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Ready to take the next step in your career? An Executive MBA could grant you the theoretical knowledge and soft skills needed to advance in a competitive workforce.
Graduate education is a valuable investment, but not necessarily one you must make on your own. As you explore scholarship opportunities and financial aid, consider tuition reimbursement. Organizations that value leadership development often offer excellent reimbursement programs for their most promising employees. If your future includes growing leadership responsibilities, your employer may be willing to cover your graduate education, especially if you demonstrate that the skills gained in this program will make you a more productive and innovative employee.
How Tuition Reimbursement Works
Companies that offer tuition reimbursement typically require the student to cover costs at the front end, providing reimbursement upon class completion or degree completion. Actual reimbursement methods differ – some companies add tuition reimbursement to the employee’s regular paycheck. Others simply cut a check. Occasionally, companies reimburse in the form of stock shares. Some companies charge employees a small fee for this service.
No matter the specified payment structure, tuition reimbursement is taxable income. However, recent policy changes allow for tax exclusions on the first $5,250 in employer-based educational assistance. The first $5,250 should therefore not be included with wages and benefits in Form W-2’s first box.
How To Negotiate Tuition Reimbursement
Depending upon your company, your role or position and your future aspirations, you could be a great candidate for tuition reimbursement. If you demonstrate leadership potential, your employer may reimburse tuition and expenses for your Executive MBA program.
Lining up tuition reimbursement is not as complicated as you might think.
Get in Touch with Human Resources
HR departments are typically responsible for developing and maintaining tuition reimbursement programs. Obtain a copy of your company’s tuition reimbursement policy. Don’t forget to ask these essential questions:
- What coursework is eligible for tuition reimbursement? Is reimbursement available for Global Executive MBA or Executive MBA?
- How does reimbursement work? How often must requests be submitted?
- Is GPA a factor in tuition reimbursement?
- What portion of tuition is covered?
- Is reimbursement available for textbooks or other materials, or exclusively for tuition?
Enroll in Eligible Courses
After checking with your employer’s reimbursement program, enroll in classes. Double-check that your desired courses and degree program are eligible for reimbursement under your company’s policy.
The Jindal School of Management at The University of Texas at Dallas offers an Executive MBA program and a Global Leadership Executive MBA program. To learn more about tuition and financial aid, please visit our Tuition & Aid webpage.
