Plenty of people use tuition reimbursement to find money for college to start or finish a college degree. These plans have much to offer. Take a look at how the pieces fit together and get started on that bright future.

The Benefit: organizations offer tuition reimbursement so that you will do more for them, in terms of higher productivity, better systems you can set up for them, and making the company more marketable.

The Requirements: what does your company require to participate? This is the place to start. Find out how to get into it and use it. I have listed most of the elements right here, but check to be sure you know your program.

Time with the Organization: How long before you can use this benefit? Usually 6-12 months.

University Application: you have to get accepted before you start. If you think this will hold you back, try starting at a junior college, in night classes, or distance classes. These two usually have lower acceptance requirements. Any application or test fees you will pay. Sort of the price to play the game.

Cost Sharing: How much will the company pay? 75 to 80% is common, but many pay 100% in advance. This is great, no waiting for reimbursement. Also, the benefit usually covers tuition and fees, but not books. Make sure you know.

Study Topic: does the company limit you to taking a course of study that benefits them? Some do, some don’t.

Reimbursement Schedule: how long does the company take? If they pay in advance, you can ignore this. If not, consider a loan, a credit card… or a bigger piggy bank.

Price per Credit: Lots of companies put limits on the cost per credit. Not so great if you are dying to go to Stanford or an Ivy league school, but it does mean you will take more classes for the same money.

University Agreements: Some companies have agreements with colleges and universities to send their employees there. You may get a discount or easier acceptance. Be aware, so you don’t spend time applying to a school you won’t get the benefit for.

Total Benefit: What will the company pay, total, in a year? And can you keep doing this for a few years while you finish all your classes?

Results: also known as the grade from the class. If you want the company to pay, you will have to get reasonable grades, usually a B or better.

There you have the quick basics of a great employee benefit. Use it! Sign up, get in school, start or finish that degree. You’ll feel great and have a better future. Good luck!

Need more info? Come to Beat-Tuition.com and download my free short report on financial aid.