25 Companies That Will Help With College Expenses and Loans
About 40 million Americans owe money for student loans and about 70% of bachelor's degree recipients graduate with some debt. The class of 2015 graduated with an average of $35,051 in student loan debt, and the amount will continue to rise. It makes sense that companies looking to attract quality employees would offer either tuition reimbursement or student loan repayment assistance.
Student loan reimbursement and tuition assistance are both offered to employees of Aetna. For student loans, employees can get $2000 annually, with a $ 10,000-lifetime cap, for undergraduate or graduate school.
Aetna employees (full-time and part-time working 20 or more hours per week) are eligible for reimbursement for up to 80% of approved expenses while obtaining a college degree or taking job-related college courses, up to $5,000 for full-time and $2,500 for part-time employees.
Ann Taylor's Tuition Assistance Program provides employees with an opportunity to further their education and develop professional skills. Through this program, employees may be partially reimbursed for tuition expenses related to their careers at any of the Ann Taylor corporation companies.
Applied Materials is a leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. According to their financial benefits for employee disclosure, they offer tuition reimbursement.
Bank of America offers up to $5250 per year reimbursement for courses related to the employee's job. The requirements include that the employee has at least six months of employment with Bank of America, and must be scheduled to work a minimum of 20 hours a week.
Boeing employees are eligible to participate in the tuition assistance program after one year of employment. It's not required that employees take classes related to their current job—they are free to explore any path they choose.
To encourage professional growth and education of its employees, BP helps pay for some outside educational opportunities. BP reimburses eligible employees for up to 90% of the qualifying expenses for classes taken at BP approved institutes of education.
The Capital One program for tuition reimbursement allows for up to $5000 towards a degree or non-degree courses that are eligible. Courses can be taken at an accredited school for either career or personal growth, allowing for a wide range of choices in educational pursuits.
Chegg, the tutoring and textbook site pays $1,000 annually (minus taxes) to help employees with student loans. A big plus is that there is no lifetime cap for employees, only the annual cap.
Comcast offers up to $5000 per year in tuition assistance. They are helping many employees through their tuition assistance program, and in 2012 paid over $13 million in education fees.
Fiat Chrysler has partnered with the online Strayer University to offer free college education, including books, tuition, and fees, to any dealership employee who has worked for the company for at least 30 days. The employee's dealership must be enrolled in the program in order for him or her to take advantage of this opportunity.
Paying down student loan debt faster is Fidelity's goal with their $2,000 annual contribution up to $10,000, paid directly to the employee's student loan servicer. Plus, employees get access to online tools to better manage student loan debt.
Among the many other perks Google offers its employees—free meals, dry cleaning on-site, napping stations and more—it also offers a whopping $12,000 a year in tuition reimbursement, provided the employee earns A's and B's in his or her courses.
The airline has a program called Jet Blue Scholars in partnership with Thomas Edison State University. In an online program, JetBlue pays for the full cost of the degree up until the final semester. The last semester cost may be covered by JetBlue scholarships or Pell grants, which means a degree may be completely free for those in financial need.
The Jet Blue Scholars focuses on giving adults a chance to pursue a degree that may not have had the opportunity after high school.
According to Patagonia's 2014 board report, "Annual tuition assistance to be provided to student employees enrolled in accredited college or community college programs, amounts and qualifying programs to be determined annually by the board."
Price Waterhouse Coopers (PWC) will pay up to $1200 per year, up to $10,000 total, to help associates and senior associates pay off student loan debt.
Raytheon's educational assistance program will pay up to $10,000 per year for full-time employees to take approved courses or certificate/degree programs that will help them improve their job performance.
In addition to reimbursing up to 100% of college tuition costs for approved college courses, Smucker's also awards 10 renewable scholarships of $3000 to ten children of employees each year.
Staples student loan repayment assistance offers $100 per month, up to $3600, to qualifying employees who have been nominated for this financial perk. It is available to those who have either completed college or are currently taking courses, as long the school is accredited.
Starbucks offers every employee, whether full-time or part-time, full tuition for Arizona State University's online program. In addition to tuition, Starbucks offers counselors to help students with school, and 24/7 tutoring as well.
Any employee of UPS is eligible for tuition from the day they are hired, and if they are hired mid-semester and are attending school, their reimbursement is prorated. Annual reimbursement is up to $5000, with a $25,000-lifetime max. Since the program began in 1999, UPS has paid out over $200 million in tuition assistance for nearly 120,000 college students.