15 Companies That Will Pay Off Your Student Loans
The issue of student loan debt is regularly making headlines, and for good reason. Americans collectively owe about $1.75 trillion dollars, which boils down to about 43 million individuals who each owe, on average, $39,351.
For months the U.S. government has been grappling with proposals aimed at canceling student loan debt, but because it's a complicated and controversial issue, the process has been moving along in fits and starts. In the meantime, those 43 million people are still looking for solutions to this financial burden.
If student debt is weighing heavily on your mind, not to mention your day-to-day lifestyle, it may be time to search for an employer that is willing to help you pay off some of that debt. The good news? A growing number of employers have stepped up.
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"I definitely see the trend of 'student loans as a benefit' increasing," says Will Geiger, CEO and co-founder of Scholarships360.org, a platform that helps students find money to pay for college. "The reason is a combination of rising student loan debt among college graduates and a more competitive labor market."
Additionally, thanks to the CARES act, employers can make tax-deductible contributions to an employee's student loans of up to $5,250 per year under an educational assistance program, says Geiger.
"This has been extended to 2025, so between rising student loan debt, the competitive labor market, and the CARES act, the environment is right for this trend to take off," adds Geiger.
With data from FlexJobs (which dedicated an entire post to this issue) and Scholarships360, here's a closer look at the growing crop of companies that have committed to helping their employees address student loan repayment.
Aetna
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 for completed degrees within certain careers.
Aetna also provides loan repayment and financial advising programs for its employees.
Anderson Tax LLC
In 2017, Anderson Tax announced its plan to help employees repay student loan debt.
Through the program, Andersen Global offers full-time employees $100 per month for 60 months to help with student loan payments. The company also gives a $6,000 lump-sum payment at the end of five years. This makes for a total contribution of $12,000 toward student debt.
Carvana
Carvana joined the growing group of companies helping employees repay student loan debt in 2018. The company announced it would contribute up to $1,000 per year toward student loan payments for full-time employees.
Chegg
As a student learning platform, it seems entirely appropriate that Chegg would also be among the leaders of the student loan repayment assistance trend. All employees who have at least two years tenure at Chegg receive up to $5,000 toward student loans annually as part of the company's Equity for Education program, which was rolled out in 2019. Notably, the benefit applies to any Chegg U.S. employee with student debt, irrespective of whether they attended a two- or four-year college, or ultimately graduated.
What's more, the new Equity for Education funding is in addition to the $1,000 per year that Chegg employees with student debt already receive.
Estee Lauder
Cosmetics and beauty giant Estée Lauder contributes $100 per month toward employees' student debt. The New York City-based conglomerate, which owns such well-known brands as Clinique, MAC Cosmetics, and Origins, has committed to paying up to $10,000 per employee.
Fidelity Investments
A multinational financial services corporation based in Boston, Massachusetts, Fidelity provides employees with up to $10,000 toward student debt. In addition, Fidelity offers student debt and college planning advice for its employees.
A company that needs little introduction, 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.
Nvidia
Nvidia offers student loan repayment assistance to employees who graduated in the last three years. Nvidia reimburses up to $6,000 each year for employees' student loans with a lifetime maximum of $30,000.
The generous program covers federal Perkins loans, private loans, subsidized and unsubsidized Stafford loans, grad plus loans, and more.
Penguin Random House
Penguin Random House launched its repayment assistance program back in 2016 and was the first book publishing company to offer such help. PRH contributes up to $1,200 per year toward employees' student debt. The program is over the course of seven 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 is a legendary company that is ranked the second-largest professional services network in the world. It is one of the Big Four accounting firms, along with such well-known companies as Deloitte, EY, and KPMG.
PricewaterhouseCoopers provides up to $1,200 annually toward employees' student loans. The lifetime maximum contribution is $10,000.
Staples
Another early leader on this issue, Staples announced in 2016 that it 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.
Ally Financial
The financial services company Ally Financial provides a comprehensive benefits package designed to help employees live their best lives. Those benefits include offering employees $100 per month in student loan repayment assistance.
Medix
Founded in 2001, the Illinois-based staffing and recruiting company Medix offers monthly contributions to student loan repayment.
Job opportunities at Medix range from recruiter openings to sales positions and corporate opportunities.
Weedmaps
The privately held software and technology company Weedmaps, which is on a mission to find solutions for and transform the cannabis sector, is also helping to transform employees' lives by providing assistance in repaying student loan debt.
The Irvine, California-based company pays up to $1,000 a year towards employee's student loans.
HCA
Established in 1968, Hospital Corporation of America is one of the country's largest providers of health care services. The company includes more than 300 affiliate hospitals, business offices, and outpatient service facilities. Among the benefits it offers employees is tuition repayment assistance of up to $100 for full-time employees and $50 for part-time employees.
