Financing Options

Surveys estimate that 60 percent of US companies offer tuition assistance. At Golden Gate University, many students take advantage of employer assistance programs. The money is not a loan but a benefit offered to full- and part-time employees by many companies.

Why do companies offer tuition assistance? "Up front, it's a recruiting tool," says Kathleen A. Taylor, the employee education program manager for Intel's domestic sites. "It helps us stay competitive from a benefits perspective. In the middle, it's a retention tool. In the end, it provides us with a more educated workforce."

Intel's tuition reimbursement program mirrors that of many other companies. Full-time employees are fully reimbursed for job-related course work and degrees. Part-time employees (at least 20 hours per week) are reimbursed for 62.5 percent of tuition costs. There is no ceiling on what Intel will pay, so long as the employee attends a regionally accredited school and maintains a C+ or better average (undergraduate) and a B+ or better average (graduate).

Employer assistance programs are usually handled through a company's human resources department. Employees who want tuition assistance fill out an application. At some companies, the manager must approve the application and pay the tuition through the department's budget. In other companies, approval is almost automatic.

"Most requests for tuition are approved," says Ellen Jaffe, director of tax administration at Deloitte & Touche, "unless perhaps a person wants to take two courses at once and we think they can't handle it. "Deloitte & Touche will occasionally pay for an employee to audit a class. They will also pay for all course work related to an MS in tax degree. "There are no requirements that employees who have received tuition reimbursement remain with the company," says Jaffe.

SBC Communications reimburses employees for both undergraduate and graduate degrees like an MS in telecommunications management. By supporting education for its employees, SBC maintains a capable workforce and furthers its goal of being the best in its industry. SBC will pay up to $3500 per year for tuition, and any regular or part-time employee is eligible to apply.

Employer assistance is a win-win opportunity for you and your company. But before you sign up, be aware of your responsibilities. If you are receiving reimbursement and you fail to complete a course or if your grades fall below your company's requirements, the company probably will not pay for your tuition. The obligation for paying the tuition is yours. Some companies pay for books and fees, and some do not. All companies expect you to continue with your normal workload while you are in school. Ask the person in your company who is in charge of tuition assistance for exact details of the program.

And if your company does not have a tuition assistance program, ask if they will start one. What better time than now?

The university offers a corporate reimbursement plan to students through Tuition Management Systems (payment plan management provider). The plan allows you to defer payment of your tuition until you are reimbursed by your employer. To be eligible for this plan, your employer must agree prior to registration to pay for your tuition and/or fees each term. An authorization form can be obtained from Student Financial Services or download the Corporate Reimbursement Plan form here. This form should be completed and submitted along with the business card of the authorizing officer to Student Financial Services.

In addition, in order to participate in this plan, you must sign with Tuition Management Systems (TMS) by calling 1-800-722-4867 or going to www.afford.com and paying a $100 processing fee (non-refundable) each term. All applicable university registration fees must be paid directly to the university. Payment is due on February 5 for the fall term, July 5 for the spring term and October 5 for the summer term. A statement will be sent to you by TMS, and all payments should be mailed to Tuition Management Systems, Payment Processing Center, PO BOX 0169, Cincinnati, OH 45274-0169 or by calling TMS at 1-800-722-4867.

The university is not responsible for billing your company. If for any reason your employer fails to pay the university, you will remain responsible for payment of the full tuition and fees. TMS will assess your account a late payment fee of $35 if not paid by the due date. The university will assess delinquent accounts a 1.5 percent finance charge per month beginning 30 days after the due date for the term.

The university offers a corporate/agency direct bill plan through the Office of Student Financial Services to students whose employer agrees to pay their tuition and/or fees up front, without grade or course completion limitations. The university will bill your employer directly for all authorized costs. To be eligible for this plan, students must be in good financial standing with the university and submit a completed Corporate/Agency Direct Bill Plan Authorization (click to download or pick up from the Office of Student Financial Services). In order for you to be eligible for this plan, this form must be submitted and approved prior to registration.

If your employer/agency authorizes less than 100 percent payment of registration charges, you will be required to utilize one of the university's other payment plans for the portion of the total charges that are not covered. If for any reason your employer/agency fails to pay the university, you nevertheless remain responsible for payment of the full amount of the tuition and fees. The university will assess delinquent accounts with a late payment fee of $30 and a 1.5 percent finance charge per month beginning 30 days after the due date.

The university offers an installment payment plan through Tuition Management Systems (payment plan management provider) to students in good financial standing. Students have the option to elect automatic debit from their checking account or credit card payment. In order to participate in this plan, you must sign with Tuition Management Systems (TMS) by calling 1-800-722-4867 or going to www.afford.com and pay a $55 processing fee (non-refundable) each term. The balance is due in two to five equal installments over the course of the term depending upon when you register.

All applicable university registration fees must be paid directly to the university. Installment payments are due to TMS on the first of each month. In all cases, final payment is due on December 1 for fall term, May 1 for spring term and August 1 for summer term. A statement will be sent to you by TMS, and all payments should be mailed to Tuition Management Systems, Payment Processing, PO Box 0169, Cincinnati, OH 45274-0169 or by calling TMS at 1-800-722-4867.

TMS will assess your account a late payment fee of $35 per occurrence. The university will assess delinquent accounts a 1.5 percent finance charge per month beginning 30 days after the final due date for the term.

International students are not eligible for the installment payment plan in their first term at the university.