In today’s job market, employee retention is dwindling by the minute. In an effort to keep up, companies are offering more robust benefits, including substantial tuition assistance programs.
If your eyes are set on pursuing a higher education, consider working for one of the following companies to help reduce the amount you pay out-of-pocket or in student loans.
55 Companies Offering Tuition Reimbursement
$5,000 or Less Per Year
Anthem, Inc.
Both full-time and part-time Anthem employees are eligible for up to $5,000 of tuition reimbursement if enrolled in a qualifying degree program.
Capital One
Capital One offers full-time associates up to $5,000 per year and part-time associates up to $2,500 per year in tuition reimbursement.
FedEx
FedEx reimburses employees up to $1,500 per year for eligible education programs. The courses you take do need to be related to advancing your career within the company.
Home Depot
Home Depot offers employees up to 50% of the cost of tuition, books, and class registration fees as well as 50% of mandatory fees. More specifically, salaried employees are eligible for up to $5,000 per year in tuition reimbursement, full-time employees are eligible for up to $3,000 per year, and part-time employees are eligible for up to $1,500 per year.
To qualify, employees must be pursuing an associate’s, bachelor’s, master’s, doctoral, or technical degree.
Intuit
Both full-time and part-time Intuit employees are eligible for tuition reimbursement if taking courses related to careers within the company. Full-time Intuit employees are eligible for up to $5,000 per year in tuition reimbursement, while part-time employees are eligible for up to $2,500 per year.
Kaiser Permanente
Kaiser Permanente employees who work at least 20 hours per week are eligible for up to $3,000 per year in tuition reimbursement.
KFC
KFC offers tuition reimbursement through their REACH Educational Grant Program. Managers are eligible for up to $3,000 in tuition reimbursement grants. First-time winners that are not managers are eligible for up to $2,000 in tuition reimbursement grants.
Kroger
Kroger offers both full-time and part-time employees up to $3,500 per year, or up to $21,000 over the course of their employment with the company, in tuition reimbursement.
Lowe’s
Lowe’s offers full-time employees who have worked with the company for at least one year up to $2,500 per year in tuition reimbursement.
McDonald’s
McDonald’s Archways to Opportunities program is more challenging to qualify for than others as only some franchise locations participate in the program. If your location does participate, you can be eligible for up to $3,000 per year in tuition reimbursement if you are a full-time restaurant manager. If you are a crew member, part-time manager, or part-time office staff member, you must be working at least 15 hours per week to receive the $2,500 per year tuition reimbursement benefits.
Publix
Publix offers up to $3,200 per year for college and university courses and up to $1,700 per year for other courses of study. However, there are a variety of eligibility criteria employees must meet, such as working with the company for at least 6 months and working an average of 10 hours per week.
Ticketmaster
Ticketmaster reimburses employees up to $5,000 for graduate courses, up to $3,000 for undergraduate courses, and up to $500 for non-accredited business-related courses.
Wells Fargo
Wells Fargo employees are eligible for up to $5,000 per year in tuition reimbursement.
The latest rates from Sparrow’s partners
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$5,000 to $9,999 Per Year
Allstate
Allstate employees that have been with the company for at least one year are eligible for up to 100% tuition reimbursement, with an annual limit of $5,250.
AT&T
Both part-time and full-time employees at AT&T are eligible for up to $5,250 per year in tuition reimbursement, as long as they have worked at least 6 months with the company.
Apple
Apple’s Education Reimbursement program offers employees up to $5,250 per year in tuition reimbursement for various education expenses.
Best Buy
Best Buy offers employees up to $3,500 per year in tuition reimbursement for undergraduate courses and up to $5,250 per year for graduate-level courses.
Bank of America
Bank of America offers employees $7,500 per year for tuition expenses for job-related courses and certifications through their Tuition Assistance and Academic Support Program.
Blue Shield of California
Blue Shield of California offers full-time employees up to $5,250 in tuition reimbursement per year. Part-time employees are eligible for up to $2,625 per year.
