With historically low unemployment rates, attracting and retaining top talent can be a challenge for employers. To distinguish themselves from the pack, many companies are considering tuition assistance programs to both develop their workforce and as a benefit to attract and retain talented employees. Although the offer of student loan assistance might give you a leg up on the competition in a tight labor market, there are several things to consider before jumping in.

Why Tuition Assistance?

Currently, more than 45 million Americans owe more than $1.7 trillion in student loan debt — the second highest category of debt behind mortgages. Large corporations such as Starbucks, Walmart, and Amazon have all made tuition assistance a key part of their employee benefits’ packages. Younger workers are particularly attracted to educational benefits, often ranking them as one of their primary job considerations. Particularly in highly competitive industries, wise companies are leveraging the popularity of tuition assistance benefits to attract and retain the best talent.

The Primary Tuition Assistance Programs

The primary vehicles for tuition assistance programs are tuition funding programs, tuition reimbursement assistance, direct tuition assistance, and student loan repayment. Each of these programs have their own particular characteristics and benefits.

• Tuition Funding Programs – In tuition funding programs, employers provide scholarships, grants, or loans to students who...

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