A college education can be a valuable investment in your employees. It can help them develop the skills and knowledge they need to be successful in their careers. And, if you foot the bill, it can also help you attract and preserve top talent. But footing the entire tuition bill for your employees can get expensive.
Applying for scholarships can be daunting, but the payoff is worth it. Scholarships can provide much-needed financial assistance to help offset the cost of tuition, books, and other educational expenses. Not only can scholarships help alleviate the financial burden of college, but they can also help attract and retain top talent at your company.
- Check with your local chamber of commerce.
The chamber of commerce is a good resource for finding your employees’ scholarships, as Jeremy Schulman suggested. Many chambers offer scholarships to members or their dependents. Some even have programs specifically for employees of small businesses. Contact your local chamber of commerce to see what programs they have available.
- Have your employees do the legwork.
Your employees should be doing their own research when it comes to finding scholarships. A number of search engines and databases can help them find scholarships that fit their specific criteria, such as field of study, GPA, or financial need. Encourage your employees to use these resources to find scholarships for which they may be eligible.
- Apply for employer reimbursement programs.
There are a number of employer reimbursement programs that can help offset the cost of your employees’ tuition expenses. These programs typically reimburse a certain percentage of tuition expenses, up to a set limit. Check with your human resources department to see if your company has any type of employer reimbursement program in place.
- Utilize tax-advantaged college savings plans.
If you’re looking for a way to save money on taxes while also saving for your employees’ college educations, look no further than tax-advantaged college savings plans. These plans allow you to set aside money for college expenses on a pretax basis, which can save you money on taxes in the long run. Plus, the earnings on these investments are usually tax-deferred or tax-free when used for qualifying education expenses. Talk to your financial advisor about setting up a tax-advantaged college savings plan for your employees.
Investing in your employees’ education can pay off significantly, both for them and your business. But paying tuition bills can get expensive quickly. Fortunately, there are a number of ways to get scholarships for your employees. By taking advantage of programs offered by organizations like the chamber of commerce or utilizing tax-advantaged college savings plans, you can minimize the cost of investing in your employees’ educations while still reaping the benefits. Also, there are a number of ways to get scholarships for your employees. Encourage them to apply for private scholarships, have them apply for federal and state grants, or set up an employer-sponsored scholarship program. By offering financial assistance for education, you can attract and retain top talent at your company.