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Forbes
10-08-2025
- Business
- Forbes
How CVS Health Is Helping Employees Earn Degrees (and At No Cost)
While tuition assistance programs are common among large companies, only 2% of employees take advantage of the benefit. A collaboration between CVS Health and EdAssist is changing that with an innovative program that lets employees earn college degrees — and at no cost. The goal? To help CVS Health's employees take the next step in their personal and career journeys, while also helping the company fill hard-to-staff roles. The Problem With Existing Tuition Reimbursement Programs Why do so few employees take advantage of tuition reimbursement programs? It's a question I asked Diane Bartoli, SVP of EdAssist, a division of Bright Horizons that's a leading provider of workforce education and student loan solutions in a video interview. Bartoli believes that a key barrier for most employees is that typical programs are designed so employees must pay for and complete courses before they are reimbursed. 'Many employees, especially front-line workers, can't always readily afford to cover the cost upfront.' A second barrier is that the amount of the benefit is often less than the actual costs. A review of 25 tuition benefit programs from well-known companies shows that typical tuition reimbursement programs are often capped at $5,250 per year per employee. What's the magic number of $5,250? 'It's the limit the IRS allows companies to pay tax-free to its employees,' shared Bartoli. CVS Health's Prescription For A Win-Win Tuition Assistance Program Carmilla Tan, head of benefits at CVS Health, recently shared with me how the company collaborated with EdAssist to reimagine its tuition assistance program from a traditional tuition reimbursement program to an innovative one that allows employees to access over 80 programs at no cost, ranging from high school diplomas to graduate degrees. Tan explained the program's four key attributes that make it easy for employees to begin their upskilling efforts. First, the program eliminates the need for employees to enroll and pay for their courses upfront. Rather, employees simply enroll in any courses from four pre-approved universities and the cost is covered. Second, there is no limit to the number of courses employees can take. So, employees who want to fast-track their education don't have to hold back on the number of courses they take, because they don't have enough tuition assistance money to cover the costs. Third, many of the course options allow for both traditional courses and self-paced online courses, which gives employees flexibility to fit the courses they take into their schedules. Lastly, employees are paired with an EdAssist coach who works with them one-on-one to create a customized education plan based on the employee's educational interests and the amount of time they are willing to commit. Tan believes hands-on support is key to helping employees feel comfortable with getting past their hesitations. But what if employees don't want to use one of these options? Fortunately, they can still participate in a traditional reimbursement program to pursue job-related degrees from any accredited university nationwide. A Textbook Example Of Optimizing Tuition Assistance Cecilia 'Cece' Smith is a textbook example of how tuition assistance programs can transform careers. When she joined the company five years ago, she couldn't have imagined she'd soon earn both bachelor's and master's degrees. But when she heard about the CVS Health Tuition Assistance Program during the onboarding process, her life changed. With support from the program, she earned consecutive degrees in health administration — and all this while balancing full-time work and motherhood. The program stood out to her, in part because it did not require any out-of-pocket expenses for enrollment. Cece already had an associate's degree, but she wanted to further her education, and the program offered her a path to achieve this without incurring additional costs. She also appreciated that she could take classes at her convenience, including early in the morning or at night after she put her son to bed. 'I really wanted to show my son the value of working to make yourself better. So we would sit at the dinner table and do homework together. It was really cool to have study time together and taking the time to study didn't seem like such a burden,' she noted in an interview. As Cece became comfortable taking classes, she grew more confident about increasing the number of courses she was taking, fast-tracking her to a bachelor's degree in health administration with a specialization in healthcare informatics. From there, she went on to earn her master's degree. She earned both in less than three years. 'I learned my skills and I earned my degrees,' she shared. 