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If you are struggling with your student loan debt, your employer could be a valuable resource. Workplaces are increasingly offering student loan repayments as a benefit to attract and retain employees.
According to the Society for Human Resource Management, 8% of employers offered student loan repayment assistance in 2020, up from just 4% in 2018. And with a wave of workers leaving their jobs during the “big resignation,” employers could be more likely to add desirable benefits such as student loan repayments as a means of attracting top talent.
Thanks to the Consolidated Appropriations Act passed in 2020, there is another benefit to offering student loans: employers can make tax-exempt student loan contributions of up to $ 5,250 until 2025. With this incentive financial, more employers may consider adding student loan repayment assistance to their benefit packages.
If you’re looking for a new employer, here are 13 companies that pay off student loans to their employees.
1. The Allied Financial
Under the Ally’s Total Rewards program, employees can receive student loan repayment assistance of up to $ 100 per month, up to a maximum of $ 10,000. According to the company, about 19% of its employees have taken advantage of the benefit to date, receiving $ 1.95 million in aid combined with their student loans.
The Carvana car buying platform joined forces with Gradifi in 2018 to offer student loan assistance to its employees. Employees can receive up to $ 1,000 per year to pay off their student loan debt. To be eligible for the program, you must be working for the company full time.
Carhartt is a clothing retailer that sells clothing and accessories for men, women and children. In 2018, she launched a student loan repayment program for employees. As part of the program, Carhartt will contribute $ 50 per month towards employee loans, up to a maximum of $ 10,000.
The student loan repayment plan, managed by Tuition.io, is available for part-time and full-time employees.
Chegg is an educational technology site that sells and rents textbooks, provides tutoring services, and offers career advice and resources. In 2019, it launched its Equity for Education program, which introduced new student loan repayment benefits. Since its inception, the program has paid down $ 1 million in employee student debt.
Chegg’s student loan program has two sections:
- Cash. Employees receive $ 1,000 per year for student loan repayment.
- Stock actions. Chegg sets aside a pool of shares, which he sells on behalf of the employee. The after-tax total is transferred to Tuition.io, the third-party company that manages the student loan repayment program. Through the shares, entry-level and managerial employees can get up to $ 5,000 per year in student loan assistance, in addition to the $ 1,000 cash benefit.
5. Estée Lauder
Estée Lauder is the parent company of major cosmetics and beauty brands such as Clinique, MAC and Smashbox. In 2018, Estée Lauder announced extended benefits for its employees, including a student loan contribution program.
With this benefit, employees can receive up to $ 100 per month for their student loans, up to a maximum of $ 10,000.
6. Fidelity Investments
Fidelity Investments will introduce student loan assistance in December 2021. Under this new program, employees can get up to $ 15,000 in student loan contributions from their employer. According to the company, it will generate more than $ 38 million in student loan savings for Fidelity Investment employees.
As one of the largest technology companies in the world, Google employs more than 100,000 people. It launched a new student loan program in 2021 for U.S. employees. As part of this benefit, Google will match up to $ 2,500 in student loan debt per year per employee.
Through a partnership with Tuition.io, the streaming company Hulu is offering employees up to $ 100 per month for their student loans, up to a maximum of $ 6,000. Workers must have been employed by Hulu for at least a year and actively paying their minimum student loan amount to be eligible.
9. Lockheed Martin
Lockheed Martin, a global security and aerospace company, has launched an early-career initiative to attract recent graduates. As part of this program, he operates Invest In Me, which offers hired students a monthly cash bonus of $ 150 for five years, up to a maximum of $ 9,000. You can use the money to pay off student loans or save for other purposes.
Peloton, the maker of home fitness equipment, partnered with Gradifi in 2017 to launch its student loan assistance program. Platoon gives eligible employees up to $ 100 per month to pay off their loans.
PwC (also known as PricewaterhouseCoopers) is a professional services firm. Through its student loan repayment program, participating associates or senior associates can receive up to $ 1,200 per year, for up to six years, to repay their loans.
SoFi, a leading financial technology company, offers its employees up to $ 200 per month in student loan repayment assistance. As an added benefit, employees can also take free finance courses to help them manage their debt and pursue their goals.
Terminix is a pest control company that operates in 47 states. Its employees can take advantage of its student loan repayment program and get up to $ 50 per month for their loans, with no lifetime maximum.
To be eligible, employees must be full-time workers earning less than $ 150,000 and debt cannot be in default of a student loan.
Pay off your student loans
There are many companies that help their employees pay off their student loans. If your employer doesn’t yet offer this feature, talk to your human resources department or manager about adding it as a new benefit. This can be a cost effective way to help employees get out of debt sooner, and it’s an attractive perk for potential hires.