Employer tuition assistance may be available to members of your family

Before students and their families look into getting federal aid or scholarship assistance to help them with paying for college, parents should check with their employer's human resources department to see if the company offers financing for college tuition.

A popular benefit that some corporations offer their employees is either tuition assistance or full-ride financial gifts to help pay for higher education.

According to section 127 of the Internal Revenue Code, companies are allowed to offer employees up to $5,250 in education assistance benefits for undergraduate or graduate courses tax-free each year.

In most cases, this money is made available to employees as well as their dependents, meaning some parents can help lower their student's long-term debt burden through one of these programs.

This practice is also a win-win situation for companies that employ individuals who themselves are seeking a higher degree to better their job performance. By financing an employee's tuition, the company is essentially investing in creating a better educated and more productive worker in the future.

The practice of employer tuition assistance is especially common at many colleges throughout the country, specifically if employees of the institution decide to have their family members attend that specific school. Additionally, if a teacher or staff member wishes to get a better degree to increase their pay rate, the school will generally oblige them by offering the employee courses at that college.

Whether or not this option is available to you, the experts at College Financing Group have experience providing college financial assistance to students as they map out their path to a degree.