With college tuition rising, scholarships and tuition benefits are becoming highly prized among individuals of all ages. If you’re looking for an excellent benefit to encourage your employees and draw in new ones, consider adding a worksite (voluntary) benefits package that can offer help fund employees kids’ education with college rewards tuition points.
When employees enroll they receive Tuition Rewards Points which increase each year they continue to be employed and enrolled. Each tuition reward is a guaranteed one dollar reduction in tuition at any participating college.
This benefit is typically available for your employees or anyone in their family, such as children, grandchildren or nieces and nephews. There are a couple of options with these plans, some are tied to retirement balances, others simply add a flat amount of tuition reward points for every child, every year.
The amount placed into this scholarship account typically has no limit, but most colleges stipulate that the scholarship cannot exceed tuition for one year. There is a wide range of colleges who are joining scholarship benefit programs, so their families can still enjoy a wide range of potential schools to apply for.
This benefit is an excellent way to encourage existing employees and to be able to recruit top talent! Imagine being able to recruit employees by saying, “At our company, we help put your kids through college!” This is a powerful incentive to encourage employee retention and to attract the best talent pool.
Discover whether the college tuition benefit is right for your company. Whether you have 25 employees in a budding small business or operate a large international corporation, this dynamic scholarship opportunity is an attractive option for employees seeking the best benefits in your industry. Find out the exact rules and regulations regarding a college tuition benefit plan and get ready to create a powerful incentive for future employees in your industry.