Lesson #148-Looking at your employee benefits-Tuition Reimbursement and Student Loan Repayment Programs
With the ongoing burden that student loan debt has become in our country employee tuition reimbursement and student loan repayment programs are a great way to either increase you education while paying nothing or a fraction of the cost, or reduce your current outstanding loan balance.
Today we continue our series we started last lesson looking at employee benefits that you are missing out on. While they might seem similar tuition reimbursement programs and student loan repayment programs are two different things.
Tuition reimbursement programs work like this: you go to school to further your education and knowledge in a particular subject. After you prove that you passed the class, your employer will pay for some or all of the tuition.
This can be a great way to increase your value in the market place for a lot less than what it would cost you if you did it on your own. It also ties you closer to your employer as they are investing money in not only your future success but the company’s future success as well.
Before you consider going back to school because of tuition reimbursement consider the following things:
Student Loan Repayment
But what if you already went to school, and got your degree or not, and ended up with any kind of student loans? There are a small but growing number of firms that are offering that are trying to attract employees by offering to repay part of their student loans directly to the student loan servicer.
Now before you get too excited, realize that as of now the amount they are offering to pay is very small, often between $1,000 to $2,000 a year with a lifetime limit. So if you are drowning in student loan debt, working for one of these companies will not take you totally 100% off the hook.
But here are some other things to consider as well:
I think that these are a great benefit for employers to offer to their employee’s, however I don’t feel that it is a long term plan to pay off your student loans as mentioned earlier. But I think it can be helpful and we’ll see this becoming more and more popular as many college graduates continue to graduate with large amounts of student loans.
Other resources mentioned in today’s lesson:
To send in your questions email me at Jon@JWFinancialCoaching.com
Today's quote of the lesson is brought to you by Jeff Goins book "Real Artists don't Starve
“When bright young Americans can't afford college, America pays the price” ~ Arthur Ashe
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