Work-Life: Education Reimbursement

Graduation Day!As you think about your career options, have you considered continuing your education? According to the U.S. Bureau of Labor Statistics (BLS), workers with a bachelor’s degree earned an average of $464 per week more than workers with only a high school diploma — a higher salary that can add up over the course of your lifetime. While a higher income is a primary benefit of continuing your education, jobs that require bachelor’s and master’s degrees also tend to provide more benefits like health care, retirement, travel and other perks. These benefits may offer stability for you and your family.

Does your employer offer you education reimbursement? You may want to check with your Human Resources department. At Members 1st, we offer our associates educational reimbursement each calendar year. Our associates use this benefit to complete an associate’s, bachelor’s or master’s degree, or take college-credit courses to learn new skills. We currently have over 60 associates taking part in our educational reimbursement program.

Employer programs like this can help make attending or returning to college more affordable, but a recent study put out by The College Board showed average annual in-state college tuition in Pennsylvania was $22,299 for the 2017-2018 academic year. Will tuition ever stop increasing? Since 1978, college tuition and fees have increased by a whopping 1,120%. During that same period, the price of food has increased 244% and medical expenses 601%. In fact, tuition prices have gone up four times faster than the consumer price index, according to a report by Bloomberg.

Even if your employer offers tuition assistance, perhaps Members 1st can help you achieve your goals with one of our loan options. We also offer great refinancing options for those with current student loans.

By Sara J. Kennedy
Senior Vice President of Associate Experience

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