A college degree is supposed to be a ticket to a better-paying career. But most students these days are forced to borrow student loans to pay for their degree, which can offset some — or even all — of the financial benefit.
This makes employer student loan repayment assistance one of the hottest sought-after job perks. Fortunately, more and more employers are recognizing this and offering it as a benefit.
If you’re on the hunt for a new position and you’re struggling with student loan debt, start your search with a company offering to help you pay off your student loans.
Companies That Pay Off Student Loan Debt
Although more companies than ever recognize that assistance with student loan pay off is a crucial employee benefit to attract and retain top talent, it’s still relatively rare. Only 1 in 10 employers offer it as of 2022, according to data from the Society for Human Resource Management.
Motley Fool Stock Advisor recommendations have an average return of 618%. For $79 (or just $1.52 per week), join more than 1 million members and don’t miss their upcoming stock picks. 30 day money-back guarantee. Sign Up Now
Thus, finding employers who provide student loan repayment benefits can be a difficult task when you’re on the job hunt. Start with our list of national employers. But don’t stop there. Many local employers also offer student loan repayment assistance as a job perk.
Additionally, this list isn’t exhaustive. Nearly half of surveyed employers plan to add student loan repayment assistance as a benefit, according to an October 2021 survey by the Employee Benefit Research Institute.
So it never hurts to ask during a job interview whether your prospective company offers this benefit or is considering adding it.
Employees of health technology company Abbott Laboratories are eligible for their Freedom 2 Save benefit, which contributes the equivalent of 5% of employees’ pay to their 401(k) plans when they pay at least 2% of their own paychecks toward their student loans.
Although not a direct monthly payment of student loans, this benefit can help shave years off student loan repayment while simultaneously helping you save for retirement. Because you get a company match toward your retirement savings when you work on reducing your student debt, you get to accomplish two financial goals at once.
Borrowers with student loan debt often miss out on years of compounding gains when they prioritize paying off their student loans over saving for retirement, potentially adding up to a loss of hundreds of thousands of dollars. But Abbot’s 401(k) match means you don’t have to choose. And both full-time employees and part-time employees are eligible.
2. Aetna/CVS Health
The health insurance company Aetna, owned by CVS Health, makes direct monthly payments toward employees’ student loans.
Specifically, they match contributions up to $2,000 per year for full-time employees, up to a $10,000 lifetime maximum. And they match $1,000 per year for part-time employees, up to a $5,000 lifetime maximum.
To get the maximum benefit, you must make at least the maximum match in minimum monthly student loan payments.
AlloSource, a health care company that researches allogeneic cells and tissues, partners with the student loan repayment platform Tuition.io to provide loan repayment for its employees. It uses the service to make payments directly to employees’ student loan servicers.
According to the company, it contributes a percentage each month toward the principal of the loan. Full-time employees who have been with the company for at least a year are eligible.
4. Ally Financial
Ally Financial is a full-service bank, offering all the usual banking products including auto loans, mortgages, personal loans, checking and savings accounts, investment accounts, and online banking. And if you go to work for them, their Total Rewards Program offers a myriad of benefits, including a Student Loan Paydown Assistance program.
Under Ally’s program, employees can get $100 per month in repayment assistance up to a lifetime cap of $10,000.
5. Andersen Global
Andersen Global is a consulting company, providing tax and other financial services to individuals and corporations. In 2017, they announced a partnership with the student loan repayment platform Gradifi, which makes payments directly to Andersen’s employees’ student loan servicers.
Under the program, Andersen Global offers all full-time employees $100 per month for 60 months toward their student loan payments. The company also offers a $6,000 lump-sum payment at the end of the five-year term. This gives Andersen employees a potential $12,000 total repayment toward their student debt. All employees who work at least 20 hours per week and have been with the company for at least one month are eligible for the benefit.
The car-buying service Carvana joined the growing number of national companies offering student loan repayment assistance in 2018 when they announced a partnership with the repayment platform Gradifi.
Full-time employees can receive up to $1,000 per year toward student loan payments.
Carhartt, which manufactures men’s, women’s and children’s clothing, offers repayment assistance for both its part-time and full-time employees through partnership with Tuition.io.
Under the program, Carhartt contributes $50 per month toward employees’ loans, up to a lifetime maximum of $10,000.
As a student learning platform, it’s no surprise that Chegg would be a leader in the student loan repayment space. The education services company offers not one, but two repayment assistance programs:
- All employees receive $1,000 annually toward student loan repayment.
- As part of their Equity for Education program, entry and manager-level employees who have at least two years tenure at Chegg get an additional up to $5,000 annually, regardless of whether they attended a two- or four-year college or whether they graduated.
9. Estee Lauder
The cosmetics giant Estee Lauder is the parent company of other major brands like Clinique, Origins, M.A.C., and Smashbox. In 2018, the beauty conglomerate announced the launch of its own student loan repayment benefit.