CarMax
Carmax reimburses up to $5,250 per year in eligible tuition expenses for full-time employees and up to $2,500 per year for part-time employees. For a course to be eligible, it must be a GED, ESL, or literacy course going towards a degree-granting program.
Ford Motors
Ford offers employees up to $6,000 per year for courses and programs related to career development within the company.
GEICO
While you can’t necessarily save 50% or more on tuition, GEICO does reimburse full-time employees up to $5,250 per year for undergraduate educational expenses. GEICO allows employees to use this money towards application fees, textbook costs, and course-related expenses.
Marco’s Pizza
Both full-time and part-time Marco’s Pizza employees are eligible for up to $5,250 per year in tuition reimbursement if they attend a program with the company’s partner school, Bellevue University.
Oracle
Oracle offers employees up to $5,250 per year in tuition reimbursement for approved programs of study.
Taco Bell
Taco Bell reimburses up to $5,250 per year for employees pursuing college degrees, professional certificates, high school diplomas, and Master’s degrees.
T-Mobile
Full-time T-Mobile employees are eligible for up to $5,250 per year in tuition reimbursement, while part-time employees are eligible for up to $2,500 per year. To qualify, employees have to work at T-Mobile for at least 90 days, and courses must be related to jobs within the company.
UPS
Part-time UPS employees are eligible for up to $5,250 per year in tuition reimbursement if attending one of the company’s 100+ partner colleges.
$10,000 Per Year to 100% of Tuition
Amazon
Amazon’s Career Choice program reimburses employees up to 95% of their tuition and fees for courses going towards a certificate or diploma in a related field of study.
Boeing
Boeing offers up to $25,000 per calendar year in tuition reimbursement for eligible programs.
BP
BP reimburses up to 90% of employees’ eligible expenses for both traditional educational courses and vocational schools. The courses must be related to your role at BP and completed at an eligible institution.
Chevron
Chevron’s tuition reimbursement program is a bit unclear, however, employees have reported on Glassdoor that the company offers up to 75% tuition reimbursement for programs related to career development within the company.
Chipotle
Chipotle covers 100% of tuition for specific degrees, high school diplomas, and college prep courses. If the program you’d like to pursue does not fall within the specified list of degrees, Chipotle also offers up to $5,250 per year in tuition assistance for other programs.
Deloitte
Deloitte reimburses the full tuition cost for employees pursuing a graduate school degree. To qualify, you must agree to work with Deloitte for at least two years after graduating school.
Discover
Discover offers all employees, regardless of how long they’ve been with the company, 100% tuition reimbursement for select bachelor’s degree programs. Employees who would like to pursue a degree outside of the eligible programs can still receive up to $5,250 per year for bachelor’s degree programs or up to $10,000 per year for graduate degree programs.
Disney
To add even more magic to working at the Most Magical Place on Earth, Disney offers both full-time and part-time employees 100% of tuition paid upfront if the degree is pursued through a Disney Aspire network school. The network schools cover a variety of courses at both undergraduate and graduate levels, and the courses do not need to relate to your role at Disney.
Fidelity
Full-time Fidelity employees who have worked within the company for at least 6 months are eligible for up to 90% tuition reimbursement, with a maximum of $10,000 per year. The courses must be within a work-related program.
Gap, Inc.
Gap’s Tuition Reimbursement Program offers employees looking to advance their career-related skills up to 100% of tuition for up to two classes per term, 100% of up to two books per term, and any additional approved fees. This program includes employees of Gap’s sister companies, Old Navy and Banana Republic.
Genentech
Genentech reimburses employees up to $10,000 per year. To qualify, employees must be attending an accredited college or university and taking courses for company-related positions.
Herschend Enterprises
Herschend Enterprises employees are eligible for up to 100% reimbursement for not only tuition but books and additional school fees.
Microsoft
Microsoft offers eligible employees up to $10,000 per year in tuition reimbursement for programs related to the business.
Novartis
Novartis offers employees up to 100% tuition reimbursement for eligible course expenses related to jobs within the company.
