Discover Offers Employees Help With College Tuition

Discover employees have just received a new benefit: a free college degree. The financial services company recently announced its new program, The Discover College Commitment, enabling full-time and part-time U.S. employees (minimum 30 hours per week) to obtain a college degree by helping them pay for college.

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Discover will help with college tuition by covering full employee costs for books, fees, supplies, and tuition for the program. Workers are eligible for it beginning on the first day of employment and can complete their degrees on their own timeline.

Around 99 percent of Discover’s 16,500 employees will qualify with some potential appeal coming from its 7,000-plus U.S. call center workers: 70 percent don’t have a college degree, CBS News reported.

Workers can pick one of seven business or computer science degrees from three selected online universities. The degrees will include four business majors or a computer science, cybersecurity and organizational management emphasis through Brandman University, the University of Florida (via UF Online), or Wilmington University.

But there’s more to the benefit as it is also about Discover’s employee retention. The company said it has a two-fold motivation behind this perk: helping to recruit and retain good employees and “doing the right thing” by preparing workers for a broad spectrum of internal or external career opportunities.

To administer the program, Discover is partnering with Guild Education, an online education and tuition reimbursement platform that assists large employers with education benefits. Guild will offer coaching to Discover workers by assisting them through the application process and helping them determine a suitable degree.

If Guild sounds familiar, it might be from Walmart’s May employee education announcement. Guild is undertaking a similar role for the large retailer. This comes as offering education benefits to employees has been rising as the competition to obtain good workers is increasing.

More Companies Offering Education Benefits

In 2018, numerous companies have expanded tuition benefits. Besides Walmart, McDonald’s, Taco Bell, and some hotel chains have joined the party, reported CNN. Also this year, Lowe’s announced a contribution of up to $2,500 for employees to receive skilled trade education while Lyft began offering education discounts to its drivers last December.

This trend comes as a recent Harvard Business School study found that tuition assistance benefits rank high on workers’ desired benefits, surpassing child-care assistance and parental leave. Many companies offer up to $5,250 annually; anything higher can be taxed as income.

Sourced from Debbie Baratz originally published at https://lendedu.com/news/discover-offers-employees-help-with-college-tuition/

Four Reasons To Focus On Paying Off Student Debt

It’s an unfortunate but inescapable fact of life that most who choose further education are now graduating and beginning life with debts. Often, they won’t be the only debts that are quickly amassed when you’re starting out in a career, trying to find an independent living situation and all the other expenses that come in this period of time. But should there be a focus on paying off tuition fee debts early, even during challenging Financial Times when you’re learning to budget? Well, the answer is yes, for these reasons…

Lower Your Debt Risk

If you already have significant amounts of student debt from tuition fees, you’ll find it harder to get lenders to give you additional money that you may desperately need for housing or setting yourself up in a job. Your debt to income ratio is an important factor in being able to access lower-cost borrowing and also frees up more of your disposable income every month, the less you have. This means that you’re more able to work towards other financial goals you may have, such as saving for a home deposit or a car.

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Minimise Inescapable Debt

If you encounter some truly unfortunate circumstances – serious illness or loss of a job – early on in life, your financial situation can quickly spiral out of control. But even declaring bankruptcy doesn’t spare your student loans – they still need to be paid back. This makes it a smart idea to pay back those loans, because you’ll still have to keep on top of them even under dire circumstances which is extremely difficult. Paying them down means you’ll be better able to deal with other money challenges in your life.

Escape Servicing Charges

It isn’t just the amount you owe on your student loans, it’s the money you lose out on over the long-term servicing that debt. Money that you spend on paying down a loan is essentially dead money – it’s not working for you. Whereas that same money invested into funds is generating a return for your future. And time compounds that situation, so as long as you’re making repayments, you’re missing out on that money working for you. Speak to a specialist service like RefinanceStudent.Loan to make sure your repayment schedule is optimised against your other financial needs and commitments. The sooner student debt is paid off the sooner you can concentrate on making your money work for you in other ways.

Live a Less Stressful Life

If there’s one thing for sure, it’s that living with debt is toxic for our stress levels. As life can be quite stressful enough when you’re just staring out trying to build a career, you want to try and minimise other sources of it. Getting focused on a debt repayment plan can help in itself – if you know there’s a way out, it can help to ease any anxieties and you know that you’re more in control of the situation and able to handle other curveballs.

