Education Assistance Plan overview
Education Assistance Plans support employees’ educational and professional growth, covering various educational expenses and offering tax benefits to promote skill development and career advancement.
Coverage
Typical expenses covered include:
- Tuition and fees: For college, university, and other academic programs
- Course materials: Textbooks, software, and required supplies
- Professional development: Certifications, licenses, and continuing education
- Student loan assistance: Payments on existing loans (if included)
Non-covered expenses typically include:
- Professional networking memberships
- Conference fees
- Books that aren’t related to a course
Check your plan in the Level App for eligible expenses.
Documentation
Make sure to upload a receipt through the app after completing your transaction. For some plans, you may also need to provide proof of course completion. Refer to your plan documents for detailed requirements.
Eligibility
Your employer determines your eligibility, so check your plan documents in the Level App or contact HR.
Taxation
For most education assistance plans, the IRS allows up to $5,250 in tax-free education assistance per year. Amounts above this may be taxable. Consult a tax advisor or review local tax rules for guidance.
Termination
If you leave the company, remaining funds are managed according to your employer’s policies, so check with HR for specifics.
For more details, check your Level App.