Education
Accounts

Stand out from the crowd of employers with this competitive, modern education reimbursement benefit.

Education Account features that benefit you:

Complete plan design customization

Gain and retain top talent

Improve employee engagement and productivity

Education Accounts by BASIC allows you to offer sought-after benefits to attract and retain the top talent. Stand out as a progressive employer as benefit preferences of young professionals switch from retirement to paying off student loans.

Total Employer Control

BASIC gives employers complete flexibility with both Education Account types. Both plans can be designed to encourage long term employment and loyalty by setting up tiered benefit levels based on tenure, allowing employees to “unlock” additional benefits over time.

Set eligibility requirements for Tuition Reimbursement such as employer-approved programs, minimum GPA, and much more. BASIC gives you the tools to develop your in-house talent pool on your own terms.

Give your employees a high value education reimbursement benefit that will set your company apart, request an Education Accounts proposal today!

Two Different Education Reimbursement Accounts

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Tuition Reimbursement Account

Employers offering this tax-advantaged* benefit can enhance the talent pool from within their organization or use it as a recruitment tool. Our Tuition Account offers complete design flexibility. Reimbursement eligibility options include a pre-determined expense cap, employment tenure, program study parameters, GPA requirements, and commitment of employment.

Employers define the parameters and BASIC handles the rest. Participants’ reimbursements are added to their MyCash account linked to their BASIC Card – faster than a check or direct deposit. Learn more about the BASIC Card & MyCash!

* Refer to www.basiconline.com/regulations to view annual tax-free reimbursement maximum

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Student Loan Reimbursement

While not a tax-advantaged plan, eight in ten workers with student loans say they would value working for a company that helps with student loan debt. Employers that offer this highly coveted benefit can attract the highest quality candidates.

Choose to reimburse a predetermined cap or percentage of an employee’s monthly loan payment. Plans can include a commitment of employment following reimbursement or increased reimbursement amount over time to encourage long-term employment and loyalty.

BASIC handles all the verification and reimbursements.

We’re happy to help

Relationship Managers available for large clients or our preferred referral partners
Toll-free support with below industry average hold times for all clients
Readily available customer service representatives for participant questions on eligible expenses
Our CDA benefit system empowers clients to perform routine functions like enrolling or terminating employees from a benefit plan at any time.
Support Requests can be made directly in our CDA benefit system, enabling clients to quickly request changes to their benefit plan, plus receive a tracking number and status updates. No need to track multiple email addresses or wonder about the status of your request.

About Education

What are the benefits of reimbursing employee education costs?

The benefits of reimbursing employee education costs include fostering a skilled workforce, increasing employee engagement and loyalty, attracting top talent, and differentiating your reputation from competitors. BASIC offers two forms of education reimbursement accounts (Student Loan Reimbursement and Tuition Reimbursement).

Why should an employer offer BASIC’s Student Loan Reimbursement Account or Tuition Reimbursement Account?

Employers offering a Student Loan Reimbursement Account can attract and retain talent, differentiate themselves in the job market, and support employees’ financial well-being, whereas a Tuition Reimbursement Account may encourage ongoing education and skill development of your current staff, but doesn’t directly address existing student debt burdens. An employer may choose to provide both accounts to experience the benefits of each offering.

What are some criteria that can be used to determine reimbursement eligibility?

When it comes to tuition reimbursement, employers can choose certain criteria their employees must meet to be eligible for reimbursement. Some options include employment tenure, area of study, GPA, and commitment to stay with the organization for a specific length of time. Student loan reimbursement can include similar criteria like commitment of employment, as well as unique parameters like offering higher reimbursement amounts over time as employees hit specific employment tenure milestones.