17 Companies That Help Employees Pay Off Their Student Loans

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When looking for a new – or even a first – job, what part of the offer do you care about the most?

Is it the pay? What about the health benefits or the great retirement plan? For many, there’s a fairly new benefit out there that might make a job more worthwhile: student loan repayment assistance.

Jobs that pay student loans through student loan repayment assistance programs aren’t commonplace just yet, but they’re on the rise. We’ve put together a list of companies that pay off student loans. Some of these companies give money towards your loans as taxable income; others pay the servicer directly. Either way, check out this list – you might find some companies you were already interested in!

Companies that pay student loans

1. Aetna

Health care company Aetna offers both tuition reimbursement and student loan repayment. For student loan repayment, they offer $2,000 per year, with a lifetime maximum of $10,000 for full-time employees. Part-time employees can get $1,000 per year, with a lifetime maximum of $5,000.

Employees must have graduated from a U.S.-based accredited institution within three years of applying for the student loan repayment program.The payments are made directly to the student loan servicer.

As for their tuition assistance program, Aetna pays 80 percent of the cost of employees’ undergraduate or graduate courses taken while employed at Aetna.

2. Chegg

If any companies that pay student loans exist, it should at least be those that work in the education services realm. And education service company Chegg certainly got that memo.

Chegg offers $1,000 annually (minus taxes) towards employees’ student loan debt.

3. ChowNow

ChowNow, a restaurant marketing startup, announced in 2015 that they would start a student loan match program for full-time employees with a maximum contribution of $500 per year (minus taxes), with plans to increase the contribution to $1,000 per year.

4. CommonBond

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 offers jobs that pay student loans.

As of 2015, CommonBond started offering up to $100 per month towards its employees’ student loans for a maximum of $1,200 per year. Employees never get maxed out on this benefit until their student loans are paid off or they leave the company.

Dave Carter, Director of Business Development at CommonBond, is set to pay off his student loans almost one year earlier than planned thanks to this benefit. Here’s more on how it’s worked for him:

“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!”

What’s more, Carter talks about how 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.”

5. Connelly Partners

Agency Connelly Partners announced its student loan repayment assistance program in June of 2016. Connelly Partners decided to partner with Gradifi, a “student loan repayment solution for employers” and match up to $100 per month of its employees’ student loan payments.

What’s more, new employees will receive a $1,000 signing bonus towards student loans in Gradifi and another $1,000 when they hit their five year anniversary with Connelly Partners.

6. Credit Suisse

Other businesses, such as Credit Suisse, use their own networks to create jobs that pay back student loans. Employers at the financial service company get a 0.25% discount on interest rates if they sign up to refinance their student loans via student loan refinancing lender SoFi.

While it may not be as attractive as a lump-sum payment, refinancing to a lower rate and receiving an additional discount could offer big savings over the course of a standard 10-year repayment timeline. Even more so if these employees can combine that 0.25% discount with SoFi’s 0.25% automatic payment discount.

7. Fidelity Investments

Fidelity has jobs that pay back student loans, but that’s not all. Fidelity also offers tuition reimbursement to employees who’ve worked for Fidelity for at least six months and then enroll in work-related courses or degree or certificate programs. This reimbursement covers 90 percent of certain costs with a maximum of $10,000 annually.

As for student loan repayment assistance, employees can get $2,000 per year paid to their servicer for a maximum of $10,000.

8. First Republic

Private bank and wealth management company First Republic released a tiered student loan repayment assistance program in 2016.

This program is in partnership with Gradifi and is available to full- or part-time employees paying off their own student loans or loans in their name taken out for their children. This program has no maximum and is available for the life of the loan.

In the first year of employment at First Republic, employees receive up to $100 per month ($1,200 per year) for their student loans. In the second year, they receive up to $150 per month ($1,800 per year). And in the third year up until the loans are paid off, employees receive up to $200 per month for their student loans ($2,400 per year).

9. Kronos

Like Fidelity, Kronos offers tuition reimbursement as well as student loan assistance. For tuition reimbursement, the courses have to be approved by Kronos.

For student loan assistance, sources report Kronos offers $500 per year until the loans are paid off.

10. Natixis Global Asset Management

In 2015, Natixis Global Asset Management released a study that showed 34 percent of American workers do not contribute to retirement plans because they have too much personal debt, with 23 percent of that debt made up of student loans.

