10 Companies That Pay Off Student Loans – Numerous companies are dedicated to aiding students in paying off their student loan burden. Some companies allocate a specific annual amount to assist employees in managing and reducing their student loans. This is because most graduates with a bachelor’s degree often face daunting student loan debt, averaging over $30,000, creating overwhelming financial pressure. In response to the growing concern among employees about alleviating this financial burden, certain companies assist as part of their employee benefits.
Currently, 17 percent of employers extend the benefit of student loan repayment, and an additional 31 percent are contemplating implementing similar programs. However, it’s advisable to inquire about the availability of student loan debt repayment assistance during the interview process with a prospective employer. In cases where this benefit is not accessible, explore alternative strategies to make student loans more manageable, such as exploring refinancing options.
10 Companies That Pay Off Student Loans
Student loan assistance programs can provide significant relief, offering hundreds to thousands of dollars, regardless of current loan rates. Moreover, several prominent companies actively contribute to paying off student loans, employing distinctive programs to facilitate this support. Below is a list of prominent companies known for assisting students to pay off student loans.
Aetna is a prominent healthcare company that aids employees by contributing to their student loans through a dedicated repayment program, matching eligible individuals’ payments. Additionally, Aetna extends its commitment to employee education through a tuition assistance program. The company covers 100% of eligible expenses for degrees or courses relevant to job responsibilities.
Furthermore, full-time employees are eligible for up to $5,000 annually toward a degree and up to $2,500 for job-related courses and certificates. Part-time employees working between 20 and 39 hours a week can also avail themselves of Aetna’s support. The program offers up to $2,500 for courses within a degree program and an equal amount for career-related courses. Feel free to explore the comprehensive educational support provided by Aetna for further details.
Ally Financial, a notable financial services company, has introduced initiatives to assist its employees in financing their education. Among these initiatives is a program that provides financial support for student loan repayment, offering a monthly contribution of up to $100.
However, it’s noteworthy that this benefit comes with a lifetime cap, limiting the total support to $10,000. This initiative reflects Ally Financial’s commitment to aiding its employees in managing their educational expenses.
AlloSource, a leading organization specializing in allogeneic cell and tissue research, recognizes the significance of financial well-being in overall employee wellness.
However, it collaborates with Tuition, a student loan repayment platform, proactively supporting employees by participating in student loan repayment initiatives. Under this program, it commits to contributing a percentage of the monthly payment towards the principal of the loan.
For comprehensive details on AlloSource’s student loan repayment initiative, including eligibility and terms, it’s recommended to contact the company directly. This partnership underscores AlloSource’s commitment to fostering financial health among its workforce.
Andersen Global, a tax and consulting firm, provides repayment assistance to employees with a one-month tenure and a minimum of 20 weekly working hours. However, eligible individuals can receive $100 per month for a duration of up to five years.
Additionally, upon completing the five-year term, Andersen Global offers a substantial lump-sum payment of $6,000, bringing the total assistance to $12,000. This lump-sum incentive serves as a significant motivator for employees to remain with the company for the entire five-year period.
Carvana is an online car retailer that partnered with Gradifi to offer a student loan repayment benefit, aiming to ease the financial burden for employees. Furthermore, full-time employees can benefit from a yearly opportunity to receive up to $1,000, specifically designated to pay down their student loans.
This collaboration underscores Carvana’s commitment to supporting the financial well-being of its workforce by addressing the challenges associated with student loan obligations.
Chegg provides a range of educational services, such as textbooks and online tutoring. Typically, their student loan repayment assistance initiative is designed to benefit employees in entry- and manager-level roles, offering them up to $5,000 per year.
For those in higher-level positions, the annual maximum assistance is $3,000. Unlike many similar programs, there is no apparent overall maximum limit. The sole condition is a minimum of two years of employment with the company.
CommonBond, a player in student loan refinance, has the notable initiative of repaying student loans for its employees. However, the company has been providing up to $100 per month towards the student loans of its staff.
Remarkably, this benefit is accessible to all employees, irrespective of their job title or tenure with the company. Employees receive this assistance continuously until their student loans are completely paid off.
Fidelity, a financial services company, extends substantial student loan repayment assistance to eligible employees, reaching up to $15,000. Full-time employees are eligible for the entire $15,000, while those working 20–29 hours weekly can receive $89 per month, with a lifetime cap set at $7,500.
The specifics of how Fidelity disburses this benefit, whether in monthly installments or as a lump sum, are not publicly disclosed. However, it is clarified that new hires become eligible for this assistance on the first day of their employment.
Connelly Partners, an advertising agency, introduced its student loan repayment assistance program in collaboration with Gradifi. Under this initiative, the company contributes up to $100 per month towards the student loan payments of its employees.
Additionally, newly hired individuals receive a $1,000 signing bonus, which can be utilized for their student loans. Upon reaching five-year tenure with Connelly Partners, employees are entitled to another $1,000 bonus earmarked for their student loans.
First Republic Bank
First Republic Bank, offering banking and wealth management, provides student loan repayment assistance to eligible employees working at least 20 hours in its operational areas. Typically, the assistance begins at $100 per month and progressively increases annually, capping at $200 per month.
Importantly, these payments persist until the employee’s entire student loan debt is cleared. This initiative is facilitated through a partnership with Gradifi.
Accepting job offers from companies that offer student loan repayment assistance seems generally advantageous. However, it’s crucial to be aware that, depending on your company’s program, the repayment assistance may be subject to taxation.
Numerous companies now assist their employees in repaying student loans. Moreover, if your employer lacks this benefit, discuss adding it with HR or your manager. Implementing a student loan program is cost-effective, aids debt reduction, and attracts talent.