Pursuing education when you are working full-time is challenging. You must manage your time and priorities wisely or else you could sacrifice one for the other. It could also be a financial issue as some cannot pay for higher education.
And yet, there are several benefits to pursuing education when you are employed. A higher educational achievement could secure your position in the company or qualify you for a promotion. Education is your ticket to career advancement.
Work-study programs are the best option for those seeking higher education and advance their professional career. Use this guide to learn about this program and the benefits that await you.
What is a Work Study Program?
Work-study programs are a form of financial aid given to qualified individuals. Several federal agencies and private institutions offer part-time jobs to graduate and undergrad students as financial aid. This program allows students to earn money to pay for their educational expenses and other needs.
The type of job that is offered to qualified students is often relevant to the student’s course. It is also available to professionals who wish to pursue another course or continuing education in their field to expand their knowledge or skill set.
Various jobs are offered to students in this program. However, they are usually available in limited slots. Make sure you apply to a program when you see one is available, or you can ask your employer about it (if you are currently employed).
How to Ask Your Employer to Fund Your Education
Some companies welcome the idea of entering their employees into a work-study program. This program offers plenty of benefits to the organization, such as the expanded knowledge and skills their employees acquire. It is beneficial and more cost-efficient for the company to pay for the employees’ education than to hire and train new employees.
The compensation package differs from company to company. Some will offer tuition reimbursement, while others offer a complete scholarship for your preferred college or university and additional financial aid.
If your employer does not offer this program, you can pitch the idea of a work-study setup to them. Your pitch must include specific details of the program, such as the college or university you wish to enroll in, the course you want to pursue, and the study duration. Your pitch must also explain the potential benefits the organization can get from your education.
Your company can enjoy the following benefits when they participate in work-study reimbursement programs:
- Higher education increases the productivity level in your company. The increased knowledge and skills can directly impact your overall performance. Gary Becker won a Nobel Prize for his work on the human capital theory, which details the link between higher education and productivity.
- It can positively impact the company’s bottom line. The more productive you are, the more your company can maximize its return on investment in your education. Many companies have partnered with colleges and universities because of the benefits of a work-study program.
- The company can enjoy tax credits and deductions. These tax benefits are an added incentive to the direct benefits that employers can get for funding their employee education.
Financial Aid and Earning
If you enter a work-study program, you are like a full-time employee (or part-time, depending on your agreement). Therefore, you will receive payment according to your employment status and the scope of your responsibilities.
The minimum you earn on the program is the federal minimum wage standard. You can earn more than this depending on your educational level and the type of work that you do for the company.
Other factors determine how much financial aid is awarded to qualified applicants of the work-study reimbursement programs. These factors include the level of financial need and the school funding level.
Upon determining the financial aid, the government will pay you based on whether you’re a graduate or undergraduate student. If you are an undergraduate student, you will receive hourly-based pay. If you are a professional or graduate student, your payment will vary based on your salary grade or work type.
The recipient will receive the payment at least once a month (or bi-monthly, depending on the company). This payment is given to you directly or deposited into your bank account (if you have specified this payment method). The financial aid will be used towards paying for school-related expenses but can also be used towards housing, food, and other basic expenses.
What About Working While on a Grant?
If you are granted federal aid, the number of hours you work will be limited according to the agreed work-study aid. You cannot exceed the number of hours you deliver or earn more than what you were approved for. These limitations are also placed to ensure that the work requirements do not impede your academic progress. The work-study program considers your class schedule to ensure that you can effectively manage your work and educational responsibilities.
Before you apply for a work-study reimbursement program, it pays to know the details of the contract. You have to know the consequences of failing to complete a course or if your academic performance falls below the program’s expectations. These are essential questions you must ask before starting the program.
- Will you be forced to repay the cost of your tuition?
- Are you required to maintain a particular grade?
- Will the financial aid be given upon enrollment?
- Can you expect to receive financial aid until the completion of the course?
Final Thoughts
The work-study programs offer benefits to the employee and employer alike. Many companies spend a great deal of money to hire or train top industry talent. However, this program offers the organization an opportunity to utilize its existing talent base and develop that to benefit your organization in the longer term. Whether you are pitching this program to your employer or you find organizations that offer this as an existing program, you have to know how to properly pitch your education to the employer and highlight its benefits.
