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Student loans are a huge burden for a lot of students. Luckily, there are companies that can help you get rid of your student loan debt and start fresh. These companies are called student loan servicers.
Student loan servicers are companies that help you keep track of your payments, process those payments, and help you manage your student loan debt. Student loan servicers can also help you consolidate your loans into one loan that has lower interest rates than the original loans had.
One way to get rid of your student loans is to refinance them through a different company. Refinancing means taking out a new loan at a lower interest rate and paying off all of your previous loans with the new one. This is only possible if: 1) You have good credit; 2) You have some extra cash on hand in case you need to make additional payments or pay off some principal early; 3) Your current lender will allow it (some won’t).
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14 Companies That Pay Off Student Loans
Student loan debt can affect a graduate’s mental health and productivity.
A growing number of employers offer student loan repayment benefits.
Employer student loan reimbursement programs match your student loan payments.
Companies that pay off student loans include Aetna, Google, and more.
Student loans can be a major stressor. In a recent survey by CNBC and Momentiv, 62% of respondents with federal loans said their debt negatively affected their mental health.
Compared to tuition reimbursement, student loan repayment benefits used to be very rare. But today, companies that pay off student loans are more common as they compete for the best workers.
Keep reading to learn about employers who pay off student loans and how these programs work.
What Are Student Loan Repayment Assistance Programs?
Employer student loan repayment assistance programs are a relatively new benefit. Companies will match their employees’ student loan payments, up to a certain amount per month, subject to lifetime limits.
For example, an employer might match up to $100 in student loan payments for up to three years, giving the employee up to $3,600 in total repayment assistance.
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According to the Employee Benefit Research Institute, 17% of employers with 500 or more employees offered student loan repayment assistance in 2021, up from 16% in 2020. Additionally, 31% of respondents said they were planning to offer student loan debt assistance in the next 1-2 years.
Under the 2021 Consolidated Appropriations Act, employers can contribute up to $5,250 per employee each year toward qualifying education expenses — without increasing the employee’s gross taxable income. With this change, an increasing number of employers may opt to help pay off student loans in the near future.
14 Companies That Offer Student Loan Repayment
With so many college students graduating with student loan debt, employer student loan repayment assistance programs are growing more and more popular. If you’re looking for an employer to pay off student loans, the following list features 14 well-known companies that offer this benefit.
Aetna is a leading health insurance company serving customers nationwide. The company offers education reimbursement and student loan matching contributions. Available to employees working at least 20 hours per week, Aetna will match student loan payments up to $2,000 per year, with a lifetime maximum of $10,000.
Part-time employees are eligible for a reduced benefit. Those who work fewer than 20 hours a week can receive up to $1,000 in matching contributions each year, with a lifetime maximum of $5,000.
To qualify, workers must have earned their degree within three years of applying for the program.
Ally Financial Inc. is a digital financial services company that offers bank accounts, investing options, and loans. At Ally, qualifying employees can receive up to $100 per month in student loan assistance, up to a lifetime maximum of $10,000.
According to Ally, 19% of its employees participated in the program in 2020. The average employee reduced their repayment term by 13 months and saved $2,100 in interest by taking advantage of this benefit.
Carvana is a car-buying site that allows customers to buy cars entirely online. Full-time Carvana employees can get up to $1,000 per year to pay down their student loan debt. Carvana offers this benefit in partnership with Gradifi, an employee benefits company specializing in student loan repayment.
CommonBond, a financial services company that provides private student loans and student loan refinancing, also offers student loan reimbursement to its employees.
Eligible workers receive up to $100 per month, with no lifetime maximum. CommonBond will keep paying this monthly benefit until an employee pays off their debt. According to the company, 20% of its employees take advantage of this perk.
Chegg’s program is unique. Previously, the learning platform offered a $1,000 cash benefit to employees to repay their loans, but it expanded its program in 2019.
Under the new program, Chegg created an equity pool of common stock. Employees use this pool to pay down their student loans. Eligible employees who have worked for Chegg for at least two years can get up to $5,000 per year in student loan repayment assistance.
According to Chegg, over 25% of participating employees have become debt-free in six years through the program.
