Tuition Reimbursement

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Tuition Reimbursement

Does your employer offer tuition reimbursement? If so, it is a benefit that could prove valuable.

The cost of pursuing a primary or secondary college degree is constantly on the rise. However, this cost could be dramatically reduced for you if your company offers tuition reimbursement.

A popular benefit?

While it is unclear how many employers offer tuition reimbursement as part of their benefits package, those that do consider tuition benefits as an investment in their employees. The hope is that the knowledge employees earn will make them better, more efficient workers.

For you, the benefits of tuition reimbursement are evident: Advanced degrees can make it easier to receive promotions from your current employer or find new work outside your company. Either way, a new degree can help boost your earning power.

Do your research

Before taking advantage of any tuition reimbursement program, make sure to do your research. Many companies have requirements to their programs.

Some companies might require you to remain employed with them for a certain number of years after earning your degree. If you leave for a new job before these years pass, you'll have to pay back all or part of your tuition.

Other companies might require that you earn a certain grade-point average while earning your degree. An employer, for instance, might only reimburse you for 50 percent of your education costs if you have a "C" average. If you earn an "A," you might see 100 percent of your tuition costs reimbursed.

Additionally, you may be limited to the type of degree you can earn. If you work in an accounting firm, your employer may want you to pursue an Accounting degree. However, this is not necessarily the case. You may have an employer that will reimburse your tuition no matter the degree.

Is it a benefit for you?

Before deciding if you should pursue an advanced degree, think about how it will fit into your life. In addition to working full-time, do you have time to take night or online classes? That is a decision only you can make, and one that you should give plenty of thought to before you register for classes.

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