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15 Companies That Help Employees Pay Off Student Loans
By
Kayla Korzekwinski
Kayla Korzekwinski is a Scholarships360 content writer. She earned her BA from the University of North Carolina at Chapel Hill, where she studied Advertising/PR, Rhetorical Communication, and Anthropology. Kayla has worked on communications for non-profits and student organizations. She loves to write and come up with new ways to express ideas.
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Maria Geiger is Director of Content at Scholarships360. She is a former online educational technology instructor and adjunct writing instructor. In addition to education reform, Maria’s interests include viewpoint diversity, blended/flipped learning, digital communication, and integrating media/web tools into the curriculum to better facilitate student engagement. Maria earned both a B.A. and an M.A. in English Literature from Monmouth University, an M. Ed. in Education from Monmouth University, and a Virtual Online Teaching Certificate (VOLT) from the University of Pennsylvania.
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Nearly 43 million Americans owe an average of $37,717 in federal student loans. In order to help avoid that scenario, some companies offer student loan repayment assistance for their employees.
Fortunately, the number of companies that pay off student loans has increased over the last few years. Continue reading to learn more about companies that pay off student loans!
Also see: Grants to pay off student loans
Student loan repayment assistance programs
Student loan repayment assistance benefits the employee by helping ease their financial stress. Most companies have a lifetime contribution cap. Some also set a monthly or annual limit on loan assistance.
According to a survey by CommonBond, 70% of employees said that student loan benefits would improve their work performance. Companies benefit from student loan repayment assistance programs because it helps with recruitment and retention of skilled employees.
Don’t miss: Scholarships360’s free scholarship search tool
Companies that repay student loans
Here is a list of 15 companies that offer student loan repayment assistance for their employees.
Aetna
Aetna is now a CVS Health company, so their benefits have some crossovers. All Aetna employees who work 20 hours per week or more are eligible for student loan repayment assistance.
Aetna will match employees’ student loan payments up to $2,000 per year. The lifetime maximum is $10,000. For part-time employees, Aetna matches up to $1,000 per year with a $5,000 lifetime maximum.
Aetna also provides loan repayment and financial advising programs for its employees.
Andersen Global
Andersen Global offers full-time employees $100 per month for 60 months in student loan payments. The firm also gives a $6,000 lump-sum payment after five years. This makes for a total contribution of $12,000 toward student debt.
Carvana
Carvana contributes up to $1,000 per year toward student loan payments for full-time employees.
Chegg
All employees who have at least two years tenure at Chegg receive up to $5,000 toward student loans annually. This is in addition to the $1,000 per year that Chegg employees with student debt already receive.
Employees interested in furthering their education can also receive up to $5,250 per year in tuition reimbursement.
Estée Lauder
Estée Lauder contributes $100 per month toward employees’ student debt. The lifetime maximum is $10,000.
Fidelity Investments
Fidelity offers companies the chance to help their employees pay back student loans to increase retention rates. It provides employees with up to $10,000 toward student debt. In addition, Fidelity offers student debt and college planning advice for its employees.
Google matches up to $2,500 in student loan payments per year for its employees in the United States. The company plans to expand the program worldwide over time.
Live Nation
Live Nation was the first entertainment company in North America to offer a student loan repayment assistance program. LN matches employee student loan payments for up to $100 per month, $1,200 per year, and $6,000 total. Employees must have worked with the company for at least 6 months to qualify.
New York Life
New York Life provides up to $10,200 in student loan repayment assistance over the course of 5 years. The company also has student loan and financial advising tools for its employees.
Nvidia
Nvidia offers student loan repayment assistance to employees who graduated in the last three years. Employees must work at least 20 hours per week and have been with Nvidia for 3 months to qualify.
Nvidia reimburses up to $5,250 each year for employees’ student loans with a monthly limit of $350.
Peloton
Peloton contributes up to $100 per month toward employees’ student loan debt.
Penguin Random House
Penguin Random House was the first book publishing company to offer student loan repayment assistance in 2016. PRH contributes up to $1,200 per year toward employees’ student debt. The program is over the course of 7 years, for a lifetime maximum of $9,000.
Employees must be full-time and have worked with the company for one year in order to qualify.
PricewaterhouseCoopers
PricewaterhouseCoopers provides up to $1,200 annually toward employees’ student loans. The lifetime maximum contribution is $10,000.
Staples
Staples will pay $100 per month for 36 months toward employees’ principal student loan balance. Employees must work full-time and have received or be in the process of receiving a degree from an accredited school to qualify.
Check out those student loan repayment benefits!
Student loan repayment assistance programs help borrowers pay off their student loans faster. When you are job searching, be sure to look into the employer’s student loan repayment benefits!
Don’t forget tuition reimbursement
Student loan repayment is not the only way to get your employer to help out with education expenses. If you are looking to further your education while working, an increasing number of employers have begun to offer tuition reimbursement. This can help you pay for up to the full cost of additional education such as certificates, graduate degrees, undergraduate degrees, and more.
Employers such as Chipotle, Amazon, UPS, and Starbucks all offer these benefits. If you are looking to further your education and increase your learning potential, try out what they have to offer!
Finally, make sure that you apply for all the scholarships you qualify for if you are still in school–there are scholarships for every level of higher education!
Frequently asked questions about companies that help employees pay off student loans
When do I have to start paying back my student loans?
How long does it usually take to pay off student loans?
How do I get my student loans forgiven?
Do I have to work at one of these companies to receive student loan repayment benefits?