United States

Walmart Announces Plan to Pay 100% of College Tuition and Books for Its Associates

David Swanson | Bloomberg | Getty Images
  • Walmart, the largest U.S. private employer, unveiled new terms to its educational assistance program on Tuesday.
  • Effective Aug. 16, associates of Walmart and Sam's Club will no longer have to pay a $1-per-day fee to participate in the program.
  • The company will pay 100% of college tuition and book costs.

In an effort to help curb soaring student loan debts, Walmart announced Tuesday it will pay 100% of college tuition and book costs for its associates, starting Aug. 16.

Walmart, the largest U.S. private employer, will drop its existing $1-per-day fee for associates who participate in its Live Better U education program.

The company said it was inspired to adjust the terms of the program by changes in the economy and job market.

More from Personal Finance:
Tuition insurance may help cover costs if a student withdraws from college
College plans rebound although cost is a top concern
Hundreds of colleges say Covid vaccines will be mandatory

With the new plan, Walmart plans to invest almost $1 billion over the next five years in career training and development for its employees.

About 1.5 million part-time and full-time associates of Walmart and its Sam's Club subsidiary will be eligible to learn new skills and earn college degrees, the company said.

Copyright CNBC
Contact Us