Savvy Studenthood Doesn’t Mean Skimping

Becoming a student is an exciting time for any young person, with a lot of changes coming their way. You will have loads of newfound freedom, a chance to learn about something you love, and, most importantly, your first opportunity to manage your own money. Finance is probably the scariest part of getting into this part of life. Having never managed it before, you will have a lot of learning to do, and not much time to do it. Of course, though, if you’re savvy enough, you might not have to have a hard time at all.

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What You Spend: In reality, most students have little reason to spend money on anything other than rent, food, and the other essentials which come with life. Of course, you will probably want to spend something on yourself, too, but this shouldn’t cut too far into the money you have. Companies like Urbanest can help you to find student accommodation in luxury locations and with beautiful interiors, and they don’t have to cost more than what you would get with the university itself. Often having bills included, this can save huge amounts of money, and you won’t have to compromise on your living situation to achieve it.

Books, Books, Books: One of the most expensive parts of studying is the paperwork which you have to buy to go along with it. With some books costing as much as a new smartphone, it’s easy to see how it can be hard for people studying to afford these materials. In most cases, though, you can find very similar content in the form of e-books. Digital books like this are best read using a tablet computer, but this will only cost the same as a couple of your core texts, and may be able to save you money.

Something On The Side: While the life of student can be a very stressful one, it often isn’t very busy. For a couple of months each year, everything will be full steam ahead with your work. But, for the rest of it, you will either be slowly learning or away on long breaks. During these times, you have a great chance to make some money, and it will only take finding a job or starting small business to do it. With some extra finance in your pocket, it will be a lot easier to get through the year with a good amount of money saved up. Of course, it can be worth dropping this once you have gotten back into your studies.

Hopefully, this post will inspire you to start working harder than ever before on your studenthood spending. By finding ways to make things cheaper, make some extra money, or even get things completely free, you will make it easier to avoid compromise in your living. When everything is new and life is getting overwhelming, being comfortable will be very important, and a lot of people will find it hard to learn how to look after their money when they aren’t earning anything.

 

College Is The First Step To Fantastic Finances, What Comes Next?

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We all know that to get a decent salary in life, you need a college degree. Yes, there are exceptions to this rule, but for the most part, that’s the hard truth. A degree will get you in at a ground floor position in a company, and if you do exceptionally well in college, getting great grades, it might even be a prestigious company. What is often not discussed is what comes next.

It’s worth pointing out that we said a decent salary, not a great one. We also said a ground floor position not a key figure in a company. We should be teaching students and perhaps even kids that their journey to financial success isn’t over once they have that degree in hand. There are a few other things that they will need to do to gain the income level they hoped for. Let’s start by thinking about making sure that they do stand out on the market.

The Side Hustle

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Side hustles like blogging, writing or freelancing aren’t about making money. Anyone who tells you that these types of activities (completed in your spare time) are going to have a substantial impact on your finances is lying. But that’s not the point of them. The point of side hustles is to show initiative and to show some skin to your employers. By doing this, you can make sure that you stand out on the market and that you do look like the type of person that they want in their business.

Remember, for the best positions, employees aren’t looking for someone who is green. They want an individual who had experience even before they left college. That’s how to ensure you’re considered for the position that brings that big paycheck.

The Additional Degrees

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The first four years of college should never really be the end of your learning path. You should, in your spare time be looking for ways to boost your official qualifications further with additional degrees. You might think that this means you have to go back to college, but that’s not true. Even industrial degree likes engineering can now be obtained online. a masters in engineering management online will give you the qualification you need to soar in this industry. It won’t just gain you access to a position in the company, it will ensure you are considered for a top role in the business.

Nothing Less Than Your Best

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Last but not least, you must make sure that you are always giving your best in any position you take on before or after the end of college. It’s unrealistic to think you’re going to get your dream position in your ultimate company straight after you leave school. There’s going to be a lot of positions that you use the fill in the gaps. That’s fine as long as you treat them with the importance that they deserve. You can not afford to mistake these jobs as a place where you can complete the minimum work until something better comes along. References matter when you want to succeed and get your income to the highest possible level.

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