14 Companies That Pay Off Student Loans
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- Student loan debt can affect a graduate's mental health and productivity.
- A growing number of employers offer student loan repayment benefits.
- Employer student loan reimbursement programs match your student loan payments.
- Companies that pay off student loans include Aetna, Google, and more.
Student loans can be a major stressor. In a recent survey by CNBC and Momentiv, 62% of respondents with federal loans said their debt negatively affected their mental health.
Compared to tuition reimbursement, student loan repayment benefits used to be very rare. But today, companies that pay off student loans are more common as they compete for the best workers.
Keep reading to learn about employers who pay off student loans and how these programs work.
What Are Student Loan Repayment Assistance Programs?
Employer student loan repayment assistance programs are a relatively new benefit. Companies will match their employees' student loan payments, up to a certain amount per month, subject to lifetime limits.
For example, an employer might match up to $100 in student loan payments for up to three years, giving the employee up to $3,600 in total repayment assistance.
According to the Employee Benefit Research Institute, 17% of employers with 500 or more employees offered student loan repayment assistance in 2021, up from 16% in 2020. Additionally, 31% of respondents said they were planning to offer student loan debt assistance in the next 1-2 years.
Under the 2021 Consolidated Appropriations Act, employers can contribute up to $5,250 per employee each year toward qualifying education expenses — without increasing the employee's gross taxable income. With this change, an increasing number of employers may opt to help pay off student loans in the near future.
14 Companies That Offer Student Loan Repayment
With so many college students graduating with student loan debt, employer student loan repayment assistance programs are growing more and more popular. If you're looking for an employer to pay off student loans, the following list features 14 well-known companies that offer this benefit.
Aetna is a leading health insurance company serving customers nationwide. The company offers education reimbursement and student loan matching contributions. Available to employees working at least 20 hours per week, Aetna will match student loan payments up to $2,000 per year, with a lifetime maximum of $10,000.
Part-time employees are eligible for a reduced benefit. Those who work fewer than 20 hours a week can receive up to $1,000 in matching contributions each year, with a lifetime maximum of $5,000.
To qualify, workers must have earned their degree within three years of applying for the program.
2. Ally Financial Inc.
Ally Financial Inc. is a digital financial services company that offers bank accounts, investing options, and loans. At Ally, qualifying employees can receive up to $100 per month in student loan assistance, up to a lifetime maximum of $10,000.
According to Ally, 19% of its employees participated in the program in 2020. The average employee reduced their repayment term by 13 months and saved $2,100 in interest by taking advantage of this benefit.
Carvana is a car-buying site that allows customers to buy cars entirely online. Full-time Carvana employees can get up to $1,000 per year to pay down their student loan debt. Carvana offers this benefit in partnership with Gradifi, an employee benefits company specializing in student loan repayment.
CommonBond, a financial services company that provides private student loans and student loan refinancing, also offers student loan reimbursement to its employees.
Eligible workers receive up to $100 per month, with no lifetime maximum. CommonBond will keep paying this monthly benefit until an employee pays off their debt. According to the company, 20% of its employees take advantage of this perk.
Chegg's program is unique. Previously, the learning platform offered a $1,000 cash benefit to employees to repay their loans, but it expanded its program in 2019.
Under the new program, Chegg created an equity pool of common stock. Employees use this pool to pay down their student loans. Eligible employees who have worked for Chegg for at least two years can get up to $5,000 per year in student loan repayment assistance.
According to Chegg, over 25% of participating employees have become debt-free in six years through the program.
6. Estée Lauder
Estée Lauder is a well-known beauty and cosmetics company. Its brands include household names like Clinique, Michael Kors, and Too Faced.
Under Estée Lauder's student loan repayment program, eligible employees can receive $100 per month to repay their loans, up to a lifetime maximum of $10,000. Estée Lauder offers this program in partnership with Tuition.io, a student loan repayment platform.
7. Fidelity Investments
In December 2021, Fidelity Investments launched its student loan assistance program. Through the new program, employees could get a monthly match with up to $15,000 in total student loan repayment benefits.
New hires are eligible from day one for the benefit. Fidelity estimates that more than 5,000 of its associates could benefit from the program.
The search engine giant Google launched a new student loan repayment program in 2021. Under the program, Google gives employees up to $2,500 per year to repay their loans faster.
Right now, only full-time employees are eligible — contractors and temporary workers do not qualify.
9. Live Nation
Live Nation offers student loan reimbursement through a partnership with Tuition.io. The company matches up to $100 per month in student loan payments, up to a lifetime maximum of $6,000.
Full-time employees who have been with Live Nation for at least six months are eligible for student loan repayment assistance. Since the program's launch in 2017, Live Nation reports that its employees have saved over $4 million.
10. New York Life
New York Life is an insurance company with over 11,000 employees. Through a partnership with the benefits platform Vault, New York Life gives employees up to $170 per month for up to five years. Eligible workers can reduce their debt by up to $10,200 through the program.
Since the program's launch, New York Life has paid off over $8.8 million of its employees' student loan debt.
Of all the companies that pay off student loans, NVIDIA has the most generous program we found. Employees who graduated within the past three years are eligible for up to $6,000 in student loan repayment assistance each year, up to a maximum of $30,000.
Full-time and part-time employees working at least 20 hours per week qualify. Workers must also have completed at least three months of continuous service.
SoFi is a financial services company that offers private student loans, student loan refinancing, mortgages, personal loans, and more. Through SoFi's student loan repayment assistance program, workers receive up to $200 per month to repay their loans.
SoFi doesn't have a lifetime maximum on reimbursement, meaning participants can take advantage of this benefit until they repay their loans in full.
In 2016, Staples launched its student loan repayment program. Employees may qualify to receive up to $100 per month to repay their loans. Workers can take advantage of this program for up to 36 months.
14. U.S. Government Positions
Although the government isn't a company, some government agencies operate loan repayment assistance programs (LRAPs) to recruit workers in high-need areas.
These programs function differently than other student loan assistance programs. Instead of matching contributions, government LRAPs require workers to make a service commitment. Below are a few agencies offering loan repayment assistance:
- Department of Justice (DOJ) LRAP: Eligible attorneys can get $6,000 per year in repayment assistance, with a lifetime maximum of $60,000. Participating lawyers must sign an agreement with DOJ and commit to an initial three-year service obligation.
- Indian Health Service Loan Repayment: In exchange for a two-year service commitment to practice full time in a designated Indian health program site, eligible healthcare practitioners can receive up to $20,000 per year in student loan repayment assistance.
- National Health Service Corps (NHSC) Rural Community Loan Repayment Program: Physicians, nurse practitioners, pharmacists, and other healthcare professionals can earn up to $100,000 in student loan repayment assistance. This program requires a three-year service commitment at an NHSC-approved site.
You can find national government loan repayment programs at Benefits.gov. You can also search for state opportunities through your state's education agency.
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