College Job Can Result in Long Term Financial Gain

Students who work during their college years earn, on average, $20,000 more each year for their first 15 years after graduation than do students who did not hold a job while attending college. That’s the findings of a study recently published by the Education and Employment Research Center at the Rutgers School of Management and Labor Relations.  It reportedly didn’t matter whether the student had worked part time or full time.  

There are several reasons for the wage premium, according to the report.  Some employers value on-the-job experience more than a student’s major or GPA. Also, a job in college can provide students with valuable references and networking connections.  And students who learn early to successfully balance academic and work responsibilities often have valuable time management skills to bring to their professional career.

While it’s ideal when college employment is related to a student’s academic major, another important consideration might be the benefits of the job. There are a host of companies that offer tuition assistance or tuition reimbursement as an employee benefit – some even for part-timers.  

At UPS, part-time employees are eligible to receive up to $5,250 in tuition assistance each year, up to a maximum or $25,000. Bank of America likewise provides tuition reimbursement of up to $5,250 per calendar year for both undergraduate and graduate programs.  Chipotle offers the identical amount for tuition assistance, as does Oracle for full-time employees.  

Verizon and AT&T employees are eligible to receive up to $8,000 a year in education benefits.  AT&T has a lifetime cap of $25,000 for undergraduates and $30,000 for graduate students.

Smuckers employees may be eligible for up to 100% reimbursement of tuition costs, and their children may get scholarships of $3,000 per year.  Additional programs are offered at a host of companies with local stores and offices, including McDonald’s, Wegmans, Walmart and Wells Fargo. 

College-bound students who are serious about avoiding college debt, or at least keeping it to a minimum, might want to carefully search for a job that could coexist with their academic schedule.  The rewards could be immediate, allowing students to pay many of their expenses as they arise, as well as long term, with a potential annual salary boost of $20,000 early in their careers. 

Susan Alaimo is the founder of SAT Smart. For the past 25 years, SAT Smart’s Ivy League educated tutors have prepared students for the PSAT, SAT, ACT, Subject Tests, AP courses, and all high school subjects. Visit www.SATsmart.com or call 908-369-5362.