Papa John’s
Papa John’s Dough & Degrees program offers employees at corporate-owned locations up to 100% tuition reimbursement for undergraduate and graduate degree programs done online through Purdue University Global. Employees at franchise locations are ineligible for 100% tuition reimbursement, however, they can qualify for reduced tuition.
PepsiCo
PepsiCo offers U.S.-based employees up to 100% tuition reimbursement.
Raytheon Missiles & Defense
Raytheon Missiles & Defense offers up to $10,000 per year in tuition reimbursement for approved courses related to jobs within the company.
Smuckers
Smuckers is rumored to offer up to 100% tuition reimbursement, however, it is unclear what exactly they offer.
Starbucks
For eligible full-time and part-time employees, Starbucks will reimburse 100% of tuition for courses taken through Arizona State University’s online program. To qualify, employees must be pursuing a first-time bachelor’s degree and in one of the 100 eligible degree programs.
Target
Target offers employees up to 100% tuition reimbursement for undergraduate degrees.
Verizon
Full-time Verizon employees are eligible for up to a whopping $13,520 per year in college tuition reimbursement, and part-time employees are eligible for up to $8,000. To qualify, employees must attend Verizon’s partner school, Bellevue University.
Unspecified or Varying Amounts
Chick-Fil-A
Rather than offering employees a set amount, Chick-Fil-A partners with over 100 colleges and universities through Scholarship America and provides a different amount of tuition assistance based on the school.
Comcast
Comcast reimburses up to 20% of tuition costs. To qualify, you must be a full-time employee who has been with the company for at least six months. You must also be pursuing one of the 50+ associate’s, bachelor’s, or master’s degree programs that Comcast’s partner school, the University of Arizona Global Campus, offers.
CVS
CVS’s tuition reimbursement program is unclear, however, some sources report that the company will reimburse up to 25% of tuition costs for job-related programs.
Fandango
Fandango offers tuition reimbursement as an employee benefit but says the amount varies by degree type.
Pizza Hut
Pizza Hut employees are eligible for up to 51% tuition reimbursement if enrolled in an eligible program at the company’s partner school, Excelsior College.
Procter & Gamble
Procter & Gamble offers full-time employees up to 80% tuition reimbursement for pre-approved college costs related to advancing their career within the company.
Walmart
While not technically reimbursement, Walmart provides employees with a variety of course opportunities for certificate programs, career diplomas, and college degrees at just $1 per day.
Student loan rates from our partners
Ascent
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 4/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require interest-only payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 4/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require interest-only payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.
LendKey
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
Earnest
Auto Pay Discount Disclosure
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
Student Loan Origination (Private Student Loan) Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.36% APR to 16.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107
Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663 San Francisco, CA 94105, NMLS #1204917, with support From Navient Solutions, LLC (NMLS #212430). One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
© 2024 Earnest LLC. All rights reserved.
Auto Pay Discount Disclosure
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
Student Loan Origination (Private Student Loan) Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.36% APR to 16.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107
Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663 San Francisco, CA 94105, NMLS #1204917, with support From Navient Solutions, LLC (NMLS #212430). One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
© 2024 Earnest LLC. All rights reserved.
College Ave
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
*The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 08/25/2022. Variable interest rates may increase after consummation.
This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 3/07/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
*The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 08/25/2022. Variable interest rates may increase after consummation.
This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 3/07/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
Does Tuition Reimbursement Affect Your Financial Aid?
While tuition reimbursement funds are not considered taxable income, it could be considered gift aid when filling out the FAFSA. The more gift aid, or free money, you have, the less you may qualify for in other sources of financial aid. However, if your employer is offering you free money, we do recommend that you accept it regardless.
Final Thoughts from the Nest
Regardless of your desired career path, obtaining higher education can open the door to a wide variety of additional career opportunities. Whether you’re interested in a vocational course or a doctoral degree, there’s a company out there ready to offer you tuition reimbursement to pursue it.
That said, if you’ve already graduated and need help paying off student debt, consider refinancing or looking for an employer with debt payoff benefits.