Starbucks Is Now Paying Tuition So Employees Can Get Online Degrees
If you work at Starbucks, you're in luck. The coffee behemoth will now be paying for four years of college tuition for its employees.
Howard Schultz, the CEO of the company, announced on Monday that Starbucks would cover the cost of a Bachelor's degree from Arizona State University's online program.
An online degree from ASU typically costs about $60,000 per year.
However, ASU Online gives Starbucks workers a scholarship that covers 49 percent of their tuition and knocks down the price to approximately $15,000 a year.
Starbucks will invest $250 million to make the college dreams of its employees come to fruition.
In his announcement, Schultz said,
By giving our partners access to four years of full tuition coverage, we provide them with a critical tool for a lifelong opportunity. We're stronger as a nation when everyone is afforded a pathway to success.
In order to apply for the program, a Starbucks employee must work at least 20 hours a week.
They must also work while they are in the process of receiving their degree. However, once the employees graduate, they no longer have any obligation to stay with the Starbucks company.
Starbucks hopes to have 25,000 employees graduate by 2025.