4 Financial Benefits of Employer-College Partnership

Invest in Your Future with a University-Employer Partnership Program

In today’s world, deciding to return to school is a tough decision, especially for those who work full-time. You need to ensure your investment is worthwhile, and as you weigh the decision, it probably feels like you’ve contemplated everything: affordability, flexibility, rankings, and relevance. But have you considered the possibility of your employer contributing towards your tuition fees? It could be a valuable option to explore.

More and more organizations have begun partnering with universities as a way to recruit and keep employees, as well as to stay competitive in a fast-changing technology market. And as education costs continue to rise, the strategies offered through these employer-college partnerships — tuition reimbursement, scholarships, grants, career advancement opportunities, and more — present a fiscally responsible path to furthering your education.

Below, we highlight four financial advantages of employer-college partnership programs, along with the benefits of the University of Cincinnati Online’s Business Partnership Program.

Tuition Reimbursement

Tuition reimbursement — sometimes called tuition assistance — is an arrangement where an employer pays for part or all of an employee’s continuing education so they may pursue degrees or certifications. The qualifications for this benefit differ among companies and can involve criteria such as upholding a certain GPA, completing specific coursework, and adhering to stipulations regarding the duration of employment.

Considerations

• Your company may only cover the cost of courses related to a specific field.
• You will likely be required to make the payment for your classes upfront.
• Only after you successfully complete the classes, meet the necessary requirements, and provide all the information to your employer will they reimburse you.

Scholarships and Grants

Unlike student loans, grants and scholarships are types of gift aid that do not need to be repaid. Many companies offer this type of aid as a way of supporting their employees, with awards available to students who are directly employed by the company or to students whose parents work for them.

Considerations

• Companies have varying eligibility criteria and award amounts.
• This aid is typically limited to full-time employees and their children.
• Applications must be submitted before a predetermined deadline.

Career Advancement Opportunities

Going back to get your certification or degree can open the door to higher earnings over your lifetime or be the first step in switching careers. By building skills, growing your network, and earning a certificate or degree, you’ll set yourself apart from others in your field when applying for new positions or promotions.

Considerations 

• A higher education level is correlated with higher incomes.
• Returning to school allows you to network with industry professionals.
• To achieve success in your desired career, you’ll need to consider what types of degrees are relevant.

Return on Investment (ROI)

According to the U.S. Bureau of Labor Statistics, employee earnings increase, and unemployment rates decrease, as educational attainment rises. While individual experiences differ, each level of education you complete may help you develop the skills to qualify for higher-paying jobs, as credentials signal to employers that you’re able to plan ahead, meet deadlines, and follow through on important tasks.

Considerations 

• In 2022, the median weekly earnings of those with a high school diploma was $853, while the median weekly earnings of those with a bachelor’s degree was $1,432.
• In 2022, people without a diploma had the highest unemployment rate (5.5 percent) among those at all education levels.
• Despite changes in the U.S. labor market, education continues to boost earnings and reduce unemployment.

UC Online’s Business Partnership Program

At the University of Cincinnati Online, we’re dedicated to providing flexibility for busy professionals, lifelong learners, and students from around the world. If you’re a working professional, you and your loved ones can benefit from our Business Scholarship Program, which provides financial aid for eligible programs. We’ll help you earn your degree, gain skills your company needs, and open doors to new opportunities.

The Takeaway

While returning to school can be expensive, your employer may provide financial benefits through college partnership programs to help you develop your skill set and grow in your career. And at the University of Cincinnati Online, we’re committed to promoting these programs and emphasizing their role in empowering students to make financially sound decisions regarding their educational endeavors.

So, are you ready to get started? Explore our Business Partnership Program to discover how you can achieve your goals with a degree from the University of Cincinnati Online. Or take the first step in furthering your future by connecting with one of our advisors today.