Starbucks Will Fund Online College Degrees for Thousands of Employees
Amid skyrocketing tuition costs, Starbucks is brewing a groundbreaking initiative to help push its baristas through college.
The coffee chain has inked an exclusive partnership with Arizona State University (ASU), whereby it will pay for college juniors and seniors who work more than 20 hours per week to finish their degrees via online programs. Dubbed the Starbucks College Achievement Plan, participants can choose from 40 total fields of study.
Freshmen and sophomores will also receive partial scholarships from Starbucks, in addition to need-based financial aid from both the government and ASU.
To hurdle administrative complications, each participant will receive "a dedicated enrollment coach, financial aid counselor and academic advisor," Starbucks said.
Though the program marks a vast and uncommon investment in the future of its workforce -- and was undoubtedly designed to rouse driven and committed employees -- participants are in no way obligated to remain with the company after graduation, according to the coffee giant.
Thus far, the program is only available in America, where the chain employs roughly 135,000 people -- the majority of whom haven't finished college, Starbucks said. It is open to employees at all Starbucks-owned properties, including Teavana, La Boulange, Evolution Fresh and Seattle's Best Coffee. Support center and plant staffers are also eligible.
An emotionally-charged video on the company's website introducing the initiative showcases six employees tearfully telling their loved ones that they'll be able to complete their degrees.
"We can't be a bystander, and we can't wait for Washington," said Starbucks' president and CEO, Howard Schultz, who himself grew up in federally-subsidized housing and attended university on a football scholarship. "I strongly believe that businesses and business leaders must do more for people and more for the communities we serve."
This isn't Starbucks' first foray into the realm of higher education. Until now, the company has reimbursed benefits-eligible students roughly $1,000 per year, according to The Wall Street Journal.
Entrepreneur Editors' Picks
Tory Burch Built a Brand Around Empowering Women. Now Her Foundation Is Furthering Her Mission: 'How Do We as a Company Have a Positive Impact on Humanity?'
This Founder Had to Play College Basketball in Men's Shorts and Shoes, So She Launched an Athletic Clothing Company Named After the Now 50-Year-Old Title IX Act
Is Beyoncé's 'Break My Soul' the Theme Song of the Great Resignation?
You're Probably Falling for All of Amazon Prime Day's Psychological Sales Tactics. A Marketing Professor Reveals Them — and How You Can Actually Get the Best Deal.
Comedian Paul Virzi: 'If You're Not Authentic, You Have Nothing'
Struggling to Come Up With Creative Ideas? Try Doing This.
Picking a Winning Emerging Brand Is How You Get Rich in Franchising. Here's How to Spot One.