Estée Lauder is a well-known beauty and cosmetics company. Its brands include household names like Clinique, Michael Kors, and Too Faced.
Under Estée Lauder’s student loan repayment program, eligible employees can receive $100 per month to repay their loans, up to a lifetime maximum of $10,000. Estée Lauder offers this program in partnership with Tuition.io, a student loan repayment platform.
In December 2021, Fidelity Investments launched its student loan assistance program. Through the new program, employees could get a monthly match with up to $15,000 in total student loan repayment benefits.
New hires are eligible from day one for the benefit. Fidelity estimates that more than 5,000 of its associates could benefit from the program.
Live Nation offers student loan reimbursement through a partnership with Tuition.io. The company matches up to $100 per month in student loan payments, up to a lifetime maximum of $6,000.
Full-time employees who have been with Live Nation for at least six months are eligible for student loan repayment assistance. Since the program’s launch in 2017, Live Nation reports that its employees have saved over $4 million.
New York Life is an insurance company with over 11,000 employees. Through a partnership with the benefits platform Vault, New York Life gives employees up to $170 per month for up to five years. Eligible workers can reduce their debt by up to $10,200 through the program.
Since the program’s launch, New York Life has paid off over $8.8 million of its employees’ student loan debt.
Of all the companies that pay off student loans, NVIDIA has the most generous program we found. Employees who graduated within the past three years are eligible for up to $6,000 in student loan repayment assistance each year, up to a maximum of $30,000.
Full-time and part-time employees working at least 20 hours per week qualify. Workers must also have completed at least three months of continuous service.
SoFi is a financial services company that offers private student loans, student loan refinancing, mortgages, personal loans, and more. Through SoFi’s student loan repayment assistance program, workers receive up to $200 per month to repay their loans.
SoFi doesn’t have a lifetime maximum on reimbursement, meaning participants can take advantage of this benefit until they repay their loans in full.
In 2016, Staples launched its student loan repayment program. Employees may qualify to receive up to $100 per month to repay their loans. Workers can take advantage of this program for up to 36 months.
14. U.S. Government Positions
Although the government isn’t a company, some government agencies operate loan repayment assistance programs (LRAPs) to recruit workers in high-need areas.
These programs function differently than other student loan assistance programs. Instead of matching contributions, government LRAPs require workers to make a service commitment. Below are a few agencies offering loan repayment assistance:
Department of Justice (DOJ) LRAP: Eligible attorneys can get $6,000 per year in repayment assistance, with a lifetime maximum of $60,000. Participating lawyers must sign an agreement with DOJ and commit to an initial three-year service obligation.
Indian Health Service Loan Repayment: In exchange for a two-year service commitment to practice full time in a designated Indian health program site, eligible healthcare practitioners can receive up to $20,000 per year in student loan repayment assistance.
National Health Service Corps (NHSC) Rural Community Loan Repayment Program: Physicians, nurse practitioners, pharmacists, and other healthcare professionals can earn up to $100,000 in student loan repayment assistance. This program requires a three-year service commitment at an NHSC-approved site.
If you’re struggling with your student loan debt, your employer could be a valuable resource. Workplaces are increasingly offering student loan repayment as a perk to attract and keep employees.
According to the Society for Human Resource Management, 8% of employers offered student loan repayment assistance in 2020—up from just 4% in 2018. And with a wave of workers quitting their jobs during the “great resignation,” employers may be more likely to add desirable perks such as student loan repayment as a way to attract top talent.
Thanks to the Consolidated Appropriations Act passed in 2020, there’s another benefit to offering student loan benefits: employers can make tax-exempt student loan contributions up to $5,250 through 2025. With this financial incentive, more employers may consider adding student loan repayment assistance to their benefit packages.
If you’re searching for a new employer, here are 13 companies that pay off student loans for their workers.
1. Ally Financial
Under Ally’s Total Rewards program, employees can qualify for up to $100 per month in student loan repayment assistance, up to a maximum of $10,000. According to the company, approximately 19% of its employees took advantage of this benefit to date, receiving $1.95 million in combined assistance with their student loans.
