Whether you have a shiny new degree coming or one already hanging on the wall, it’s possible you went into significant debt to earn it. In 2021, almost 64% of college graduates had taken on student debt, and the average student loan balance for those borrowers was $29,719, according to U.S. News data.
If you want some help to knock your student loan balances down, you may want to look for employment with companies that help pay off student loans. Only 7% of U.S. employers offered student loan repayment assistance at the beginning of 2022, according to a survey from the Society for Human Resource Management, but those employers span a range of industries. This list can help you explore the types of repayment assistance plans out there as you target your job search.
[Read: Best Private Student Loans.]
15 Companies That Help Pay Off Student Loans
1. Abbott
This health care technology company offers a benefit that helps pay off your student loans and save for retirement. When eligible Abbott employees make a student loan payment of at least 2% of their salary, the company will make a 5% contribution to the employee’s 401(k). The gist? You can pay down your student loans while letting Abbott help you save for retirement — and you’re eligible on your first day of employment. This setup can help you avoid having to choose between paying off your student loans and saving for retirement.
2. Aetna
Health giant Aetna offers student loan repayment assistance for full- and part-time employees working at least 20 hours per week through its partnership with Dwindle — a site that publishes a free newsletter with information to help to ease student loan repayments. To be eligible, employees must have earned their degree within the past three years at a U.S.-based accredited institution.
The program will match student loan payments up to $2,000 per year for full-time workers and $1,000 per year for part-time employees. Lifetime maximums are $10,000 for full-time employees and $5,000 for part time.
3. Ally Financial
With financial services company Ally, you get a student loan repayment program that can help you simultaneously fund future educational goals. Employees can receive $100 monthly toward student loan repayment with a $10,000 lifetime maximum. You can also get up to $100 monthly contributed to a 529 college savings plan, a benefit with a $10,000 lifetime maximum.
4. Brillient
Reston, Virginia-based technology consultancy Brillient offers a program called CARES, or College loAn REpayment Support, to help employees tackle their student loan debt. Once employees reach 30 days of employment, they can opt into the program and score $100 monthly toward student loan repayment. For lifetime maximums and additional program details, you’ll need to contact Brillient directly.
5. Chegg
If you take a job with Chegg, an educational services company, your student loan repayments could get a respectable annual boost — even if you didn’t graduate with a degree. The company’s Equity for Education student loan repayment program offers up to $5,000 annually for employees with at least two years of tenure, from entry-level up to manager positions. If you’re a director or vice president, you can get up to $3,000 annually.
To receive the full benefit, the loan must be in the employee’s name. Chegg states that Equity for Education awards are subject to state income tax.
The Equity for Education benefits are in addition to a $1,000 cash grant available to all Chegg employees with student debt. No details are available on lifetime maximums with the Chegg program.
6. CVP
CVP is a health care technology and consulting firm that offers employees repayment assistance with some student loans. To be eligible, loans can be federal or private but must be in the employee’s name and used for their studies.
When you make your minimum monthly student loan payment, you’re eligible for an additional $100 from CVP — paid directly to your loan servicer. The annual benefit maxes out at $1,200 per year, but there’s no lifetime maximum. You must work at least 30 hours per week to qualify for this benefit.
7. Estée Lauder Companies
This global beauty brand offers student loan repayment assistance through its Student Loan Contribution Program. The company contributes up to $100 per month toward an employee’s student loans with a lifetime maximum of $10,000. Program details and eligibility criteria are available to prospective employees when a job offer is made.
8. Fidelity Investments
Financial services company Fidelity offers employees some hefty assistance with student loans. Working for Fidelity gets you a student loan repayment benefit that offers a lifetime maximum of $15,000. Eligible employees can participate from their first day with the company.
A bonus? Fidelity also offers a student loan debt repayment program for employers interested in helping their employees pay down their student debt.
9. Google
As of 2021, employees of the online search leader get up to a $2,500 per year matching student loan repayment benefit. To be eligible, you must be a U.S.-based, full-time Google employee. Like with some other companies that offer matching loan repayment programs, the $2,500 benefit is on a reimbursement basis. You’ll only be eligible for the maximum benefit if your annual student loan payments total at least $2,500.
