In our fast-paced world, possessing a college degree is of paramount importance.
It’s projected that 75% of all newly created job opportunities will necessitate the minimum requirement of a bachelor’s degree. Continuous education isn’t a matter of choice anymore; it’s a necessity. However, the looming question remains – how can one afford skyrocketing tuition fees?
Harnessing Corporate Tuition Assistance Programs
A beneficial solution to gain free academic credit is leveraging Corporate Tuition Assistance Programs (TAPs).
You’ll find that top-level Fortune 1000 companies usually provide this type of perk. The overseeing of these schemes is through their Human Resources or Benefits departments. The scale of offerings varies, aligning with a corporation’s ethos or necessity for academic learning to bolster productivity.
Ultimately, the goal of any benefit scheme is to boost the organization’s profitability. An insightful study by Motorola revealed that for every dollar dedicated to learning, it yielded ten dollars in productivity for the company. This scenario presents a win-win for both the employee and the corporation.
Exploring the Types of Assistance
Approximately half of major companies offer 100% pre-payment or reimbursement plans for college fees. Others set an ‘upper limit’ on the total amount available per annum.
Nevertheless, these funds (usually between $5K and $8K) can alleviate a portion of the financial burden associated with completing a degree. Many degrees can spiral upwards of $20K – $40K. Plus, the cost of textbooks, which often run into the hundreds per term, and higher-level degrees, such as an MBA, can significantly increase these expenses.
Why Aren’t More People Using TAPs?
Surprisingly, national surveys reveal that a meager 10% of corporate employees tap into these benefit offerings. So, what’s the reason for the low uptake? Going back to academia necessitates a substantial commitment. It’s unfamiliar terrain for many adults which may involve trading an expert status for a novice one. It exacts a toll in terms of time set aside for study, test preparation, and writing assignments. But, the returns are tangible – increased wages by over 20% and better opportunities for job progression and flexibility.
Tactics for Tapping into TAPs Effectively
Here’s some useful advice when deciding to utilize TAP funds:
- Preparedness is Key:
Formulate an educational plan before starting college. Know your resources, scope out the “best-fit” options which often reduce your college tenure.
- Research Well, Choose Wisely:
College counselors are recruiters. It’s crucial to research thoroughly and, if possible, seek third-party professionals who can guide you.
- Embrace Courage:
You’re never alone in this journey. About 50% of all college enrollments are adults, who often outperform their younger counterparts.