'Nobody can take that from me.' While Cece openly knows she can take her skills to another company, she is loyal to CVS Health: 'I am very thankful that my managers encouraged me to continue learning and growing.' Cece has become a huge advocate for the program and actively encourages other employees to take advantage of it. A Tuition Assistance Program Win-Win The CVS Health tuition assistance program is a prescription for success, creating a true win-win for both employees like Cece and CVS Health. For example, since Cece participated in the joint CVS Health Tuition Assistance Program, she has been promoted twice and is now a senior manager supporting patient safety as part of the company's Medicare Star Data projects. However, CVS Health is also winning with the program. Tan explained, 'The program is helping us upskill our current employees and fill critical skills gaps, such as how Cece has stepped into a high-demand, advanced data analytics role.' While upskilling all employees is important, one job that's essential for CVS Health is its pharmacist positions. Pharmacy school applications have decreased by 60% in less than a decade. To fill this gap, the company created a special tuition assistance program targeted to help CVS Health pharmacy interns complete their education. 'Core to our business is making sure we have a good supply of pharmacists who can then help run the many facets of CVS Health and Caremark,' stated Tan. Tan explained that CVS Health's PharmD tuition assistance program lets retail pharmacy interns take advantage of up to $20,000 per year for their last two years of pharmacy school. "We're the leaders in providing the next generation of pharmacists. It's been so successful that we actually have deans of pharmacy schools thanking us for introducing a program that removes barriers and allows for broader student benefit.' CVS Health's innovative approach is paying off. Recall that only 2% of employees take advantage of the benefit. At CVS Health — that number is 4%, making their program twice as effective as the typical program. And a critical intangible? Happy employees like Cece, who are leading other employees to invest time in upskilling, while CVS Health supports their journey. The Bottom Line Tuition assistance programs, such as the CVS Health/EdAssist partnership, are an excellent way for companies to empower and upskill their workers. The program represents a win-win, both in terms of the partnership between the two companies and in terms of the benefits for CVS Health and its workers.
Yahoo
11-07-2025
- Business
- Yahoo
It's a cruel summer for student loan borrowers. Here's how business leaders can make the case for better benefits for their employees
Student loan borrowers are facing a brutal new era, as the Trump administration begins to garnish the wages of people in default, and millions who were part of a Biden-era repayment program are hit with interest payments once more. The slow-motion crisis is only getting worse, but there are ways for employers to step in and help workers who are feeling the pinch. There are several benefits that companies can offer employees struggling under unwieldy debt burdens, including matching student loan contributions to retirement plans, PTO exchanges, financial planning counseling, and education assistance programs. But half the battle for business leaders is convincing their company's top brass that they should even offer these benefits in the first place. Only 9% of organizations offered student loan benefits in 2024, according to SHRM's employee benefits survey. While that's an increase from 7% in 2022, the vast majority of businesses still don't offer any kind of assistance to employees. Fortune spoke with several student loan benefit experts about how to make the case for offering the perks that are still rare, but increasingly relevant. 'It's been an evolution and the recognition that student loans are here to stay, and, quite frankly, that the student loan debt crisis is real,' says says Stacey MacPhetres, senior director of education finance for EdAssist by Bright Horizons, which offers tuition assistance and student loan repayment benefit plans. 'Employers are starting to recognize that it is a necessary benefit, and no longer a nice to have.' Garnishing wages has a huge impact on personal finances, and can dramatically affect a borrower's credit score. That can further impact someone's ability to get a car or home loan. 'It's like an economic earthquake ripping through those who are part of our workforce that have pursued the degree to get the job in the first place,' says Laurel Taylor, CEO of Candidly, a financial wellness company. She adds it's not just an issue only for young people or new graduates, but includes people in their 30, 40s, 50s and beyond. Employers who acknowledge the stress that employees are under, and show up with benefits to try and address those problems, have the opportunity to cultivate a feeling of appreciation among workers. 