Originally, Natixis’ plan was to offer $5,000 towards Federal Perkins and Stafford loans to employees on their five year anniversary. But now Natixis revised the plan to offer a $1,000 annual benefit to all employees for federal and private student loans.

This benefit will be paid out in direct payments to the servicer of $83.33 per month for a maximum of $10,000 over ten years while the employee remains with Natixis. Bonus: the payment is made directly to the principal balance of the loan.

11. Nvidia

When it comes to student loan benefits, visual computing technology company Nvidia covers all the bases. Nvidia has a student loan repayment assistance program that offers up to $500 per month on student loans to full- and part-time employees who’ve been with the company for at least three months. These payments are made directly to the student loan servicer.

That makes up a total of $6,000 per year, with a lifetime maximum of $30,000. Employees must have graduated within the past three years to be eligible.

And for those who want to further their education, Nvidia 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 this reimbursement.

Finally, like Credit Suisse, Nvidia has a relationship with SoFi. Nvidia employees can apply for a SoFi student loan refinance through Nvidia and receive a bonus of $200-$500 if they’re approved.

12. Penguin Random House

In a partnership with Gradifi, book publisher Penguin Random House announced its own student loan repayment assistance program in 2016, making it the first-ever book publisher to do so.

As of the beginning of 2017, full-time employees who’ve been with the publisher for at least one year are entitled to up to $1,200 per year for 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 maximum student loan reimbursement.

13. Powertex

Also partnering with Gradifi, merchandising company Powertex is another big name offering jobs that pay student loans.

Powertex employees can receive $100 per month on their student loans for up to six years, maxing out at a total of $7,200.

14. PricewaterhouseCooper (PwC)

Another large company partnering with Gradifi, PricewaterhouseCooper made the decision to offer payoff benefits based on what its millennial workers reported they needed.

As of 2016, employees receive $1,200 per year (paid out monthly straight to the student loan servicer) for up to six years (or a total of $10,000). And it won’t just cover new hires or those under the age of 30 – all current staff with qualifying debt can sign up.

15. SoFi

As of last year, SoFi joined the pack of companies that pay off student loans, or at least contribute to the payoff, for its employees.

SoFi employees can receive $200 per month towards their student loans with no yearly maximums.

16. Staples

Staples released its student loan repayment assistance program in 2016, but not all employees will benefit from it.

The program, which pays $100 per month for three years straight to the principal balance of the student loan, is only available to new hire sales associates in specific areas and current employees deemed to be “top performers.”

17. U.S. Government

Jobs that pay back 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 for their student loans. However, this only applies to federal student loans.

Bonus: government employees can also potentially qualify their federal student loans for Public Service Loan Forgiveness (PSLF).

Evaluating companies that pay off student loans

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 left sitting on the table if you don’t take advantage of it. And when it comes to student loan repayment, a little bit of extra help can go a long way.

Shannon Insler contributed to the reporting of this article.

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1 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on ourstudent loan refinance product.

© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.


2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.

Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.

Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.

Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.


3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance:Fixed rates from 3.899% APR to 7.804% APR (with AutoPay). Variable rates from 2.470% APR to 6.990% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.470% APR assumes the current index rate derived from the 1-month LIBOR of 2.08% plus 0.64% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.
  2. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

4 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.


5 Important Disclosures for CommonBond.

CommonBond Disclosures

  1. Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.08% effective July 25, 2018.

6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of October 1, 2018, the one-month LIBOR rate is 2.22%. Variable interest rates range from 2.72%-8.32% (2.72%-8.32% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.75%-8.69% (3.75%-8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a cosigner who is a U.S. citizen or permanent resident. The cosigner (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a cosigner will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Estimated average savings amount is based on 14,659 Education Refinance Loan customers who saved on loans between August 1, 2017 and July 31, 2018. The calculation is derived by averaging monthly savings across Education Refinance Loan customers whose payment amounts decreased after refinancing, calculated by taking the monthly payment prior to refinancing minus the monthly payment after refinancing. We excluded monthly savings from customers that exceeded $4,375 and were lower than $20 to minimize risk of data error skewing the savings amounts. Savings will vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Borrower’s overall repayment amount may be higher than the loans they are refinancing even if monthly payments are lower.

2.47% – 6.99%3Undergrad
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2.47% – 5.87%1Undergrad
& Graduate
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2.47% – 8.03%4Undergrad
& Graduate
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2.95% – 6.37%2Undergrad
& Graduate
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2.48% – 6.25%5Undergrad
& Graduate
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2.72% – 8.32%6Undergrad
& Graduate
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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.