Starbucks, Arizona State University to Offer Four-Year Tuition to Starbucks Employees
Starbucks Coffee Corporation, founded in Seattle's historic Pike Place Market, has collaborated with Arizona State University (ASU) to offer Starbucks' employees four years of paid tuition for enrollment in ASU's online bachelor's programs.
According to Starbucks' internal assessment, 70 percent of its employees don't have bachelor's degrees. This scholarship program will help to change those numbers, and equip the company's young employees with the necessary tools to reach higher positions and greater opportunities at the Starbucks Corporation and beyond. Also, this effort will likely boost economic stability for the employees, particularly because Millennials without any college education are three times as likely to be unemployed, when compared to college graduates, according to Pew Research Center.
"The value of a college degree only continues to increase. But so do the costs of achieving that degree. Starbucks is not only recognizing the value of higher education, but is actively addressing the disparity in opportunity to achieve a college degree. By investing directly in their partners, they are also investing in the long-term success of their company and the nation," said Lumina Foundation CEO and President Jamie Merisotis.
Starbucks has a $100 billion market value and it has made plans to invest $250 million in the education of 25,000 employees over the next 10 years. The generous offer is an extension of the "College Achievement Program" already set in place to offer undergraduates two years of free tuition. Two thousand employees are already enrolled.
The corporation, which recently came under fire for the development of its ambitious RaceTogether campaign, will offer tuition to eligible employees who work a minimum of 20 hours each week. However, those employed at licensed stores and those who already have degrees are ineligible for the extended degree program.
According to the Starbucks' news site, the expanded Starbucks College Achievement Plan will provide more than 140,000 full-time and part-time employees. Tuition coverage is now available for four-year tuition at any institution with access to 49 online degree programs, and students have no commitment to stay with Starbucks post-graduation.
"Everyone deserves a chance at the American dream," said Howard Schultz, chairman and CEO of Starbucks, in public statement. "The unfortunate reality is that too many Americans can no longer afford a college degree, particularly disadvantaged young people, and others are saddled with burdensome education debt. By giving our partners access to four years of full tuition coverage, we will provide them a critical tool for lifelong opportunity. We're stronger as a nation when everyone is afforded a pathway to success."