'This is a chance to demonstrate, from an employer's perspective, empathy. To build loyalty and differentiate that employer brand in a very fiercely competitive talent market.' Many companies that choose to offer student loan assistance do so as an incentive to keep employees around, and discussing the benefit in terms of ROI can help employers make the business case for that kind of perk. Employees with more debt are more likely to job hop—around 61% of employees without debt were willing to stay with their current employer compared to 39% of borrowers, according to a report from MissionSquare Research. Taylor says her clients that offer those benefits reduce turnover by an average of 33% to 58%, while employers that traditionally have higher levels of turnover, like hospitals, can see turnover reduction of 76%. Offering student loan benefits can also help a company stand out when it comes to recruiting new employees. Businesses shouldn't be afraid to tout their offerings, especially in job ads or during candidate interviews, notes Ted Kane, a partner at insurance brokerage firm Brown & Brown. 'If I'm choosing between employer A and employee B, and I'm going to get a student loan repayment, I'm going to employer A, unless there's a big difference in salary,' he says. One of the main criticisms of offering student loan benefits is that they're not cheap. But there are many options out there for business owners that won't actually cost them extra money. Under the Secure 2.0 Act, passed in 2022, companies can take the funds they would have used to match employee retirement contributions and instead use them to help them pay off student loans. PTO exchange programs also allow employees to take any unused time off and convert it into cash for loan payments. Finally, employers can offer to turn a sign-on bonus into a monthly student loan contribution over a number of years, according to MacPhetres. These kinds of programs tend to be an easier sell for leadership, because the money is already budgeted. While student loan benefits are still offered by a minority of companies, experts say they're gaining steam. 'It used to be that companies would give access to refinancing, maybe as part of a voluntary benefit platform. But now they're looking to actually repay the loans,' says Kane, who estimates around half of employers he comes into contact with are at least thinking about these perks. When wage garnishment begins, companies will be confronted more directly with the severity of their workers' financial situations, says MacPhetres. Student loan benefits today are where retirement savings accounts were in the 1980s, she adds. Something that's nice to have now, but will one day turn into absolute must. 'This is something that comes up in every conversation with employees as they're navigating their futures, and I think employers are starting to take notice.' This story was originally featured on
Yahoo
27-05-2025
- Business
- Yahoo
Education Programs Key to Retaining and Attracting Talent for Companies
EdAssist by Bright Horizons' "Smartest Employer Spotlight" Highlights Programs Impacting Employees' Career Mobility NEWTON, Mass., May 27, 2025--(BUSINESS WIRE)--Frontline workers make up roughly 70% of the United States' workforce and are an integral part of our economy. Yet, they're often overlooked when it comes to meaningful investments in their learning and development. When you consider that 71% of hourly employees are interested in developing new skills, but nearly half of them worry they won't have their employers' support, it's not surprising to learn that according to McKinsey the number one reason frontline workers leave their job is career development. In its most recent "Smartest Employer Spotlight," EdAssist by Bright Horizons, a leading provider of workforce education solutions, is recognizing a select group of employers that have long been committed towards supporting their employees – especially those on the frontline – through robust education benefits. The companies recognized in this year's spotlight include: Comcast NBCUniversal, GlobalFoundries, Papa Johns, and T-Mobile. These employers offer comprehensive and effective education benefits, with a focus on making those education programs accessible and affordable for employees. These programs include free or no cost degrees, career pathways and/or student loan repayment, to further support their employees' education and career advancement. "We're currently at an inflection point, where companies will need to engage workers differently to attract and retain talent. Best-in-class organizations like those highlighted in our Smartest Employer Spotlight, who can create programming that engenders loyalty amongst their employees – particularly learning and development opportunities that allow workers to gain new skills and expertise required as business needs change – will be those that see the most future success," said Diane Bartoli, Senior Vice President of EdAssist by Bright Horizons. EdAssist partners with employers to create education assistance programs for employees that support both their career growth and financial well-being. The education programs offered by these "Smart" employers are critical to employee retention efforts, especially workforces that include a significant number of frontline workers. EdAssist's criteria to make the "Smart" list included: Availability of education benefits for both full- and part-time employees, including frontline workers Education options that include a variety of both degree and non-degree programs Access to success coaches to help employees navigate skills-based and degree-granting educational