A good education is key to success in any field. As an employer, you want your employees to be well-educated so that they can contribute to the success of your business. It’s no secret that employees with higher education tend to have better career prospects and earn higher salaries. But you may not be able to pay for your employees’ education yourself. Luckily, there are many scholarships available that can help cover the cost of furthering your employees’ education. If you’re looking to invest in your team’s future, helping them finance their education is a great place to start, recommends AG Morgan Financial Advisor.
- Merit-based scholarships include those that are offered on the basis of academic accomplishment or other merits such as community service or extracurricular activities. If you have a long-term employee who has done well, they may be a potential candidate for a merit-based scholarship.
- Need-based scholarships refer to those that are provided based on financial need. If you have an employee who is having difficulty paying for their education, they may be eligible for a need-based scholarship.
- Employee assistance programs (EAPs) are programs offered by some employers to help employees pay for their education. If you offer an EAP, encourage your employees to take advantage of it.
- Scholarships for Working Adults
If your employees are adults who are already working full-time, there are scholarships available specifically for them. For example, the American Association of University Women offers several scholarships for women who are returning to school to complete their undergraduate degrees. Many companies also offer tuition reimbursement programs for employees who want to further their education. Check with your HR department to see if your company offers this type of program.
- Scholarships for Veterans
Veterans have sacrificed a lot for our country, and there are many organizations that want to help them further their education. The GI Bill provides financial assistance for veterans who want to attend college or vocational school. The Post-9/11 GI Bill also provides benefits for veterans’ spouses and children. There are also many private organizations that offer scholarships specifically for veterans.
- Scholarships for Minorities
There are many scholarships available specifically for minority students. For example, the Hispanic Scholarship Fund offers scholarships for Hispanic and Latino students who want to pursue a degree at any level. There are also scholarships available for African American students, Asian American students, and Native American students. If you have employees from any of these groups, encourage them to search for scholarships that they may be eligible for.
Finance is one of the biggest barriers to entry when it comes to getting a higher education. However, there are many organizations that offer scholarships to help make attending college more affordable. If you’re looking to invest in your team’s future, here are three types of scholarships your employees can use to finance their education: scholarships for working adults, veterans, and minorities.