| Because the demand for technicians is so great, many companies are maintaining a competitive recruiting edge by participating in the Tuition Reimbursment Incentive Program (TRIP).
TRIP employers agree to assist the graduates they hire, with the repayment of their UTI student loan(s). The agreement is set up between the employer and the graduate, and is typically designed to last only as long as the graduate is an employee in good standing with the company. Employers establish their own standards for participation and hiring criteria.
TRIP is designed to help employers attract and retain quality technicians, while reducing overall recruiting and training costs.
Through designated bulletin boards, special notations on their job orders and the alumni newsletter, TRIP employers are promoted to the student population at all UTI campuses.
TRIP payments can be set up as follows:
- The employer makes the monthly financial aid loan payments directly to the lender.
- The amount can be deducted as an employment expense as long as the employer includes it on the W-2 for the employee as Other Income.
- The employee then includes the amount on his / her income tax return and pays the applicable taxes.
- The benefit to the employer of making the payments directly to the lender is that additional expenses related to the amount of compensation (payroll taxes, workers comp, etc...) will not be incurred by the employer.
(The above is not meant to be tax advice. Please consult your tax advisor to review specifics of implementation.)
The Employment Services Department at each of UTI's nine automotive campuses nationwide provides continuing employment assistance to graduates throughout their careers. |