Starbucks employees from all around the country will be offered free college education thanks to a partnership signed between the company and Arizona State University through its online program. Tuition coverage is offered for full time and part time employees and will start in the fall of 2014.
The initiative will allow many Starbucks employee to graduate from ASU without debt. There are no requirements about repaying the money offered or a restriction that keeps them tied to the company.
The full name of the plan is Starbucks College Achievement Plan. Starbucks CEO, Howard Schultz, said that the program is a historic moment. He added:
“The only way you can create long-term value for the shareholder is to create long-term value for your people.”
The program states that the Starbucks employee that works over 20 hours weekly is to receive a full tuition reimbursement in the event they enroll as seniors or juniors in the ASU Online Program.
Enrollment as sophomores or freshmen offers a scholarship of $6,500. The ASU advisers will help the students to get the rest of the money through various financial aid programs like Pell Grants.