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      07-25-2010, 03:49 PM   #1
Makushr1
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MBA Tuition Reimbursement

I plan on going back to school Fall 2011 or 2012 full time. I've heard that some companies will reimburse your students loans if you sign something to stay there for X amount of years. Most larger companies will pay part of your tuition if you go part time, but I'd rather go full time. Obviously, the better ranking the school, the better chance you will be able to get reimbursed. Judging by my GMAT score and my GPA, I should be able to get into the bottom tier 1 schools (looking at Rice or UT).

Anyone have experience with this, getting your loans paid off by your employer?

Thanks!
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      07-25-2010, 05:05 PM   #2
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Quote:
Originally Posted by Makushr1 View Post
I plan on going back to school Fall 2011 or 2012 full time. I've heard that some companies will reimburse your students loans if you sign something to stay there for X amount of years. Most larger companies will pay part of your tuition if you go part time, but I'd rather go full time. Obviously, the better ranking the school, the better chance you will be able to get reimbursed. Judging by my GMAT score and my GPA, I should be able to get into the bottom tier 1 schools (looking at Rice or UT).

Anyone have experience with this, getting your loans paid off by your employer?

Thanks!
I know some people. What happened in their case though is that they were already employees in the company. They then signed a contract with their employer stating that they would stay with the company a minimum of XX years after their MBA and the company would pay for it. In the case they would leave earlier than the XX amount of years, they would pay the company.

So yeah, its possible, depends how much they like you...
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      07-25-2010, 05:11 PM   #3
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Quote:
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I know some people. What happened in their case though is that they were already employees in the company. They then signed a contract with their employer stating that they would stay with the company a minimum of XX years after their MBA and the company would pay for it. In the case they would leave earlier than the XX amount of years, they would pay the company.

So yeah, its possible, depends how much they like you...
Did they go back full time?
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      07-25-2010, 06:08 PM   #4
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my cousin was working for some company and they paid his tuition for USC MBA school if he stayed with the company for a certain amount of years (i dont know how many) but i think he only went part time not full
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      07-25-2010, 07:01 PM   #5
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Did they go back full time?
After the MBA? Obviously... If they are willing to pay for him, they certainly want his new knowledge ASAP.
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      07-25-2010, 07:14 PM   #6
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Quote:
Originally Posted by abisson View Post
After the MBA? Obviously... If they are willing to pay for him, they certainly want his new knowledge ASAP.
I think he meant full time MBA program.
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      07-25-2010, 07:17 PM   #7
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I think he meant full time MBA program.
Oh yeah, but I guess it could work either way.
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      07-25-2010, 07:22 PM   #8
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Yes some companies do pay for your tuition. I know some banks that do that. I also know a few people that are having their employers pay for their tuition. Like others have said, you have to stay with them for a certain amount of time and maybe even accomplish certain things, etc. It's best to check with your employer and see what they offer. Every company is different but you get the general idea here.
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      07-25-2010, 07:28 PM   #9
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Each employer is different, but I don't know of many companies that allow you to go to school full time and pay for it at the same time.

Most companies I've come across will only pay for you if you're still working with them aka going to school part time.

And back to your GMAT and GPA statement, your experience & company you work for/have worked for greatly effect where you get accepted to as well.
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      07-25-2010, 08:35 PM   #10
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Part time reimbursement is common at most big companies with little commitment but its usually subject to a certain dollar cap per year or grade requirement. You pay up front, they give you money after you provide proof or your final grade in each class.

Reimbursement for a full time program is unlikely right away. Those are usually ad hoc arrangements specifically for recognized highest potential employees. Plan on spending 5 years with the company before they'd entertain it and you best make a name for yourself and prove your worth in big ways a couple of times over. If you can get them to say yes, the normal commitment is 5 years after graduation.
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      07-26-2010, 08:51 AM   #11
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i think it depends on the company. i had some friends from deloitte, monitor, and PWC i think, who had their full time tuition covered, but they had to return to their company for a certain amount of years. also, this was back in the 03-05 time frame, so consulting was doing better in those days. not sure about today.
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      07-26-2010, 09:17 AM   #12
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Very few companies offer to pay full tuition for someone to go back full time to get their MBA. Most of these companies are Wall Street companies like Investment firms, Banking, or Consulting. As it was pointed out they usually require you to stay on for some period of time and there usually are other conditions as well.

