Now that's a work perk: On Monday, Starbucks announced that instead of covering two years of college tuition for employees, it is doubling the benefit to four years.
The company is partnering with Arizona State University's online degree program to offer all eligible full-time and part-time employees tuition reimbursement for a four-year bachelor's degree, USA Today reports. ASU Online offers 49 undergraduate degree programs with the average tuition setting a student back $60,000 over four years. Starbucks is planning to invest at least $250 million in the project, with the goal of helping at least 25,000 employees graduate by 2025.
More than 144,000 employees currently qualify for the program, almost 2,000 are already enrolled, and they do not have to stay with the company after receiving their degrees. "By giving our partners access to four years of full tuition coverage, we provide them with a critical tool for a lifelong opportunity," Starbucks CEO Howard Schultz said in a statement. "We're stronger as a nation when everyone is afforded a pathway to success."
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