Maximizing Employer Tuition Benefits for Graduate School: Tips and Strategies

In summary, the speaker's company will cover 70% of their graduate school tuition, leaving 2-4k to pay. They are seeking recommendations for scholarships or other payment options. They are advised to talk to their employer and local college, but may not have much luck due to the employer already covering a portion of the cost. The speaker also shares their personal experience with employer tuition benefits, including a pay-as-you-go scheme and a potential issue with reimbursement.
  • #1
Tone L
73
7
Hi.
My company will pay about 70% of my tuition cost per year for graduate school. Leaving about 2-4k un accounted for, depending on course load.
Any recommendations on scholarships or other options to pay the remaining balance?
 
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  • #2
Your best bet is to talk to your employer especially if its work related and would be beneficial to the company or at least you can make that case.

Also talk with your local college to see what they can offer. However, I don't think you'll find much since your employer is footing a portion of the bill. But you won't know if you don't ask.

https://www.usnews.com/education/best-colleges/paying-for-college/articles/2015/02/02/what-to-know-about-employer-tuition-benefits-for-college

I know when I did it many many years ago it was a per course / pay as you go scheme. I paid initially for the first course and had to make a B in order to be reimbursed and then I used that reimbursement to pay for the next course.

At one point I got into a bind with the college due to vacation scheduling and not being able to pay in time due a delay in the reimbursement. They wouldn't give me an extension and so I transferred to another college closer to home.
 

FAQ: Maximizing Employer Tuition Benefits for Graduate School: Tips and Strategies

What is the average cost of attending graduate school?

The cost of attending graduate school can vary greatly depending on the program and institution you choose. On average, tuition and fees for graduate programs range from $30,000 to $40,000 per year. However, this cost can be significantly higher for programs in fields such as medicine, law, and business.

What financial aid options are available for graduate students?

Graduate students have several options for financial aid, including scholarships, grants, fellowships, and loans. Many universities also offer assistantships or teaching/research positions that provide a stipend and tuition remission. It's important to research all of your options and apply for any relevant financial aid opportunities.

Should I take out loans to pay for graduate school?

This ultimately depends on your personal financial situation and the potential return on investment for your chosen graduate program. It's important to carefully consider the amount of debt you will incur and whether you will be able to comfortably repay it after graduation. It may be beneficial to speak with a financial advisor or someone in your field of study to weigh the pros and cons.

Are there any tax benefits for paying for graduate school?

Yes, there are several tax benefits available for graduate students. These include the Lifetime Learning Credit, the American Opportunity Tax Credit, and the Tuition and Fees Deduction. It's recommended to consult with a tax professional or use tax software to determine which benefits you may be eligible for.

Are there any alternative ways to fund my graduate education?

Some alternative ways to fund graduate school include employer tuition assistance programs, crowdfunding, and savings from a previous job. You can also consider attending a less expensive program or taking courses part-time while working. It's important to explore all of your options and create a budget to determine the best approach for funding your graduate education.

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