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Get the Facts: What you should know about employer assistance programs

Get the Facts: What you should know about employer assistance programs
ARE YOU SAYING COMPANIES ARE PAYING OFF EMPLOYEE STUDENT LOANS? WELL, BELIEVE IT OR NOT, KELLY, SOME ARE, BUT HERE’S WHAT’S HAPPENING. MORE EMPLOYERS ARE GOING THE ROUTE OF PREPAYING FOR TUITION AND FEES BEFORE YOU GO TO COLLEGE, RIGHT? I GOT THE FACTS ON HOW TO FIND OUT WHAT YOUR EMPLOYER OFFERS AND WHAT TO DO IF THEY DON’T OFFER ANY EDUCATIONAL ASSISTANCE. AMERICA’S LARGEST PRIVATE EMPLOYER, WAL-MART, OFFERS 100% TUITION AND BOOKS FOR UNDERGRADUATE DEGREES AT MORE THAN 25 UNIVERSITIES. WALMART ALSO PAYS FOR SHORT FORM CERTIFICATE PROGRAMS CONNECTED TO IN-DEMAND JOBS AT WALMART. STARBUCKS COLLEGE ACHIEVEMENT PLAN TEAMS UP EXCLUSIVE WITH ARIZONA STATE UNIVERSITY’S ONLINE PROGRAM. UNIVERSITY OF PITTSBURGH ECONOMIST NAJEEB SHAFIQ SAYS MORE AND MORE AMERICAN COMPANIES ARE OFFERING HELP WITH TUITION AND EVEN WITH STUDENT LOANS. IF YOU’VE ALREADY GRADUATED, WHICH BASICALLY MEANS PAYING TUITION FEES AND OTHER EDUCATIONAL EXPENSES. AND SOME EPS INCLUDE EDUCATIONAL ASSISTANCE. MOREOVER, SOME OF THESE CAN ALSO INCLUDE FINANCIAL SUPPORT AND PAYING OFF STUDENT LOANS, WHICH FALLS UNDER THE EDUCATIONAL ASSISTANCE UMBRELLA. A QUICK SEARCH ON ZIPRECRUITER REVEALS MORE THAN 600 POSITIONS IN PITTSBURGH RIGHT NOW THAT COME WITH SOME SORT OF TUITION REIMBURSEMENT. A SIMPLE SEARCH ON YOUR COMPANY’S WEBSITE OR A PHONE CALL TO YOUR HR DEPARTMENT WILL HELP YOU FIND OUT WHAT YOUR EMPLOYER OFFERS. THE IRS SAYS EDUCATION BENEFITS ARE EXCLUDED FROM TAXABLE INCOME UP TO $5,250 A YEAR. IF YOU GET A BENEFIT THAT GOES OVER THAT PRICE TAG, YOU MUST PAY TAXES ON THAT MONEY. KEEP IN MIND THERE IS A TIME LIMIT ON THE TAX FREE EDUCATIONAL BENEFIT. THAT PROVISION ENDS AT THE END OF 2025. WELL, LET’S SAY YOUR EMPLOYER DOES NOT HAVE A TUITION REIMBURSEMENT BENEFIT. THE HARVARD EXTENSION SCHOOL SUGGESTS YOU ASK THEM TO CREATE ONE. SO HERE ARE SOME ARGUMENTS FOR HOW IT CAN ACTUALLY HELP THE COMPANY. NUMBER ONE, IT CAN HELP THEM RETAIN AND PROMOTE TOP TALENT. IT CAN IMPROVE EMPLOYEE SATISFACTION AND LOYALTY. IT CAN IMPROVE THE COMPANY’S REPUTATION AS A GOOD PLACE TO WORK. NUMBER FOUR, IT CAN HELP BUILD STRONGER TEAMS. AND NUMBER FIVE, IT CAN BOOST INNOVATION AND PRODUCTIVITY. HERE’S THE THING. IT DOESN’T HURT TO ASK. MAYBE NOBODY’S EVER DONE IT BEFORE. YOU MIGHT BE THE ONE MAKING PROGRESS FOR PEOPLE WHO COME AFTER YOU. SO SOMETHING TO THINK ABOUT TO ASK
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Get the Facts: What you should know about employer assistance programs
Walmart, America’s largest employer, offers 100% tuition and books for an undergraduate degree at more than 25 universities.Walmart also pays for short-form certificate programs connected to in-demand jobs at Walmart.Starbucks' college achievement plan teams up exclusively with Arizona State University's online program.University of Pittsburgh economist Najeeb Shafiq says more and more American companies are offering help with tuition and even with student loans — if you've already graduated.“Which basically means paying tuition, fees, and other educational expenses, and some EAPs include educational assistance,” he said. "Moreover, some of these can also provide financial support in paying off student loans, which falls underneath the educational assistance umbrella."A quick search on Zip Recruiter reveals more than 600 positions in Pittsburgh that come with some sort of tuition reimbursement. A simple search on your company's website or a phone call to your Human Resources Department will help you find out what your employer offers.The IRS says education benefits are excluded from taxable income up to $5,250 a year. If you get a benefit that goes over that price tag, you must pay taxes on that money.Keep in mind there's a time limit on the tax-free educational benefit that provision ends at the end of 2025.

Walmart, America’s largest employer, offers 100% tuition and books for an undergraduate degree at more than 25 universities.

Walmart also pays for short-form certificate programs connected to in-demand jobs at Walmart.

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Starbucks' college achievement plan teams up exclusively with Arizona State University's online program.

University of Pittsburgh economist Najeeb Shafiq says more and more American companies are offering help with tuition and even with student loans — if you've already graduated.

“Which basically means paying tuition, fees, and other educational expenses, and some EAPs include educational assistance,” he said. "Moreover, some of these can also provide financial support in paying off student loans, which falls underneath the educational assistance umbrella."

A quick search on Zip Recruiter reveals more than 600 positions in Pittsburgh that come with some sort of tuition reimbursement. A simple search on your company's website or a phone call to your Human Resources Department will help you find out what your employer offers.

The IRS says education benefits are excluded from taxable income up to $5,250 a year. If you get a benefit that goes over that price tag, you must pay taxes on that money.

Keep in mind there's a time limit on the tax-free educational benefit that provision ends at the end of 2025.