So I've heard rumors that there are companies that will pay for your education in exchange for your loyalty for X number of years.

Is this nothing more than fantasy/fiction or is there some clout behind these claims?

Personally, I'm looking at getting a master's in either IT, Counseling, or Forensic Psychology. I've also looked at law school pretty seriously. If someone were willing to pay my way through school it would make earning a grad degree MUCH easier.