10. MassMutual
Insurer MassMutual offers a twist on student loan repayment assistance. As of 2022, employees can convert up to five days of unused vacation into an educational benefit — either a student loan payment or 529 plan contribution. Eligible loans include any loan in the employee’s name and Parent PLUS loans. The program is flexible and completely voluntary, which means you can take or leave the benefit if your vagabond spirit calls.
MassMutual also recently launched a well-being wallet, which reimburses employees up to $1,250 per year for eligible expenses, including student loan repayments.
11. New York Life Insurance Company
At New York Life, another major insurance company on the U.S. scene, employees can benefit from company contributions of $170 per month toward their student loans. The lifetime maximum tops out at $10,200 after five years of contributions, and employees are eligible from their first day with the company. All non-officer employees with student loans can participate.
You’ll also have access to student loan services through EdAssist, which can help you find loan repayment programs to ease your finances
12. Nvidia Corporation
This visual technology company offers recent grads — those graduating within the past three years — some top-notch student loan repayment assistance. Full- and part-time employees who work 20 or more hours per week are eligible for up to $500 per month toward student loan repayment, with a lifetime maximum of $30,000.
Here’s the fine print: Nvidia’s contributions must be in addition to your regular monthly payment and are made directly to your loan servicer. So if you make a regular payment of $469, then you can apply to have Nvidia make an additional payment of $469 for the month. Also, if you receive funds through the program of $5,251 or more in a year, funds above $5,250 are taxable as income.
13. Raytheon
Aerospace and defense behemoth Raytheon offers a student loan repayment benefit similar to Abbott’s. When employees make a student loan payment, the company will make a contribution to the employee’s 401(k) that matches the loan payment, up to an eligible amount. The company states that eligibility for the program is limited to “employees who aren’t able to make student loan repayments and contribute to their 401(k).”
14. SoFi
When you work for SoFi, a financial services company and private student loan lender, you’ll get a monthly contribution toward your student loan repayments of up to $200. It’s a reimbursement program, so your monthly student loan payment must be at least $200 to get the maximum benefit. The company also offers student loan repayment plans for employers through its SoFi at Work program.
15. The Hartford
As a longstanding name in the insurance industry, The Hartford helps employees build a better future through its student loan repayment program. Eligible employees can receive up to a $10,000 lifetime maximum benefit. Company contributions are made monthly and go directly to your student loan servicer.
The company also offers employees a student loan refinancing and counseling benefit through Gradifi, a workplace financial wellness provider affiliated with Morgan Stanley.
[READ Best Student Loan Refinance Lenders]
Should You Look for Jobs at Companies that Pay Off Student Loans?
If you’re fresh off a degree and feel your student loan debt is a burden, looking for a job with a company offering repayment assistance could offer some financial peace of mind. In fact, advisors at Performance Wealth, an Illinois-based wealth management firm, recommend doing so, says Tom Salvino, a certified financial planner and the firm’s chief executive officer.
“Companies that help students with loan assistance build a powerful bond, and can gain an employee who works hard for their caring employer, instilling loyalty from employee and employer,” Salvino says.
[Read: Best Student Loans for Bad Credit]
How to Find Companies that Help with Student Loan Repayment
To ease your search beyond this list, you could look for employers that offer student loan repayment assistance through a job list such as Dwindle’s. The site maintains a list of companies that offer repayment assistance programs. Still, be sure to confirm the company’s benefits since benefits can change from year to year.
You could limit your job prospects by only considering companies with these kinds of plans. But more companies could bring programs online in 2024 thanks to provisions in the SECURE Act 2.0, says Brent Boden, a CFP and principal wealth manager at Savvy Wealth.
“With this expansion, companies can offer a new benefit to their workforce, helping match employees’ student loan payments into their company 401(k) plan,” he says. These programs will likely look like those already in place with Abbott and Raytheon and help you simultaneously pay down student loans and save for retirement.
If programs that offer direct or supportive assistance with your student loans aren’t available at your target employer, you can always inquire about financial wellness benefits. While they vary from company to company, you could find services like no-cost consultations with a financial professional and debt management tools that can help you build a personal student loan repayment plan.
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15 Companies That Help Pay Off Student Loans originally appeared on usnews.com
