Air Force. Marine Corps. It takes soldiers an average of five years to complete an undergraduate degree and another five to finish a graduate degree, said Pamela Raymer, chief of the Army Continuing Education System. Coast Guard. More Rebootcamp News load more. More Vet All Stars load more. Best For Vets: Employers Best for Vets: Franchises Best for Vets: Places to Live Neither members nor non-members may reproduce such samples in any other way e.
This toolkit presents a strategic, practical and legal treatment of developing and managing an organizational educational assistance program. If certain requirements are satisfied, the amount paid, reimbursed or credited toward tuition by the employer is tax deductible for the employer and not taxable income for the employee, making it a win-win program for both parties.
An organization may also establish an educational assistance program such as scholarship grants for strategic reasons that extend beyond benefiting current employees, prospective employees or their family members. Educational benefit plans require a serious and sustained effort to establish and maintain. Employers should seek expert guidance from attorneys, accountants and consultants as appropriate at every stage of the process.
An educational assistance program can help recruit, develop, engage and retain high-quality employees. Favorable tax treatment for qualifying educational assistance programs has existed by law since but has been repeatedly scheduled to sunset and then extended. Many employers offer educational assistance programs because they improve recruitment and retention and help maintain an educated and skilled workforce. Employers may provide assistance for basic education, such as a high-school equivalency diploma, for undergraduate courses and for graduate-level education.
According to SHRM's Employee Benefits research report , 56 percent of employers offer educational assistance benefits. Data from Student Loan Hero shows that 54 percent of younger employees prefer a student loan payment assistance program over a k plan 45 percent of all employees feel the same way.
Yet according to SHRM's Employee Benefits Survey, only 8 percent of companies actually offer a student loan repayment aid program. Educational assistance for employees makes strategic sense. Such plans can be used as a tool to recruit employees, develop their talents and forge valuable long-term employees. Educational assistance also enables reduced-tax compensation because qualified educational assistance programs are tax-deductible benefits similar to health insurance plans.
Strategies, policies and procedures for educational assistance vary widely among employers. Some employers reimburse employees only after they have satisfactorily completed a course with a grade of C or above; minimum grade requirements may vary for graduate school and undergraduate programs.
Other employers provide advance payment of educational expenses; some provide half of the reimbursement up front and the rest on satisfactory completion of the course. Some employers link educational assistance to continued employment and require pay back of educational assistance if the employee voluntarily leaves the organization within a specified time period, such as a year.
Variations abound; however, employers must be aware that all choices are not equal in terms of tax consequences, administrative costs and perceived value to prospective hires and current employees. HR's role in designing and managing an educational assistance benefit program is multifaceted. The most basic role an HR professional plays is presenting the business case for an educational assistance program; HR should not assume the CEO is aware of the cost-effectiveness of such programs.
If senior leaders support the idea of offering some form of educational assistance benefit, HR must design a benefits package that is best suited for the organization with input from outside experts.
Feedback from senior leaders must be incorporated to adjust the plan as needed. Employers have numerous factors to consider in developing an educational assistance benefit program.
Your service branch pays your tuition directly to the school. Service members need to first check with an education counselor for the specifics involving TA by visiting their local installation education office or by going online to a virtual education center. Tuition assistance may be used for the following programs:.
All four service branches and the U. The program is open to officers, warrant officers and enlisted active-duty service personnel. Leaving the Military? All rights reserved. This material may not be published, broadcast, rewritten or redistributed. You May Also Like. Preventive Dental Care Can Impact Your Health Dramatically Preventive dental services and routine dental care are critical components in helping to prevent serious health issues Yes, You Can!
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