Note that the situation for student loans has changed due to the impact of the coronavirus outbreak and relief efforts from the government, student loan lenders and others. Check out our Student Loan Hero Coronavirus Information Center for additional news and details.
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The class of 2019 graduated with an average of $29,900 in private and federal student loan debt. So, when it comes to choosing a place to work, jobs 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 20 companies that help pay off student loans. Some of these companies contribute money toward your loans as taxable income, while others pay your loan servicer directly. Either way, check out our list — you might find some companies you were already interested in:
As you can see on the chart above, more and more employers are offering help with student loan repayment. We’ve collected this list of some (but definitely not all) of the companies that offer this valuable perk:
3. Andersen Global
6. Connelly Partners
7. Estée Lauder
8. Fidelity Investments
9. First Republic
13. Live Nation
14. New York Life
16. Penguin Random House
17. PricewaterhouseCoopers (PwC)
20. The U.S. Government
Health care company Aetna is an employer that pays student loans, 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.
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.
Andersen 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 with student loan repayment assistance. All employees who work for at least 20 hours a week and have been with the company for at least one month are eligible for this benefit.
Andersen 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.
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.
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.
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 can 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.
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.
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 has helped its employees save a total of $38 million in student loans by shortening the time required to pay down loans, thereby cutting back on interest owed.
Private bank and wealth management company First Republic released a tiered student loan repayment assistance program in 2016. Like several other companies that pay off student loans, 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’s paid in full.
In September 2020, Google announced the addition of its student loan repayment program. U.S.-based Google employees can receive up to $2,500 in student loan repayment from the Silicon Valley tech company. This benefit is available annually.
Streaming giant Hulu is now offering student loan repayment assistance in addition to binge-worthy 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.
Kronos, a software company that caters to 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 Kronos offers in student loan repayment assistance, contact the company’s benefits department.
Live Nation provides $100 per month of student loan repayment assistance to eligible employees, with a lifetime maximum benefit of $6,000. Since implementing its student loan assistance program in 2017, Live Nation claims to have provided its employees with more than $4 million in student loan assistance.
In 2017, New York Life began offering a student loan repayment program. It offers eligible employees up to $10,200 in student loan assistance over five years. Employees must be non-officers with student loans who work under New York Life Insurance Company, NYL Investors, New York Life Investment Management or Index IQ.
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 tuition reimbursement for qualifying courses. 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 7 ½ years, which totals $9,000 in student loan reimbursement.
Another large company partnering with Gradifi, PricewaterhouseCoopers 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 loans.
PwC pays its vendor, who then sends payments directly to the student loan servicer. Employees are still responsible for any 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 human resources department.
Staples rewards its top performers with $100 per month of student loan repayment help. This benefit is available to full-time associates in the U.S. who have earned their degree or are working toward it. Employees must have at least one student loan in repayment, and the benefit is applied to the loan principal for up to 36 months.
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.
Sage Singleton Evans and Shannon Insler contributed to this report.