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Tackling student loan debt can be a daunting task, with bachelor’s graduates leaving school with an average student loan balance of $28,950. Recognizing their employees’ interest in eliminating their student debt, some companies offer help as a work perk.
According to the Employee Benefit Research Institute, 17 percent of employers offer a student loan repayment as an employee benefit — and 31 percent are considering similar programs. Here are some of the top companies that pay student loans.
13 companies that will help you pay down student loan debt
Student loan repayment assistance programs can provide 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 healthcare company Aetna offers not only student loan repayment assistance but also tuition assistance for employees 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. Ally Financial
Financial services company Ally Financial launched initiatives to help its employees pay for their education, including offering up to $100 per month for student loan repayment. The benefit has a lifetime cap of $10,000 and is available to full-time employees.
3. 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.
In 2018, online car retailer Carvana teamed up with Gradifi to offer its employees up to $1,000 per year to help pay down outstanding student loans. The benefit is available to full-time employees.
Chegg offers educational services including textbooks, online tutoring and more. The company’s student loan repayment assistance program favors employees at entry- 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 — rare among these 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.
7. Fidelity Investments
The financial services company Fidelity offers up to $15,000 in student loan repayment assistance to its eligible employees. The full $15,000 is available for full-time employees, while those working 20-29 hours per week can receive $89 per month, with a lifetime cap of $7,500.
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.
8. 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.
That amount increases yearly until it maxes out at $200 per month. The payments continue until you’ve paid off your student loan debt in full. The benefit is offered as part of an arrangement with Gradifi.
Google matches 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.
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.
11. Live Nation
Live Nation is an entertainment company and events promoter. 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.
12. 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, provided in partnership with Vault, is $170 per month for up to five years, or $10,200 total.
SoFi, a personal finance company and online bank, started offering its employees up to $200 per month toward student loan repayment in 2016. The plan is available to full-time employees at the company, which offers a suite of financial services to help employees deal with debt and improve their financial health.
There are many companies with student loan repayment assistance programs, and the list is growing. However, that benefit should only be part of the reason you choose to work for an employer.
Start by asking your current employer 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. If you’re not sure if a company offers one, don’t be afraid to ask about it during the interview process.