Tuition reimbursement programs from employers are a nice perk. They may pay you back for classes related to a degree you are earning, or even fund an entire degree or certification program. However, tuition reimbursement usually comes with strings attached that you may not want to deal with.
Strings
Employers can require you to fulfill a number of requirements to participate in their tuition reimbursement programs. For example, you may have to agree to work for the employer for a certain length of time after you complete your program. This is to ensure that you do not just get the education it paid for and then leave the company. The company wants to utilize your new knowledge to help it succeed.
The employer may also require you to take only classes required for your degree before it will pay you back for them. In addition, the degree major will probably have to be directly related to your line of work. So trying to get a bachelor's degree in English literature is not going to fly when you are an accountant.
Tuition Exemption
As an alternative, see if you are eligible for a tuition exemption. Many colleges also offer tuition-free courses to seniors. The state of Texas offers a tuition exemption program for Texas public colleges to educational aides in public schools as well as for substitute teachers who are residents of the state and want to become teachers. Contact your state's department of education or higher education to learn more about state tuition exemptions.
Grants and Scholarships
Colleges offer grants and scholarships to students, as do nonprofit organizations, state departments of education and corporations. The federal government also offers grants and scholarships. To be eligible for federal grants, fill out the Free Application for Federal Student Aid, available in print version from your financial aid office. You can also fill it out online on the FAFSA website (see Resources). Grants and scholarships do not have to be paid back. You may only have to maintain a certain GPA to maintain them, in contrast to the many requirements you have to meet to participate in an employer's tuition reimbursement program.
Student Loans
Student loans are another option if you want to maintain more of your freedom to choose what classes to take and what employer to work for. You can apply for subsidized student loans by submitting the FAFSA. You do not have to pay interest on these loans while you are in school or during your grace period after graduation, unlike unsubsidized federal or private student loans. Student loans do have to be paid back, however, and you will be saddled with payments for years after you graduate. You can also save money and attend college for a semester at a time. It may take longer to graduate, but you can come out of college debt free.
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