My Tuition Assistance Program
Tuition Assistance Program
Tuition assistance experts
Your dedicated team: Let us manage your tuition assistance program for you, so you can attract the right kind of talent and allow your employees to focus on their primary responsibilities instead of managing a program.
We will take care of the details: Focus on building a quality workforce from within; let us handle the policies and procedures of your tuitions assistance program.
Spread the word: If your employees don’t know about it, they won’t use it. We will help promote your program to help you retain your top employees. As a full-service partner, we provide program branding, marketing and everything in between to elevate your program to the next level.
Reducing the economic burden: We have a growing number of schools involved in our Tuition Reduction Network. Schools within our network offer tuition savings to employees looking to achieve their educational goals with less debt. When you partner with us, you will get full access to the Tuition Reduction Network at no cost.
The tuition Reduction process
It’s simple. Let us design, administer and manage your tuition assistance program for you. We will immediately increase product/service promotion, awareness, staff retention and customer loyalty. A SJ Tuition Reduction program expert is awaiting your request.
Step 1: Program Setup
We design and develop a company-branded website and all necessary materials for your employees to get the information they need about your tuition reduction program.
Step 2: Application Review and Payments
We take care of all the administrative duties for you, from reviewing employee applications and determining eligibility to sending out payments.
Step 3: Reports and Tracking
Access to standard reports and usage history are all available to help you to determine the success of your program.
Tuition Program FAQs
What is a Tuition Assistance Program?
A Tuition Reduction Program (TAP) is a benefit provided by employers for financial assistance to employees taking education courses that meet specified criteria. Tuition assistance is not only part of a corporate benefit package, but is also an effective tool to support strategic talent management and learning and development initiatives.
There are two ways a company or individual can provide financial assistance through a tuition assistance program:
- Tuition Reimbursement: An employee pays for the course and then receives payment from the company once the course is completed and specified criteria are met.
- Prepayment: A company pays for the course prior to the employee completing it.
How long does it take to implement a TAP?
The total implementation time of a tuition assistance program is dependent on the criteria required to manage the program. Once the program details are finalized and approved by an organization, the implementation time is generally 2-4 weeks.
What is the average maximum reimbursement allowed per participant in TAPs?
Maximum reimbursement allowed per participant in these programs in Jamaica is on average just under JM$250,000.
How many employees take advantage of education opportunities when a TAP is offered?
On average, 10-25% of employees participate in a tuition reduction program. In companies that view tuition reduction more strategically and as an investment in human capital, the number is higher. The number is also higher in industries that view tuition assistance as a requirement, such as in the banking, customer service and insurance industries.
Is tuition assistance for employees considered taxable income?
YES! The TAJ's website details the minimum requirements that are necessary for annual corporate charitable tax deductions.