20 Companies That Help Their Employees Pay Off Their Student Loans

Companies that help their employees pay off student loan debt are making a valuable, long-term investment in their employees’ future financial well-being. By providing assistance with loan payments, tuition fees, and other educational expenses, as well as financial planning services, companies can help employees manage their debt and improve their overall financial stability. Companies also benefit from this through increased employee job satisfaction and loyalty, a competitive advantage in the workplace, as well as improved productivity and profitability. 

Below are some of the methods that companies use to help their employees pay off student loan debt:

Companies can offer employees a one-time, lump sum payment to help cover student loan costs.

Companies can match employee payments on their loans up to a certain percentage of their salary, which can make it easier to pay off debt faster.

Companies can create an agreement in which they pay tuition fees, books, supplies, and other educational expenses for their employees directly rather than making employees responsible for these costs.

When it comes to budgeting and understanding loan terms, there are a number of companies offering financial planning services that provide assistance to employees. These services help employees manage their finances more effectively, helping them to stay on track with repaying their student loans.

As mentioned earlier, each company has its own approach in helping its employees with student loan debt, from offering tuition reimbursement and financial counseling services to lump-sum payments. Consider any one of the following companies and what they have to offer.

Aetna is a health insurance company that provides a student loan repayment program for its employees. The program provides up to $10,000 in assistance each year, depending on the employee’s salary and tenure with the company, and it covers both federal and private loans. To qualify, employees must have been with the company for at least one year and must be in good standing.

Ally Financial is a financial services and banking company that provides an Employee Student Loan Assistance Program which offers up to $5,000 per calendar year to help employees pay off their student loans. Employees must have been employed by Ally for at least one year to qualify and must pass a credit check.

Andersen Global is an international network of accounting and law firms that offers its employees a Student Loan Repayment Assistance Program. The company provides up to $100 per month in assistance towards their student loan payments, with no cap on the total amount of assistance. Employees must have been with the company for at least one year to qualify for the program.

Carvana is an online car retailer that offers its employees a Student Loan Assistance Program, which provides up to $100 per month towards their student loan payments. To qualify, employees must have worked at the company for at least one year and must have a minimum loan balance of $5,000.

Chegg is an education technology company that provides its employees with up to $2,400 per year in student loan assistance through its Student Loan Repayment Assistance Program. Employees must have been employed by Chegg for at least one year and must have a minimum loan balance of $10,000 to qualify. 

CommonBond is a financial services company that offers its employees the CommonBond Student Loan Repayment Assistance Program, which provides up to $100 per month in assistance towards their student loans. To qualify, employees must have a minimum loan balance of $10,000 and must be employed by CommonBond for at least one year.

Estée Lauder is a cosmetics company that offers its employees an Employee Student Loan Assistance Program, which provides up to $100 per month in assistance towards their student loans. Employees must have been employed by this company for at least one year to qualify and must have a minimum loan balance of $10,000.

Fidelity Investments is an investment company that provides its employees with up to $2,000 per calendar year in assistance towards their student loans through its Student Loan Repayment Assistance Program. Employees must have a minimum loan balance of $10,000 and must be employed by Fidelity for at least one year to qualify.

First Republic Bank is a financial institution that offers its employees the Student Loan Repayment Assistance Program which provides up to $100 per month in assistance towards their student loans. To qualify, employees must have a minimum loan balance of $10,000 and must be employed by First Republic for at least one year.

Tech company giant Google offers its employees the Google Student Loan Repayment Assistance Program, which provides up to $2,000 per year in assistance towards their student loans. Employees must have been employed by Google for at least one year and must have a minimum loan balance of $5,000 to qualify.

Hulu is a well-known streaming service that offers its employees the Hulu Student Loan Assistance Program, which provides up to $100 per month in assistance towards their student loan payments. To qualify, employees must have been employed by Hulu for at least one year and must have a minimum loan balance of $5,000. 

Live Nation is an events company that provides its employees with up to $1,200 per year in student loan assistance through its Student Loan Repayment Assistance Program. Employees must have a minimum loan balance of $10,000 and must be employed by Live Nation for at least one year to qualify. 

New York Life is an insurance company that offers its employees the NYL Student Loan Repayment Assistance Program, which provides up to $100 per month in assistance towards their student loan payments. To qualify, employees must have a minimum loan balance of $5,000 and must be employed by New York Life for at least one year. 

Nvidia is a tech company that provides its employees with up to $150 per month in assistance towards their student loans through its Student Loan Repayment Assistance Program. Employees must have been employed by Nvidia for at least one year and must have a minimum loan balance of $10,000 to qualify.

Penguin Random House is a publishing company that offers its employees the Penguin Student Loan Repayment Assistance Program which provides up to $100 per month in assistance towards their student loan payments. To qualify, employees must have been employed by Penguin Random House for at least one year and must have a minimum loan balance of $5,000.

PwC is a worldwide accounting firm providing its employees with up to $100 per month in assistance towards their student loans through its Student Loan Repayment Assistance Program. Employees must have a minimum loan balance of $5,000 and must be employed by PwC for at least one year to qualify.

SoFi is a financial services company that offers its employees the SoFi Student Loan Repayment Assistance Program which provides up to $200 per month in assistance towards their student loan payments. To qualify, employees must have a minimum loan balance of $10,000 and must be employed by SoFi for at least one year.

Staples is an office supplies company that provides its employees with up to $100 per month in assistance towards their student loans through its Student Loan Repayment Assistance Program. Employees must have been employed by Staples for at least one year and must have a minimum loan balance of $5,000 to qualify.

Western Union is a global money transfer company that offers its employees the Western Union Student Loan Repayment Assistance Program, which provides up to $200 per month in assistance towards their student loan payments. To qualify, employees must have a minimum loan balance of $10,000 and must be employed by Western Union for at least one year.

Although not technically a company, the U.S. government offers loan repayment assistance to its employees through the Federal Student Loan Repayment Program (FSLRP). This program provides up to $10,000 per year in student loan repayment assistance for eligible employees who have a minimum loan balance of $5,000. To qualify, applicants must be employed by the U.S. government for at least three consecutive years, have a good attendance record, and must make satisfactory progress on their loan payments. Once approved, participants will receive up to $10,000 per year in repayment assistance for up to three years or until their loan is fully paid off.

Here are some frequently asked questions.

Many companies are now offering to help their employees pay off their student loans as part of employee benefits packages.

Most companies make payments towards the loan with the highest interest rate or smallest balance first.

If you do not make payments on your student loan, it can have serious consequences such as late fees and penalties, damage to credit score, wage garnishments, or even legal action. It is important to keep up with payments in order to avoid these issues.

The companies we’ve mentioned are just some of the many out there that offer employee assistance programs to help pay off student loans. While the amounts offered may vary from company to company, these programs can provide much-needed relief to employees burdened with student loan debt. If you’re looking for a job and have student loan debt, consider applying to one of these companies — you might find yourself getting some much-needed help with your loans!