The car-buying platform Carvana partnered with Gradifi in 2018 to offer student loan assistance to its employees. Employees can receive up to $1,000 per year to pay down their education debt. To qualify for the program, you must work for the company full-time.
Carhartt is a clothing retailer that sells clothes and accessories for men, women and children. In 2018, it launched a student loan repayment program for employees. Under the program, Carhartt will contribute $50 per month toward employees’ loans, up to a maximum of $10,000.
The student loan repayment plan, operated by Tuition.io, is available to both part-time and full-time employees.
Chegg is an education technology site that sells and rents out textbooks, provides tutoring services and offers career advice and resources. In 2019, it launched its Equity for Education program, which introduced new student loan repayment benefits. Since its inception, the program has paid off $1 million of employee student loan debt.
Chegg’s student loan program has two sections:
Cash. Employees receive $1,000 annually for student loan repayment.
Stock shares. Chegg sets aside a pool of shares, which it sells on behalf of the employee. The after-tax total is transferred to Tuition.io, the third-party company that manages the student loan repayment program. Through stock shares, entry- and manager-level employees can get up to $5,000 per year in student loan assistance, on top of the $1,000 cash benefit.
5. Estée Lauder
Estée Lauder is the parent company of major cosmetic and beauty brands like Clinique, M.A.C. and Smashbox. In 2018, Estée Lauder announced expanded benefits for its employees, including a student loan contribution program.
With this perk, employees can receive up to $100 per month toward their student loans, up to a maximum of $10,000.
6. Fidelity Investments
Fidelity Investments is introducing student loan assistance in December 2021. Under this new program, employees can get up to $15,000 in student loan contributions from their employer. According to the company, it will produce over $38 million in student loan savings for Fidelity Investment employees.
As one of the largest technology companies in the world, Google employs over 100,000 workers. It launched a new student loan program in 2021 for U.S. employees. Under the benefit, Google will match up to $2,500 in student loan debt per year per employee.
Through a partnership with Tuition.io, the streaming company Hulu provides employees with up to $100 per month toward their student loans, up to a maximum of $6,000. Workers must be employed by Hulu for at least one year and be actively paying their student loan minimums to qualify.
9. Lockheed Martin
Lockheed Martin, a global security and aerospace company, has an early career initiative to attract recent graduates. As part of this program, it operates Invest In Me, which provides college hires with a $150 monthly cash bonus for five years, up to a maximum of $9,000. You can use the money to pay down student loans or save for other goals.
Peloton, the maker of at-home fitness equipment, partnered with Gradifi in 2017 to start its student loan assistance program. Peloton gives eligible employees up to $100 per month to repay their loans.
PwC (also known as PricewaterhouseCoopers) is a professional services company. With it’s student loan paydown program, participating associates or senior associates can receive up to $1,200 per year—for up to six years—to repay their loans.
SoFi, a leading fintech company, offers employees up to $200 per month in student loan repayment assistance. As an added benefit, employees can also take free financial classes to help them manage their debt and pursue their goals.
Terminix is a pest control company that operates in 47 states. Its employees can take advantage of its student loan repayment program and get up to $50 per month toward their loans, with no lifetime maximum.
To qualify, employees must be full-time workers who earn less than $150,000 and the debt cannot be in student loan default.
Paying Off Your Student Loans
There are many companies that help their employees pay off student loans. If your employer doesn’t yet offer this feature, talk to your human resources department or manager about potentially adding it as a new benefit. It can be a cost-effective way to help employees get out of debt sooner, and it’s an attractive perk for potential hires.
If you’re looking to get help with your student loans, there are a few options out there.
The first is to hire a company that will help you consolidate your debt into one place, so it’s easier to keep track of. This can also lower your monthly payments, which can make it easier for you to stay on top of things.
Another option is to work with a company that will refinance your loans—this means they’ll take over the payments and give you a lower interest rate. This can be helpful if you’re thinking about buying a house or car in the near future, because it means that those payments won’t be as high as they would be otherwise.
Finally, if none of these options work for you but you still need assistance getting out of debt, consider working with a credit counselor who can help walk through all your options with you and come up with a plan that works for everyone involved.