The class of 2018 graduated with an average of $29,800 in private and federal student loan debt. So, when it comes to choosing a place to work, companies that pay off student loans understandably could be appealing. While employers offering student loan repayment assistance programs aren’t yet commonplace, they’re on the rise.
We’ve put together a list of 16 companies that help pay off student loans. Some of these companies contribute money toward your loans as taxable income, while others pay the servicer directly. Either way, check out this list — you might find some companies you were already interested in.
- Anderson Global
- Connelly Partners
- Fidelity Investments
- First Republic
- Penguin Random House
- PricewaterhouseCooper (PwC)
- Estée Lauder
- U.S. Government
Health care company Aetna is an employer that pays student loans for its employees, and it also offers a tuition reimbursement program. Aetna will match student loan payments for eligible employees who meet specific criteria. For more information about Aetna’s student loan repayment program, contact the company directly.
As for its tuition assistance program, Aetna pays 100% of eligible expenses for degrees or job-related school courses. For full-time employees, Aetna will pay up to $5,000 a year toward a degree, and up to $2,500 for job-related courses and certificates. For part-time employees working 20 to 39 hours a week, Aetna offers up to $2,500 for courses that are part of a degree program and $2,500 for career-related courses.
Education services company Chegg is another company that offers employer student loan repayment assistance. This assistance is available for both two-year and four-year programs, regardless of whether the employee graduated. Chegg will give up to $5,000 annually toward student loan debt for entry-level to manager-level employees, and up to $3,000 for director and vice president-level employees.
Chegg also offers a $5,250 non-taxed reimbursement for employees to pursue continued education.
Anderson Global, a financial consulting company for both individuals and businesses, is a national company that partners with Gradifi, a student loan repayment platform, to provide its employees student loan repayment assistance. All employees who work at least 20 hours a week and have been with the company for at least one month are eligible for this benefit.
Anderson Global provides up to $12,000 toward student loan repayment. It will contribute $100 a month for five years. At the end of that time period, the company will contribute a lump sum of $6,000.
CommonBond is a company that helps people refinance their student loans, so it should come as no surprise that it is also a company that pays off student loans for its employees.
In 2015, CommonBond started offering up to $100 per month toward its employees’ student loans. This benefit is available to any employee, regardless of job title or the amount of time spent at the company. Employees will continue to get student loan repayment assistance until their loans have been paid in full.
Dave Carter, CommonBond’s senior director of business development and partnerships, is set to pay off his student loans almost one year earlier than planned thanks to this benefit. “Receiving this benefit has a tremendous effect on my overall stress levels and allows me to focus more on the task at hand — helping others with their loans,” Carter said.
What’s more, Carter says his loyalty to the company has grown because of it. “Receiving student loan repayment benefits makes me more likely to stay at CommonBond, not only for the monetary reasons — which are great — but also because the company recognizes and is addressing a major financial issue in my life,” he said.
Advertising agency Connelly Partners launched its student loan repayment assistance program in June 2016. The company has also partnered with Gradifi to offer this benefit. Connelly Partners will put up to $100 per month toward its employees’ student loan payments.
What’s more, new employees will receive a $1,000 signing bonus that be put toward student loans. Once employees hit their five-year anniversary with Connelly Partners, they will receive another $1,000 bonus toward their loans.
The financial services firm Fidelity Investments helps its employees pay off student loan debt, and it also offers tuition reimbursement to employees. Fidelity offers up to $10,000 in contributions for student loan repayment. The company claims it’s helped its employees save a total of $38 million in student loans by shortening the time required to pay down loans, thus cutting back on interest owed.
Private bank and wealth management company First Republic released a tiered student loan repayment assistance program in 2016. Like other companies on this list, First Republic’s program is offered in partnership with Gradifi.
For employees interested in student loan repayment, First Republic initially offers $100 per month. This amount increases every year that employees take advantage of this benefit, with a cap of $200 per month. First Republic will continue making payments toward the loan until it is paid in full.
Kronos, a software company working in management and human resources fields, is another employer offering student loan repayment and tuition reimbursement. In order to be eligible for tuition reimbursement, Kronos must approve the courses.
For more information on how much Krono offers in student loan repayment assistance, contact the company’s benefits department.
