Your employer may have a program that helps pay for further education.
Employer Tuition Reimbursement programs, otherwise known as Tuition Assistance Programs (TAPs), are available through some companies. These programs provide for the employer to reimburse employees for part of their tuition expenses. Policies vary among employers.
What is an Employer Tuition Reimbursement Program?
Your courses may need to be related to your current job to be reimburseable.
An Employer Tuition Reimbursement Program provides for reimbursement of qualified education expenses. Employees who are pursuing further education in a field related to their current position, or as a step toward promotion, may qualify to have all or a portion of their tuition expenses reimbursed. Such policies are most common through large companies or corporations.
What is Covered?
Employees who receive tuition assistance from their employers qualify for a tax credit.
Tuition reimbursement policies vary by employer. However, most programs provide for partial reimbursement of tuition expenses for qualified classes. Books and other expenses are unlikely to be covered. While not all programs require that the employee be pursuing a degree, most do require that the employee demonstrate that the classes are related to his or her job function. If the employee does not complete the course, he or she may have to repay the company immediately.
How Do I Apply?
Carefully review your employer's guidelines about tuition reimbursement.
Your employer's tuition assistance program will be administered through your human resources or benefits department. Contact your HR representative or benefits administrator to find out the specifics of your company's policy and what steps you need to take to be approved for reimbursement. Not all programs and institutions necessarily will be covered, so verify that your chosen course qualifies.
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