options and to guide employees along their journey to completion Demonstrated commitment to removing barriers to education by offering pre-paid tuition to alleviate employee out-of-pocket expenses and by reducing student loan debt to ensure equity across employees For more information on EdAssist by Bright Horizons' education assistance and student loan service options, visit About EdAssist by Bright Horizons EdAssist by Bright Horizons is a leading provider of workforce education and student loan solutions, reaching more than seven million adult learners through partnerships with more than 200 of the world's largest employers to deliver high-quality, affordable education programs designed to recruit, retain, and grow talent. In collaboration with over 200 post-secondary institutions in the U.S., EdAssist designs strategic education benefits programs that help build a talent pipeline for in-demand roles, fill skill gaps, and help companies develop the workforce necessary to innovate, grow, and compete in the global economy. About Bright Horizons Family Solutions Inc. Bright Horizons® is a leading global provider of high-quality early education and child care, back-up care, and workforce education services. For more than 35 years, we have partnered with employers to support workforces by providing services that help working families and employees thrive personally and professionally. Bright Horizons operates more than 1,000 early education and child care centers in the United States, the United Kingdom, the Netherlands, Australia and India, and serves more than 1,450 of the world's leading employers. Bright Horizons' early education and child care centers, back-up child and senior care, and workforce education programs help employees succeed at each life and career stage. For more information, go to View source version on Contacts Taylor GallagherSenior PR Sign in to access your portfolio
Yahoo
03-05-2025
- Business
- Yahoo
My First Job Helped Me Pay Off My Student Loans in 6 Years — Here's How
Americans carried a collective $1.7 trillion in student loan debt in 2024, with 92.2% of that in federal student loans, according to the Education Data Initiative. Many graduates view student loan debt as an albatross that prevents them from building an emergency savings, buying a home, or saving for retirement. Read More: See Next: According to a study from EdAssist by Bright Horizons, 86% of US workers with student loan debt said the price of their degree wasn't worth the emotional cost on their overall well-being. But not every graduate feels this way. Some student loan success stories prove it is possible to pay off your student debt in about the same time it can take to pay off a new car loan and move on with your life. The secret sauce? Hard work, financial discipline, a stable job and steady, manageable loan payments. Aaron Whittaker, VP of demand generation & marketing at Thrive Internet Marketing Agency, has been with the company since the start of his career. As he moved up the chain-of-command from graphic designer to executive level, he was able to pay off $40,000 in student loans from University of Texas at Arlington within six years. 'I hadn't started making six figures fresh out of school,' Whittaker said. 'But my first job was as a graphic designer at a growing marketing company, and I had stability, a solid salary, and employer benefits like a 401(k) match that I took full advantage of.' Like many new graduates, Whittaker knew he didn't want to 'spend my twenties paying off debt or sacrificing joy in order to become debt-free fast.' Instead of making 'aggressive monthly payments of $900,' he said, he chose an extended repayment plan that reduced the monthly outlay to $520. Discover More: 'That gave me room to create an emergency fund, invest early and to enjoy a bit of life in my twenties without financial panic,' he said. As he worked his way up the corporate ladder, to see several salary increases, he has also remained disciplined with his payments. 'Within 6 years, I paid off my student loan and, several years later, I'm still at the same company,' he said. Whittaker was successful because he entered an in-demand field with room for growth and made a plan for student loan repayment that he knew he could stick with. 'My approach was not about rushing to zero; it was about long-term sustainability,' he said. 'I continued to make steady payments, stayed consistent in my approach and kept on working hard in my career. My key advice here is: Don't feel pressured to pay off your entire student loan debt quickly. Build a solid base — budget wisely, use employer resources, and recognize that financial wellness is a marathon, not a sprint.' More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early How Far $750K Plus Social Security Goes in Retirement in Every US Region 12 SUVs With the Most Reliable Engines Sources: Education Data Intiative, 'Student Loan Debt Statistics' EdAssist by Bright Horizon, 'Student Loan Debt and AI Ignorance: The Silent Career Killers' This article originally appeared on My First Job Helped Me Pay Off My Student Loans in 6 Years — Here's How Sign in to access your portfolio
