Education Benefits

BENEFITS EVENTS CALENDAR

The university offers three different opportunities for employees, their spouses, and their dependents to pursue their education.

  • Employees, their spouses and their dependents have an opportunity to pursue their education at ǿմý through the Tuition Waiver Program.
  • Tuition Reimbursement is available to employees for job-related courses at a degree-granting institution other than ǿմý.
  • Employees' dependents may be eligible to participate in the Tuition Exchange Consortium at more than 600 colleges and universities, which provides tuition scholarships to dependents of benefits eligible university employees.

Contribute to Your CollegeAdvantage 529 Savings Plan through Direct Deposit

University employees can now utilize direct deposit to make contributions to a new or existing CollegeAdvantage 529 savings plan.  Simply to either create a new account or log in to your existing account and then follow the instructions to set up Payroll Deduction. Once you have an account number and routing number, go to HCM Self Service and add CollegeAdvantage as one of your 5 possible accounts for distribution via direct deposit.  For help setting up direct deposit please refer to the contact the Help Desk at 216.368.HELP.

IMPORTANT: You will have only one direct deposit account for CollegeAdvantage even if you have savings plans for multiple beneficiaries. Distribution into individual accounts will occur once your payroll deduction reaches CollegeAdvantage.

Things to remember:

  • Your deduction in HCM is per pay period. Those paid twice per month should enter their deduction amount accordingly.
  • Contributions to a CollegeAdvantage 529 plan are in “after-tax” dollars, but you’ll pay no taxes as your funds grow, and withdrawals used for qualified college expenses are exempt from both federal and Ohio income tax.
  • The CollegeAdvantage 529 plan allows Ohio taxpayers to deduct contributions from Ohio taxable income up to $2,000 per beneficiary annually.
  • Employees can only utilize direct deposit to make contributions to a CollegeAdvantage account for their dependents or themselves. Please to learn about making a gift to someone else’s 529 plan.