Tackling debt through student loans can be a daunting task as college graduates leave school with an average student loan balance of $ 37,693. While there are many different strategies you can use to clear your student debt, one of the most effective options is to work for a company with an employer’s student loan repayment program.
According to the Society for Human Resource Management, 8 percent of employers offer some kind of student loan repayment as a benefit for employees. Here are some of the top companies that pay student loans.
10 Companies To Help You Pay Off Student Loan Debt
Student loan repayment assistance programs can relieve you of hundreds or even thousands of dollars on your student loan. Here are some big companies that are paying off student loans on behalf of their employees, and how the programs work.
Health care company Aetna not only offers student loan repayment assistance, but also study grants for employees currently enrolled in the school.
The employer makes student loan payments to employees dollar for dollar, up to $ 2,000 per year for a total of up to $ 10,000.
2. Andersen Global
The tax and consulting company Andersen Global offers repayment assistance to employees who have been with the company for at least a month and work at least 20 hours a week.
When you qualify, Andersen Global will pay $ 100 per month for up to five years. A lump sum payment of $ 6,000 for a total of $ 12,000 will also be provided at the end of this term. The flat-rate remuneration is a great incentive for employees to stay with the company for at least five years.
Chegg offers a variety of educational services including textbooks, online tutoring, and more. The company’s student loan repayment program benefits entry-level and managerial employees and provides support of up to $ 5,000 per year.
If you are at a higher level, the annual maximum is $ 3,000. There does not appear to be an overall maximum, which is a significant improvement over some other student loan repayment programs. The only requirement is that you have worked for the company for at least two years.
As a student loan company, CommonBond’s efforts to help employees pay off their student loan debt feel natural.
In 2015, the company began offering up to $ 100 per month in student loan repayment. The benefit is valid until the employee’s student loan is paid out in full and there are no prerequisites for participation in the program.
5. Loyalty investments
Financial services company Fidelity offers up to $ 15,000 in student loan repayment assistance to its eligible employees.
Unfortunately, the company does not publicly disclose how it pays the benefit – either in monthly installments or as a lump sum – but it does state that new hires are eligible on the first day of hire.
6. Bank of the First Republic
First Republic Bank provides banking and wealth management services and has offices in just seven states. But if you live in an area where the company has a presence and work for the company at least 20 hours a week, you can get student loan repayment assistance starting at $ 100 per month.
Every year this amount increases until it reaches $ 200 per month. Payments will continue until you have paid your student loan debt in full.
Starting in 2021, Google will pay out up to $ 2,500 on employee student loans every year – that’s roughly $ 208 per month. The service is only available to full-time employees, so contractors and temporary workers are not eligible.
As with some of the other companies on this list, Google doesn’t have a maximum benefit amount – you will continue to receive contributions towards your student loan debt until you have paid them off in full.
Streaming giant Hulu offers its employees $ 1,200 each year to help them pay off their student loan debt. That’s $ 100 per month on the main balance of your loans, up to $ 6,000 total.
You must have been with Hulu for at least a year to receive benefits, and the program registration deadline is January 1, 2022.
9. Living Nation
Live Nation is a broad reach entertainment company and event promoter. Since 2017, the employer has been providing employees with $ 100 a month in student loan repayment installments, up to a maximum of $ 6,000, which you would reach after five years with the company.
10. New York life
New York Life financial services company provides student loan repayment assistance to eligible employees working at New York Life Insurance Company, NYL Investors, New York Life Investment Management, or Index IQ.
You are eligible if you are an unofficial employee with a perpetual student loan with one of these companies. The benefit is $ 170 per month for up to five years, or a total of $ 10,200.
There are many companies with student loan repayment programs, and the list is growing. It’s important to note, however, that while there are companies out there that will pay off student loans, that benefit should only be part of the reason you choose to work for an employer.
First, check with your current employer to see what repayment programs are available. If you don’t have any, before switching to another employer, take the time to get help with your student loan. Ask potential employers how the program works, and if you’re not sure if a company offers one, don’t be afraid to ask about it during the interview.