There are a few example of companies paying for someone to go back full time if the company feels that person is being groomed for the executive path but these are far and few in between.

As it was pointed out most companies will offer tuition reimbursement as allowed by the government and not having a tax liability. Some even pay beyond that for an MBA program, but it shows as a taxable benefit.

I went back part time and did mine on the weekends not during the week which is killer, got my company to pay for all of it, and they paid it directly to the school via PO, it was listed as training not educational reimbursement so I had no tax liability and I agreed to stay on for 2 yrs, and there were a few other conditions as well.

Personally I think this is the best way, I kept my job and had full salary so I could still live the way I wanted less all the time I spent doing school work and the company paid the bill directly.

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      07-26-2010, 09:18 AM   #13
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Quote:
Originally Posted by Makushr1 View Post
I plan on going back to school Fall 2011 or 2012 full time. I've heard that some companies will reimburse your students loans if you sign something to stay there for X amount of years. Most larger companies will pay part of your tuition if you go part time, but I'd rather go full time. Obviously, the better ranking the school, the better chance you will be able to get reimbursed. Judging by my GMAT score and my GPA, I should be able to get into the bottom tier 1 schools (looking at Rice or UT).

Anyone have experience with this, getting your loans paid off by your employer?

Thanks!
BTW - it really makes no difference what school you go to as long as it's an accredited program. Companies either will or will not reimburse based on internal policy, not your school choice.
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      07-26-2010, 10:43 AM   #14
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What is considered full time? Is it like regular graduate programs where anything more than 6 units is full time?

I'm not sure about MBA, but I have a few friends who went on to get their master's and got partly or fully sponsored by their job.

I also hear that with companies like Boeing, they will fully fund you for any higher learning you choose to pursue, even if it's irrelevant to the field you're in.
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      07-26-2010, 11:56 AM   #15
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      07-26-2010, 01:47 PM   #16
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What is considered full time? Is it like regular graduate programs where anything more than 6 units is full time?

I'm not sure about MBA, but I have a few friends who went on to get their master's and got partly or fully sponsored by their job.

I also hear that with companies like Boeing, they will fully fund you for any higher learning you choose to pursue, even if it's irrelevant to the field you're in.
If the education is not related to your job/field, then the reimbursement will count as income and you'll have to pay taxes on it. In the US, the general criteria is that any education that allows you to do better/more in your current role/field is not taxable.
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      07-26-2010, 02:06 PM   #17
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If you go full time, how do you expect to work for the company that is paying for it?

With my company, they will give you $10K/year for a degree in your field, and you have to work for them for at least a year after you get the degree.
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      07-26-2010, 03:37 PM   #18
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If you go full time, how do you expect to work for the company that is paying for it?
because some companies give you the two years off while you go to school full time, at most they may require you to come to work during your breaks, some companies actually will pay a portion of your salary.
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      07-26-2010, 04:44 PM   #19
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BTW - it really makes no difference what school you go to as long as it's an accredited program. Companies either will or will not reimburse based on internal policy, not your school choice.
That's not 100% accurate. My current company will pay $5k/year if you go back part time. They do this with 95% of the employees that go back. However, I know of a few coworkers that had more than $5k paid for. Policies arn't 100%, if a company believes in you and doesn't want you to lose you, they will offer you a larger student reimbursement.
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      07-26-2010, 04:47 PM   #20
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That's not 100% accurate. My current company will pay $5k/year if you go back part time. They do this with 95% of the employees that go back. However, I know of a few coworkers that had more than $5k paid for. Policies arn't 100%, if a company believes in you and doesn't want you to lose you, they will offer you a larger student reimbursement.
+1.

And the school DOES matter.
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      07-26-2010, 05:08 PM   #21
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+1.

And the school DOES matter.
+2 the basic accounting, finance, etc subject matter in any MBA course you can easily learn online, or from books. what you pay for is access to an alumni network--and in that case, the choice of school is very important.

also, although there are morons and smart people in every school, the relative distribution differs from school to school (i've met fewer morons from stanford GSB in comparison to SJSU masters students, as an example. there are still morons present in both schools, but the ratios are quite different).
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