment plan or financial aid, you may be able to study in peace without any financial headaches!

6. Work Hard
For most companies, being reimbursed depends largely upon your grades. Be sure you have carefully planned your schedule, to allow for working, playing, and studying. Your employer knows that if you do not perform well, they will lose the benefit of your advanced training; therefore, you will lose the benefit of reimbursement.

 

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