NEW YORK (CNN/Money) - The tens of thousands of layoffs announced over the last few years have struck fear in the hearts of working adults.

With unemployment running rampant, and employers reluctant to create new jobs, those lucky enough to bring home a paycheck are taking a variety of financial precautions.

Some have scaled back on major expenses. Others fund emergency accounts diligently.

Still others have chosen a different tactic: going back to school. Consider it a pre-emptive strike. Indeed, the numbers show that as your level of education increases, your likelihood of getting laid off drops as well.

The problem, of course, is that continuing education doesn't come cheap. The average cost of tuition and fees alone for a bachelor's degree is $5,442 and for a graduate degree is $8,062, according to the U.S. Department of Education. A law degree? $16,368. Even a certification course for technical training will set you back thousands.

There is one way, however, to cut those costs down to size. Many companies, non-profits and government agencies cover some or all of the cost of career-enhancing degrees through tuition assistance programs.

Fifty-six percent of full-time employees in establishments with 100 or more employees have some kind of subsidized education benefit option, according to the U.S. Bureau of Labor Statistics.

Companies want their employees to stay and keep their skills current, and for good reason: finding replacements is a pricey affair. If an executive leaves, recruiting a substitute costs up to one-third of that person's annual salary, according to Paul Ray, Jr., chairman and CEO of executive search firm Ray & Berndtson.

That doesn't account for lost productivity while the slot goes unfilled, or for the cost of training the newcomer -- who may not even stay for very long.

As such, educational benefits help both sides. The company gets to retain you while you complete your studies, and often for a period thereafter, once you're trained to perform more sophisticated work. And you become the proud owner of a new degree or certification, all for free (or at least for a bargain).

"[Tuition assistance for higher education] helps keep our people competitive, aware of what's going on in the business world, and current with changes in the market," said Parinaz Sekechi, university programs manager at Lucent Technologies.

Terms can vary, but tuition assistance programs typically come in two varieties -- a "reimbursement grade-time model" and a "voucher program", said Scott Smith, director of tuition assistance and employee programs for the Edcor Corp., which provides tuition assistance program services to companies like General Motors, Ford and AT&T.

With a grade-time model, you pay your way until you've passed your courses. Then, you turn in your grades to the boss, and the company reimburses you.

Companies using a voucher model pay now instead of later, giving its student workers a voucher for a fixed amount, used to pre-pay the bill. Keep in mind that grades are typically monitored under a voucher program as well. ("The Man" probably won't keep paying if you're only making Cs.)

To take advantage of educational benefits, start by contacting your human resources department. Ask what kind of program, if any, is available to you.

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AOL Time Warner (CNN/Money's parent), for example, offers tuition assistance to part-time and full-time employees pursuing degrees that help them maintain or improve skills related to their job, said Billy Kenny, a spokesperson for AOL Time Warner.

The company reimburses 100 percent of expenses, including tuition, books and fees, if the employee receives a passing grade, said Kenny. Some companies have caps on what they'll pay -- figure it out before you enroll.

After you know what's available, you'll next need to convince your manager that some of that cash should be earmarked for you. Prepare your case in advance, then hash it out with the boss: let them know why you want to pursue those studies. The more you can say about why it benefits the company for you to enroll, the more likely you are to convince them to foot the bill.

"I have a staff member in public relations, who's going for her bachelor's degree in communications," said John Skalko, senior public relations manager at Lucent. "We went over the requirements for the degree and helped design her curriculum accordingly. It will take about four years, but the skills [suit her work]."

One degree that companies often encourage employees in management positions to pursue is an executive MBA degree, which can cost between $20,000 and $100,000.

"Executive MBA programs were designed for folks who have positions of responsibility but don't have undergraduate training in business," said John Dinkel, associate dean and director of the Mays executive MBA program at Texas A & M University.

Typically, the more you seek in company dollars and time away from work, the greater the commitment your company will ask of you.

Some companies, for example, require a 12-month commitment after the completion of reimbursed courses. After executive MBA programs, other organizations require a commitment of as much as 2 or 3 years to the company, or else they hand you the bill, Dinkel said.

In some cases, Smith said, you'll see looser language in your contract about future commitments to the company. And if you're asking the powers that be to pay for one class or a short program, you may not even have to guarantee a commitment.

Whatever the extent of your studies, it's usually tacitly understood that using what you've learned on the job is key, and that jumping ship right after you're done is poor form.