Employee Tuition Assistance Employee Dependent Scholarship Noel Sloan
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Employee Tuition Assistance Employee Dependent Scholarship Noel Sloan Vice President Administration & Finance, Chief Financial Officer
Program Overview ü Purpose • ü Benefit Coverage • • ü Employee tuition assistance exempts employees from tuition and fees for one course per term during any fall, spring or summer term (maximum of 10 SCH per academic year). Employee dependent scholarship is $600/term. Applicability • ü Assist employees and their dependents in obtaining undergraduate degrees. Available to employees of TTUSA, TTUHSC, TTUHSC-El Paso. Funding • Funding is from a quasi-endowment whereby annual spendable earnings are available to cover program benefits.
Program Overview ü Exclusions • • Employee Training and Development (HSC OP 70. 47). Section 127 Educational Assistance Plan covering current employee waivers for graduate level courses.
Program Expansion - 2010 ü Benefits expanded to include summer terms. ü Removed prerequisite of continuous employment (1 year for employee tuition assistance and 4 ½ months for dependent scholarship) to allow for benefits to be available to the term immediately following the date of hire. ü Removed GPA requirements and replaced with “student must maintain good academic standing. ” ü Removed the limit on the number of terms that a dependent student can receive the scholarship.
Current Program Status ü Issue • Program expansion along with growth of institutions has resulted in annual benefit cost in excess of available endowment spendables. • Current annual revenue is approximately $552, 000 and annual expenditures approximately $684, 000, or a shortfall of $132, 000. ü Options • • • Option 1 (estimated $200, 000 annual savings) 2. 50 GPA requirement Fall and Spring terms only Option 2 (estimated $127, 500 annual savings) 2. 50 GPA requirement Limit to 2 terms per academic year Option 3 (estimated $256, 000 annual savings) 2. 50 GPA requirement Limit to 2 terms per academic year Employee required to pay statutory/state tuition ($50/SCH); waive designated tuition and mandatory fees.
