The Value of Tuition Program Management
Today, employers are looking for employees with a wide variety of skills. Tuition management programs can help ensure that employees build the necessary skills which, in turn, benefits employers.
Tuition program management comes in many forms: employee tuition reimbursement, employee tuition assistance, and repayment of student loans for employees. This type of benefit can increase employee loyalty — and Bright Horizons can help organizations with implementation. We offer workforce education programs through Bright Horizons EdAssist Solutions® that are designed to meet both the needs of organizations and their employees. With over 30 years of experience, Bright Horizons is an industry leader in education benefits. We currently oversee approximately $1 billion in annual tuition reimbursements for hundreds of employers across the country. Additionally, we deliver a variety of other helpful benefits — including on-site childcare, back-up care, and educational advisory services for over 1,100 clients worldwide.
FORMS OF TUITION PROGRAM MANAGEMENT
- Employee tuition reimbursement - through this form of tuition management, an organization provides employees with funds they can use to further their education. Employees often pay tuition up front, knowing their organization will refund a certain amount of the cost incurred upon course completion.
- Employee tuition assistance - unlike tuition reimbursement, the employer pays for the cost of education from the onset, with no out-of-pocket responsibility for employees.
- Repayment of student loans - through student loan repayment, organizations contribute money toward employees’ student loans. This can help lessen the financial burden employees feel, and, therefore, increase employee wellbeing, loyalty, and productivity.
BENEFITS OF TUITION PROGRAM MANAGEMENT
Tuition program management helps organizations attract top talent. Studies show that employees have a higher affinity for organizations that offer tuition assistance management services and are generally more likely to be committed to their jobs. Plus, tuition program management boosts skill development in your workforce, therefore increasing employees’ quality of work.
Another advantage worth noting is tax savings — both employers and employees benefit from it. Employee education assistance programs are tax-free for employers; for employees, tuition-related expenses are usually tax-deductible up to $5,250 per annum. Bright Horizons EdAssist Solutions ensures that both employers and employees benefit financially from tuition program management.
In addition to the above-listed advantages, tuition program management helps reduce the cost of employee recruitment. As stated earlier, workers who enjoy tuition benefits stay with their organizations longer — and the cost of training and recruiting new employees is avoided. Organizations that invest in tuition reimbursement or assistance see increased ROI as a result.
According to dw.com, the current outstanding federal student debts in the U.S. total about $1.6 trillion. Private loans total an additional $123 billion, according to academic data collector MeasureOne. And student debt is increasing each year. For 43 million borrowers, monthly student loan payments can be a huge financial burden. Assisting in the repayment of student loans for employees can be a tremendous help.
Bright Horizons’ Tuition Management Programs
Bright Horizons can help you implement a robust, successful tuition management program for your employees. We provide:
- Management of employee applications to ensure they align with program guidelines
- Tuition payment vouchers to qualified employees
- Up-to-date reports to monitor program effectiveness
- Excellent customer service
- Appropriate program documentation from start to finish to lessen the burden of tuition paperwork
- Guidance that matches employees to the best-fit programs, from certificates to MBAs
- Support for the diverse learning needs of all employees, from those on the frontlines to executives