Transforming tuition assistance programs (TAP)
There are major trends and shifts taking place within higher education. These trends are equivalent to big long waves that can last for a decade or more and they favor corporations who have tuition assistance programs (TAP).
- Macro Trend 1 – More than 75% of all students will attend multiple colleges before graduation.
- Macro Trend 2 – Students are no longer required to take all of their courses from one college or university; many colleges will allow up to 75% of courses within a common degree structure to be taken from multiple colleges and still issue the degree from their institution.
How do these trends favor corporations who are interested in employee development? The answer is having access to a centralized registrar’s office and the tools to address the construction of a personalized college degree plan – and it is simple to implement.
Access to a centralized registrar’s office allows students to use tools and academic resources to construct a forward course progression degree plan. The plan would contain unique components that align to student needs as well as to corporate development aspirations, and they can do so while graduating from the college or university of their choice.
A case study by Lumerit Education™ found that 87% of working adults who accessed TAP spent more money and time than necessary to complete their degree. For many students it meant they were spending tens of thousands of dollars more; while corporations potentially spend tens of millions more of unnecessary dollars. In all cases, neither the students nor corporations had access to the tools necessary to address the sophisticated degree plan construction to design formal course progression degree plans.
Imagine for a minute being an employee trying to plan a multi-city and multi-work purpose trip – 40 cities in total, without any centralized planning services from their place of employment. Yet, this is exactly what happens time-and-time again as students are planning multi-college and multi-course requirements to earn their degree. The Lumerit Scholar program allows corporate employees access to a central registrar’s office and the tools to navigate their degree completion journey. Below is a short video that best describes this service.
Today major corporations have added the Lumerit Scholar program to transform their TAP program while enhancing the development of their employees. Thousands of Lumerit Scholars access a global classroom for courses which are tagged and transferred to their intuition of choice. The power of a central registrar’s office and the world as your classroom, allows students to achieve faster degree completion, , and for many, enjoying tens of thousands of dollars savings.
The positive impact and satisfaction of knowing what is possible regarding time to graduation and out-of-pocket cost savings is a transforming benefit for employees. For major corporations, leveraging the macro education trends allows them to significantly increase the strategic value of their TAP program and enhance employee development while reducing the cost of higher education by tens of millions of dollars – and retaining a talented and well-educated workforce.
Rick Beyer,
CEO, Lumerit Education.
