Your Parent’s Boss Might Pay for College

The Truth…College is Expensive

Yes, college can be costly…BUT it is possible for you to be able to afford it if you carefully evaluate all of your college funding options.

The truth of the matter is that most students are not aware of all the financial aid opportunities that exist.  In this post, I’ll tell you how your parent’s boss might help you pay for college.

Tuition Benefits for Employees

A lot of companies provide tuition benefits to their employees.  These tuition benefits usually come in the form of a company scholarship or tuition reimbursement program.  These two benefits function a little bit differently, so let me explain the difference between the two…

Company Scholarships – Company scholarships are similar to any other scholarship that you might earn to help pay for your college expenses.  Usually, the college-bound student will have to complete a scholarship application, submit transcripts, write an essay, and/or provide letters of recommendation.  From there, a select group of employees’ sons and daughters are then chosen (based on some criteria) to receive scholarships.  At some companies, all students who meet the minimum scholarship requirements receive a scholarship.  Each company’s scholarship program varies slightly, but I’m sure you get the idea.

Tuition Reimbursement Programs – Tuition reimbursement programs function a little differently than company scholarships.  With this type of program, the student’s parent (or employee) is required to pay the tuition costs up front, and then once the courses are completed, the employer will reimburse the employee for the tuition fees.  Typically, before the employee can receive a reimbursement, they must submit their child’s grades, proving that he or she has maintained a satisfactory grade point average.  Some employers will also reimburse the cost of textbooks and other school related fees.  Again, each company’s tuition reimbursement program is different.

Tuition Benefit Programs Vary…

Some companies will only pay out to a certain amount of money each year, others may cover all tuition costs and related fees for every year that the employee’s son or daughter is enrolled in school…it just depends on the company.  Have your parents check with their human resources department or benefits administration department at work to determine if their employer offers a benefit similar to the ones mentioned above.

Mom or Dad’s Employer = College or University

Does your mom or dad currently work at a college or university?  If so, then there’s a good chance that you’ll be able to attend that particular college or university for free.  Tuition benefit programs are a lot more common at the college level.  At most colleges or universities, employees and their immediate family members can take classes for free or at a reduced price.  There are a lot of different names for these types of programs (i.e. tuition waivers, employee waivers, tuition reductions, tuition remission, tuition assistance, etc)…so just be on the lookout for one of those names or something similar.

Make Sure You Read the Fine Print

If your mom or dad’s employer offers a tuition benefit program, make sure you get ALL the details so that you are aware of any stipulations attached.  For example, some employers require that employees remain on the job for a certain amount of time after their son or daughter graduates from college, while others will include the tuition benefit as “additional income” and require your parents to pay additional taxes.  Typically, there is some sort of “give and take” involved in the process, but it is usually worth it.

Good luck to you!  I hope this information was helpful!

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TheCollegeHelper

TheCollegeHelper

Lauren Anderson is a certified school counselor who's passionate about helping students all over the world successfully transition from high school to college! After spending 6 years as a business professional, she obtained her Master’s degree in School Counseling and now spends her spare time helping students.
TheCollegeHelper

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