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Target will cover tuition, fees and textbooks for employees who want to pursue an associate or undergraduate degree at certain institutions starting this fall, according to an announcement from the company Wednesday.
Full-time and part-time workers can attend 250 approved programs at more than 40 schools, colleges and universities, CNBC reported. Target will also cover up to $10,000 a year for workers who want to earn master’s degrees at those institutions. Employees qualify on their first day of work.
Target plans to spend a total of $200 million on the initiative over the next four years.
The launch of the debt-free education program comes after a similar move by Walmart last week. Walmart announced that its education assistance program would cover all tuition and book costs starting Aug. 16, rather than maintaining its previous $1-per-day fee for participating employees.
Both the Target and Walmart programs are managed by Guild Education, a for-profit company that facilitates programs in which employees work toward credentials subsidized by employers.