Some companies view financial health as an integral part of overall wellness, and AlloSource is one of them. AlloSource, an organization that researches allogeneic cells and tissues, has partnered with student loan repayment platform provider Tuition.io to become an employer that pays student loans.
Each month, AlloSource will contribute a percentage to the principal of the loan. For specific information about this company’s student loan repayment program, contact AlloSource directly.
Visual computing technology company Nvidia is an employer offering a student loan repayment assistance program that covers all the bases. This benefit is available to full-time and part-time employees of Nvidia who have been with the company for at least three months. Employees must have graduated within the past three years to be eligible.
Nvidia’s program reimburses the lesser of $500 per month, or the total required monthly payment on student loans if it’s less than $500. That comes to a maximum total of $6,000 in student loan repayment assistance per year, with a lifetime maximum of $30,000. Payments are made directly to the student loan servicer.
For those who want to further their education, Nvidia also offers up to $5,250 per year for manager-approved, work-related courses. Employees must earn at least a “B” in their course to receive reimbursement.
Additionally, Nvidia offers student loan refinancing through its relationship with SoFi. Nvidia offers its employees the opportunity to go through a customized application for a SoFi student loan refinance. Employees can receive a welcome bonus of $200 to $500 if they’re approved.
Through a partnership with Gradifi, book publisher Penguin Random House has offered its student loan repayment assistance program since 2017. It was the first-ever book publisher to offer this benefit.
As of the beginning of 2017, Penguin Random House began offering full-time employees who have been with the publisher for at least one year up to $1,200 per year toward their student loans. Penguin’s reimbursement, which goes straight to its employees’ principal student loan balance, maxes out at seven and a half years, which totals $9,000 in student loan reimbursement.
The streaming giant Hulu is now offering student loan repayment assistance in addition to mindless entertainment. As of 2018, Hulu offers $1,200 annually to help employees pay down their student loan debt.
To get more information about Hulu’s student loan repayment assistance program, reach out to Hulu directly.
Another large company partnering with Gradifi, PricewaterhouseCooper began offering student loan payoff benefits based on what its millennial workforce reported they needed.
Currently, employees can receive up to $1,200 per year toward student loans, or $100 a month; PwC will ultimately contribute up to a total of $10,000. According to PwC, employees who take advantage of this perk can save up to three years on the life of their student loan.
PwC pays its vendor who then sends the payment directly to the student loan servicer. Employees are still responsible for the income tax owed.
Personal finance company SoFi conducted a survey to learn more about the benefits that employees want, and the company found that 90% of respondents would be more inclined to accept a position at a company if it helps with student loan repayment. Based on this information, SoFi joined the pack of companies that help pay off student loans for their employees, offering $200 a month in loan reimbursement.
For more information about SoFi’s financial contributions for student loan repayment assistance, check with the HR department.
Estée Lauder, a global beauty product company, has joined the list of companies that pay off student loans. In 2018, the company announced that it would contribute $100 per month toward employees’ student loans, capping out at $10,000 in total student loan repayment.
For Estée Lauder employees who are still in school or plan to pursue higher education, the company also offers tuition reimbursement options. For more specific details about tuition reimbursement, reach out to the company directly.
Jobs that pay off student loans don’t just come through private companies. U.S. government employees may be eligible for student loan repayment assistance through the Federal Student Loan Repayment program.
This program is offered as a recruitment tool for various agencies and thus will vary based on where the government employee works. In general, employees can receive a maximum of $10,000 per year and a lifetime maximum of $60,000 toward student loan repayment. However, this only applies to federal student loans.
As a bonus, government employees can also potentially qualify their federal student loans for Public Service Loan Forgiveness (PSLF). For those who qualify, PSLF will forgive the remainder of Direct Loans after the employee has made 120 consecutive payments while working for a qualifying employer. However, receiving PSLF can be difficult, so it’s important to understand the criteria and requirements needed to qualify for the program.
When it comes to accepting job offers from companies that pay off student loans, it’s hard to find a downside. One thing to note is that, depending on your company’s program, the repayment assistance is potentially taxable.
Either way, just like a 401(k) match, this is money that’s sitting on the table for you to take. And when it comes to student loan repayment, a little bit of extra help can go a long way.
The information in this article is accurate as of the date of publishing.
Sage Singleton Evans and Shannon Insler contributed to the reporting of this article.