I am planning on completing my BS degree at an expensive private university. When I graduate I'll have over $53,000 in student loans (private and federal). How likely will it be for me to find a job that will at least offer to reimburse half? I know some government jobs offer full, but I'd really hate to work for the government. Any other options?
Thanks
Answers:
Employers don't generally offer tuition reimbursement towards existing student loans prior to employment. The way tuition reimbursement usually works is that the employer will reimburse tuition on classes you take while being employed. So, that means that they pay for classes you take during your employment, but not usually for prior classes that are in existing student loans.
This generally means that you'll end up paying off the loans for your BS degree yourself after becoming employed. Then, you use tuition reimbursement program to obtain a masters degree or a second bachelors by taking more classes while employed. The reasoning is that an existing student loan may have paid for non-business related classes. Employers always want to be able to approve the classes you take before you sign up.
However, during the interview discussions regarding salary requirements (usually at the tail end of the interview process), you can attempt to request a sign-on bonus of a sum that will help you pay off your loan faster. Although, this part is related to salary negotiation and not tuition reimbursement.
Note: Found-1 is misunderstanding what I'm explaining. There will come a time during ALL interviews were they will ask you what salary you are expecting. Don't volunteer your salary requirement until they ask what salary you are expecting. Once they ask this question, this is the time for you to discuss your salary requirements including any other bonuses you may need to entice you to join their company. Be willing and ready to give them a number.
One other thing that should be noted. Unless you graduate in a field that is in high demand (and extreme shortage staffing-wise), you may not have enough leverage during the interview to get a sign-on bonus. So, it may not be wise to request a bonus. You may have to wait until several years into your career before you can request the pay and bonuses you need to get your loan paid off. You should know by the time you graduate if your career path is in high or low demand. If it's in low demand, it's not recommended to ask for high bonuses. Although, you should take into consideration your salary based on the profitability and size of the company. In other words, don't ask for maximum salary if you're talking to a 6 month old startup. Do ask for higher salary if you're talking to large extremely profitable companies.
Bonuses given may be contingent on a couple of things. First, the job they are hiring you to do is hard to recruit talent (the extra money is used as an incentive to get you on board). Second, you may be required to return the bonus if you leave the company prior to a certain agreed upon time frame (usually 2, 3 or 4 years).
Keep in mind that the information above is the way private businesses handle tuition reimbursement. I have not worked for a government agency, so their reimbursement programs might not cover existing student loans either. But, you'll have to clarify that with the government agency before you sign on.
I have heard of employers who do this, but from my experience you aren't eligible for it unless you are working for them at the time you are taking classes. Read the fine print on any company you are considering working for who advertises this benefit. Congrats on the degree!
Edit- What commorancy said is excellent. But be wary, any discussions of salary in a first interview (esp at your first job out of college) may turn off an employer from hiring you to begin with. I've always heard its not proper interview etiquette to discuss something that substantial ($25,000 is a big request) that early in the hiring process. Your application may go in the trash before you get to your car.
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