Tackling student loan debt can be a daunting task, with college graduates leaving school with an average student loan balance of $37,693. While there are many different strategies you can utilize to eliminate your student debt, one of the more effective options is to work for a company with an employer student loan repayment program.
According to the Society for Human Resource Management, 8 percent of employers offer some kind of student loan repayment as an employee benefit. Here are some of the top companies that pay student loans.
10 companies that will help you pay down student loan debt
Student loan repayment assistance programs can provide you with hundreds or even thousands of dollars in relief on your student loan debt. Here are some major companies that pay off student loans on behalf of their employees and how the programs work.
The health care company Aetna offers not only student loan repayment assistance, but also tuition assistance for employees who are currently enrolled in school.
The employer matches employees’ student loan payments dollar for dollar, up to $2,000 per year and up to $10,000 total.
2. Andersen Global
Tax and consulting firm Andersen Global provides repayment assistance to employees who have been with the company for at least one month and work a minimum of 20 hours per week.
If you qualify, Andersen Global will pay $100 per month for up to five years. At the end of that term, it’ll also provide a lump-sum payment of $6,000 for a total of $12,000. The lump-sum payment is a huge incentive for employees to stick around for at least five years with the company.
Chegg offers various educational services, including textbooks, online tutoring and more. The company’s student loan repayment assistance program favors employees at entry-level and manager-level positions, giving them up to $5,000 per year in assistance.
If you’re at a higher level, the annual maximum is $3,000. There doesn’t appear to be an overall maximum, which is a significant improvement compared to some other student loan repayment programs. The only requirement is that you must have worked at the company for at least two years.
As a student loan company, CommonBond’s efforts to help employees pay down their student loan debt feel natural.
In 2015, the company began offering up to $100 per month in student loan repayment assistance. The benefit lasts until the employee’s student loans are paid in full, and there are no requirements to be eligible for the program.
5. Fidelity Investments
The financial services company Fidelity offers up to $15,000 in student loan repayment assistance to its eligible employees.
Unfortunately, the company doesn’t disclose publicly how it pays out the benefit — either in monthly installments or in a lump sum — but it does state that new hires become eligible on day one of employment.
6. First Republic Bank
First Republic Bank offers banking and wealth management services and has branches in only seven states. But if you live in an area where the company has a presence and work for the company for at least 20 hours a week, you could get student loan repayment assistance starting at $100 per month.
Each year, that amount increases until it maxes out at $200 per month. The payments continue until you’ve paid off your student loan debt in full.
Beginning in 2021, Google is matching employees’ student loan payments up to $2,500 every year — that comes out to roughly $208 per month. The benefit is only available for full-time employees, so contractors and temporary workers are ineligible.
Like some other companies on this list, Google doesn’t have a maximum benefit amount — you’ll keep getting matching contributions to your student loan debt until you pay it off in full.
Streaming giant Hulu offers employees $1,200 every year to help them pay off their student loan debt. That’s $100 per month toward the principal balance of your loans, up to $6,000 in total.
You must have been employed by Hulu for at least one year to receive benefits, and the sign-up period for the program ends on Jan. 1, 2022.
9. Live Nation
Live Nation is an entertainment company and events promoter with a wide reach. Since 2017, the employer has provided employees with $100 per month in student loan repayment assistance, up to a maximum of $6,000, which you’d reach after five years with the company.
10. New York Life
The financial services company New York Life offers student loan repayment assistance to eligible employees who work under New York Life Insurance Company, NYL Investors, New York Life Investment Management or Index IQ.
You’re eligible if you’re a nonofficer employee with student loans in good standing at one of those companies. The benefit is $170 per month for up to five years, or $10,200 total.
There are many companies with student loan repayment assistance programs, and the list is growing. However, it’s important to note that while there are companies that pay off student loans, that benefit should only be part of the reason you choose to work for an employer.
Start by checking with your current employer to see what repayment programs are available. If there are none, take your time before switching to a different employer to get help with your student loans. Ask potential employers about how the program works, and if you’re not sure if a company offers one, don’t be afraid to ask about it during the interview process.