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If you’re struggling with your student loan debt, your employer could be a valuable resource. Workplaces are increasingly offering student loan repayment as a perk to attract and keep 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 quitting their jobs during the “great resignation,” employers may be more likely to add desirable perks such as student loan repayment as a way to attract top talent.
Thanks to the Consolidated Appropriations Act passed in 2020, there’s another benefit to offering student loan benefits: employers can make tax-exempt student loan contributions up to $ 5,250 through 2025. With this financial incentive, 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 for their workers.
1. Ally Financial
Under Ally’s Total Rewards program, employees can qualify for up to $ 100 per month in student loan repayment assistance, up to a maximum of $ 10,000. According to the company, approximately 19% of its employees took advantage of this benefit to date, receiving $ 1.95 million in combined assistance with their student loans.
The car-buying platform Carvana partnered with Gradifi in 2018 to offer student loan assistance to its employees. Employees can receive up to $ 1,000 per year to pay down their education debt. To qualify for the program, you must work for the company full-time.
Carhartt is a clothing retailer that sells clothes and accessories for men, women and children. In 2018, it launched a student loan repayment program for employees. Under the program, Carhartt will contribute $ 50 per month toward employees’ loans, up to a maximum of $ 10,000.
The student loan repayment plan, operated by Tuition.io, is available to both part-time and full-time employees.
Chegg is an education technology site that sells and rents out 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 off $ 1 million of employee student loan debt.
Chegg’s student loan program has two sections:
- Cash. Employees receive $ 1,000 annually for student loan repayment.
- Stock shares. Chegg sets aside a pool of shares, which it 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 stock shares, entry- and manager-level employees can get up to $ 5,000 per year in student loan assistance, on top of the $ 1,000 cash benefit.
5. Estée Lauder
Estée Lauder is the parent company of major cosmetic and beauty brands like Clinique, MAC and Smashbox. In 2018, Estée Lauder announced expanded benefits for its employees, including a student loan contribution program.
With this perk, employees can receive up to $ 100 per month toward their student loans, up to a maximum of $ 10,000.
6. Fidelity Investments
Fidelity Investments is introducing 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 produce over $ 38 million in student loan savings for Fidelity Investment employees.
As one of the largest technology companies in the world, Google employs over 100,000 workers. It launched a new student loan program in 2021 for US employees. Under the 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 provides employees with up to $ 100 per month toward their student loans, up to a maximum of $ 6,000. Workers must be employed by Hulu for at least one year and be actively paying their student loan minimums to qualify.
9. Lockheed Martin
Lockheed Martin, a global security and aerospace company, has an early career initiative to attract recent graduates. As part of this program, it operates Invest In Me, which provides college hires with a $ 150 monthly cash bonus for five years, up to a maximum of $ 9,000. You can use the money to pay down student loans or save for other goals.
Peloton, the maker of at-home fitness equipment, partnered with Gradifi in 2017 to start its student loan assistance program. Peloton gives eligible employees up to $ 100 per month to repay their loans.
PwC (also known as PricewaterhouseCoopers) is a professional services company. With it’s student loan paydown 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 fintech company, offers employees up to $ 200 per month in student loan repayment assistance. As an added benefit, employees can also take free financial classes 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 toward their loans, with no lifetime maximum.
To qualify, employees must be full-time workers who earn less than $ 150,000 and the debt cannot be in student loan default.
Paying Off Your Student Loans
There are many companies that help their employees pay off student loans. If your employer doesn’t yet offer this feature, talk to your human resources department or manager about potentially adding it as a new benefit. It can be a cost-effective way to help employees get out of debt sooner, and it’s an attractive perk for potential hires.