On Tuesday, April 7th Starbucks made a huge announcement that they will provide all their employees the option to attend four years of college debt-free.
This is not Starbucks first attempt to provide education to their workers. October of last year they sent the first group of 1,000 of their employees to Arizona State University to take online classes all paid for by the company with a college reimbursement program. The cost to send each student was $15,000 a year Starbucks CEO Howard Schultz told CNN reporter Poppy Harlow last year.
Now they are stepping up with providing even more opportunity to their employees. On the company’s website “The Starbucks College Achievement Plan” is described as promising the American Dream by collaborating with Arizona State University to offer all part- and full- time employees with the opportunity to attend the University’s online program free of cost for four years in order to obtain a bachelor’s degree in any of the 50 different undergraduate programs of their choice.
2,000 seeking students have already enrolled in the program. The company is projected to invest way more than they had to for last years groups making the needed investment about $250 million or more to ensure 25,000 graduates by 2025.
“We know more that 70% of our U.S. partners (employees) are students or aspiring students,” Starbucks writes, “We want to help. Supporting our partners’ ambitions is the very best investment Starbucks can make.”
Starbucks may not pay for the full amount of tuition as students are still required to apply for financial aid through FASFA. Depending on the amount of financial aid received, the company will then pay the student’s remaining balance.
The only catch to the program is students must continue working for the company all their years throughout college. Thus success will be determined on the students ability to juggle work and school.
Starbuck has always been unlike many other retail and fast-food chains by also offering workers health benefits and the ability to own company stock.
Though McDonald’s too announced an assistance program for college tuition just last week. They promised a pay raise to the employers at their company-owned stores to help meet college expenses as well as offering paid time off.
ASU President Michael Crow, believe their partnered plan is powerful and innovative.
“This program is a clear expression of Starbucks commitment to its partners and ASU’s continuing mission to provide access to higher education to all qualified students,” Crow expressed.
“Everyone deserves a chance at the American Dream,” said Schultz. Starbuck hopes to supply those who many not otherwise be able to afford it take action on their dreams.
