Accessing Employee Education Benefits: A Guide to Tuition Reimbursement

A master’s degree can help you stand out in a competitive job market. As you consider adding a graduate degree to your resume, assess both the cost of acquisition and your potential return on investment. Those calculations should help you determine whether earning a master’s is worth the time, effort, and expense.

If you’re currently employed, you may be able to reduce the cost (and thus improve ROI) through a tuition assistance employee benefit. Almost half of all US employers offer some form of education reimbursement to their workers, enabling them to offset the cost of pursuing specialized training and earning an advanced degree. 

Employers are more likely to fund efforts that build employee skills and increase productivity. An University of Tennessee (UT), Knoxville, online Master of Science in Business Cybersecurity, with its focus on in-demand business cybersecurity leadership skills is well positioned to meet employer requirements. Continue reading to learn how employer tuition reimbursement programs work and how to approach your employer to inquire about your options.

What Is Tuition Reimbursement?

Tuition reimbursement is a work benefit that compensates employees for education expenses. Typically, employees pay upfront for their tuition and—upon completing their course, certificate program, or degree—submit receipts to their employer, which may reimburse all or part of the costs. Tuition reimbursement is a valuable benefit that helps employees gain new skills and knowledge without the financial burden commonly associated with returning to school. 

Businesses offer tuition reimbursement for many reasons, including attracting and retaining top talent. Research has shown that eight out of ten employees say tuition assistance makes them more likely to stay with their current employer, and 84 percent consider it important when deciding whether or not to join a company. Furthermore, by funding their employees’ higher education, businesses develop workers’ skills, expertise, and productivity. 

Steps to Access Tuition Reimbursement

Review Your Company’s Policy

Tuition assistance programs vary by employer, so the first step is to find and review your company’s tuition reimbursement policy. Check your employer’s HR portal or employee handbook, or reach out to your HR department. 

Once you have a copy of the policy, review it carefully to gather the following critical information: 

• Eligibility requirements: Many companies require employees to be full-time or to have completed a minimum length of service to qualify for this benefit.
• Covered expenses: Some employers cover the full cost of tuition; others cover only a portion. It’s also common for tuition reimbursement benefits to have a cap (the maximum amount paid out) for each financial year. 
• Course limitations: Many companies only cover degree programs related to your current job, while others also fund degrees that can help you pivot to a new role within the company. 
• Commitment period: Employees may be required to remain with the company for a specified period after receiving reimbursement.

Plan Ahead

Before meeting with your manager, gather the following information related to the online degree program you are targeting and develop a clear proposal outlining each aspect: 

• Program details, including focus and curriculum
• Expected time commitment and synchronous class schedules
• Program cost and how you plan to cover it (if your employer’s tuition benefit is capped, consider aligning the number of credits you take per year with the maximum tuition coverage amount)

Talk to Your Manager

Guide your manager through your proposal, explaining why you want to earn this degree and how you will balance your academic and work commitments. Explain how earning this degree will make you a better employee and benefit your employer.

Furthermore, anticipate potential objections or questions your manager might have and prepare responses in advance. For example, your supervisor may be concerned about your prospective courseload affecting your productivity at work or may be uncertain about the cost of the degree. 

Maximizing Tuition Reimbursement Benefits

Choosing the Right Program

Choosing a degree program aligned with an industry need (e.g.,e the UT online MSBC) can boost your chances of qualifying for tuition reimbursement. Cybercrime ranks among the most pressing threats of the digital era; 93 percent of cybersecurity leaders anticipate a catastrophe in the next two years. To mitigate these risks, businesses need more than firewalls and encryption. 

UT’s online business cybersecurity master’s program prepares students to help businesses navigate this challenging landscape and develop stronger business cybersecurity strategies. Furthermore, by studying online while working full-time, you can apply what you learn in real time to add value in your workplace long before graduation.  

Overcoming Common Challenges

Tuition reimbursement programs can present minor but manageable challenges. Caps and excluded expenses may limit the amount of your reimbursements. Time management—the unavoidable challenge of adding study to your work schedule—is another. 

How to Supplement Employer Benefits 

If your employer’s benefit doesn’t cover the full cost of your degree, consider these options to make up the difference. Common funding options used by graduate students include: 

• External scholarships and grants 
• Federal financial aid
• Personal investments 

Also look into potential tax deductions through education credits offered by the Internal Revenue Service (IRS). These credits help you reduce the tax you must pay, freeing up funds for your degree and related expenses,such as internet access and books. 

Balancing Work and Study 

Managing full-time work and online study demands requires a solid time management strategy. To develop your time management plan, follow these steps: 

1. Add all fixed commitments to a weekly planner. This includes work hours, live classes, and personal activities. 
2. Block out specific times to study. 
3. Make a list of priorities for the week, taking coursework and assignments into account, and decide when you will spend time on each. 
4. Stick to your schedule. 
5. Review your schedule at the end of each week to assess what worked and what didn’t and make necessary adjustments for the following week. 

Consider the Career Advantage of Earning Your MSBC at UT 

Earning an MSBC at UT can help you gain the skills and expertise needed to accelerate your cybersecurity career and stand out in a competitive job market. The UT online MSBC program features an industry-relevant curriculum taught by expert faculty members. The program’s 100 percent online format accommodates flexible, part-time study so you can earn your degree without putting your career on hold.

Studying while working full time also means you can use employer tuition reimbursement benefits, if available. The UT MSBC’s unique blend of business and cybersecurity skills makes it a compelling choice for employers. 

Take Your First Step Today Toward a Degree from UT 

Employer tuition reimbursement can make earning your MSBC degree more affordable and accessible. If you’re ready to start the funding conversation with your employer, review the UT MSBC page for everything you need to know about the program. We encourage you to contact an enrollment advisor—an expert in the program’s features—for personalized advice and guidance.