Education Benefits You Should Know About

Education doesn't stop because of employment. Whether you're saving for future schooling, earning a degree, building new skills, maintaining a professional license, or paying off student loans, education can be a significant investment throughout your career.

The good news? You don't have to make that investment alone. Your employer may offer benefits that can help you save for, pay for, or make time for education. Let's look at some of the options available so you can find the benefits that fit your needs.

529 Plan Contributions

If you're saving for your own education or helping a loved one prepare for the future, a 529 plan is one of the most flexible education savings tools available.

A 529 plan is a tax-advantaged education savings account that grows tax-free and stays tax-free if funds are used on qualified expenses (which cover K-12, higher education, and workplace upskilling!). Your employer can help you build your 529 funds with employer benefits:

• One-time or recurring employer contributions
• Payroll deductions straight to your 529 account
• Crowdfunding options that allow friends and family to contribute

529s are for children and adult learners, alike. Ask your HR department what 529 benefits are available to you.

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Educational Leave

Balancing work and school isn't easy, which is why some employers offer educational leave.

Educational leave allows employees to dedicate part of their work schedule to pursuing education while continuing to receive pay. This benefit is most common in some government and private sector roles, helping employees build new skills without sacrificing income.

If your employer doesn't offer educational leave, consider asking about a flexible work schedule that better supports your goals.

Tuition Reimbursement

Already taking classes? Tuition reimbursement can significantly lower your education costs.

With tuition reimbursement, you typically pay for your courses upfront and your employer reimburses you after you successfully complete them. Some employers cover the full cost, while others reimburse a portion.

If you're planning to enroll in courses or are currently a student, ask HR about tuition reimbursement – you may be eligible for more support than you realize.

Continuing Education Assistance

Many careers require continuing education credits, certifications, or professional licenses to stay current. These costs add up fast, especially for early-career professionals. Luckily, some employers help cover these costs:

• Reimbursement for continuing education expenses
• Paying providers directly and upfront
• Contributing to a 529 plan that can be used for eligible continuing education, credentialing, and licensure expenses

If continuing education is part of your profession, ask what support your employer offers.

Student Loan Repayment

If you've already completed your education, your employer may be willing to help you pay down your student loans.

Employer student loan repayment assistance can include:

• One-time or recurring employer contributions toward your loans
• Payroll deductions so money goes straight to paying down debt
• Crowdfunding options that allow others to help with repayment

Even modest employer student loan benefits can help reduce interest costs and shorten your repayment timeline. If your employer doesn't currently offer this benefit, consider asking your HR team about adding it.

Did you know? Employers can contribute up to $5,250 annually toward an employee’s student loans tax-free.

See the impact an employer benefit could have on your loans

Student Loan Payoff Calculator

Employers Can Help You Invest In Your Education

Education is a lifelong investment. Whether you're planning for future schooling, currently enrolled, advancing your career, or paying off student loans, there's likely an education benefit worth exploring.

Start by talking with your HR department about what's already available to you. And if there's a benefit you value that isn't offered yet, don't be afraid to ask. The right education benefit can help you save money today while investing in your education and your future.