It contributes $100 per month through Tuition.io toward employee student loan payments, maxing out at $10,000 in total repayment.
10. Fidelity Investments
Fidelity is a multinational financial services corporation, which itself provides student loan repayment assistance programs to other companies. Thus, it’s no surprise it offers the benefit to its own employees.
In December 2021, it announced an increase of its lifetime student loan benefit to $15,000 per employee. And this benefit begins on day one of employment. Additionally, Fidelity offers student loan and college planning advice to all its employees.
11. First Republic
The private bank and investment company First Republic, launched a tiered student loan repayment assistance program in 2016 in partnership with Gradifi.
For those interested in taking advantage of the program, First Republic offers an initial $100 per month in repayment assistance. The amount increases to $150 the second year an employee uses the benefit, with a cap of $200 per month in the third year and beyond.
There is no aggregate cap, however. So First Republic will continue to make payments as long as you remain an employee and until you pay your loan in full.
The benefit is available to both full and part-time employees who work a minimum of 20 hours per week. Parents who took out loans for their children are also eligible.
Google, the online search giant who needs no introduction, began its student loan repayment assistance program in 2021. It matches up to $2,500 in student loan payments per U.S. employee per year. Google plans to gradually expand its program worldwide.
Honeywell is a multinational company that primarily manufactures aerospace and automotive products; residential, commercial, and industrial safety systems; specialty chemicals and plastics; and building materials.
Honeywell has partnered with Gradifi to offer its qualifying employees $150 per month in student loan repayment assistance, up to a lifetime maximum of $10,000.
Despite the name, LendEDU is not a lender itself. Rather it’s an online educational resource and marketplace that helps borrowers compare and learn about loan options, including those for private student loans, student loan refinancing, personal loans, mortgages, and credit cards.
The company offers its employees $200 per month toward their student loans, which amounts to $2,400 per year. There’s no lifetime maximum, so you can use the benefit as long as you need to repay your loans.
15. Live Nation
Live Nation, which merged with Ticketmaster in 2010, is an events promoter and venue operator for live entertainment. It first implemented its student loan repayment assistance program in 2017 in partnership with Tuition.io. It offers eligible employees a standard $100 per month in repayment assistance.
However, it offers one of the lowest lifetime caps at $6,000 in total repayment assistance.
16. New York Life
The insurance company New York Life launched its student loan repayment program in 2017. Through its partnership with Student Loan Genius, it contributes $170 per month to eligible employees’ student loans, up to $10,200 over five years. This benefit is available from day one of employment.
To qualify, employees must be non-officers with student loans who work under New York Life Insurance Company, NYL Investors, New York Life Investment Management, or Index IQ.
The company also offers student loan advice and planning tools to its employees.
Nvidia is the multinational microchip company that invented the GPU, which creates interactive graphics on laptops, workstations, mobile devices, notebooks, PCs, and more. But visual technology innovation isn’t the only thing Nvidia offers. It also gives its employees a student loan benefits package that covers all the bases.
Its student loan assistance program repays the lesser of $500 per month or the total required monthly payment on the employee’s student loans, up to a maximum of $6,000 per year and a lifetime maximum of $30,000.
This generous repayment assistance covers federal Perkins loans, private loans, subsidized and unsubsidized direct loans, consolidation loans, grad PLUS loans, and refinanced loans.
However, there are some catches: It doesn’t cover parent PLUS loans, and you must have graduated within the past three years to be eligible.
Additionally, Nvidia offers customized student loan refinancing through its relationship with SoFi, which could help you pay off your loans even faster if you qualify for a lower interest rate than what your federal student loans will be after the payment suspension ends. But think carefully before you refinance federal student loans because you will lose all federal benefits on them.
The fitness company Peloton, known primarily for its bike and live-streaming fitness classes, is also among the ranks of companies that offer its employees a student loan repayment benefit.
It partnered with the platform Gradifi in 2017 to contribute $100 per month to help pay off employees’ student loans.
19. Penguin Random House
Penguin Random House was the first book publishing company to offer a student loan repayment assistance program, launching its program back in 2016 in partnership with Gradifi.
It contributes up to $100 per month to employees’ student loans, or $1,200 per year, for a lifetime maximum of $9,000 (7.5 years worth of monthly payments).
20. PricewaterhouseCoopers (PwC)
PricewaterhouseCoopers, also known as PwC, is one of the big four accounting firms and the second-largest professional services network in the world. It’s also one of the first major companies to announce a student loan repayment assistance program back in 2015.
Their Student Loan Paydown benefit pays up to $1,200 per year ($100 per month) through its partnership with Gradifi toward participating associates’ and senior associates’ student loans, up to a lifetime maximum of $10,000.
The personal finance company SoFi is in the business of student loans. It lends both private student loans and refinance loans. Thus, it’s no surprise the company should have an interest in helping borrowers repay them.
SoFi currently offers its employees $200 per month in student loan repayment assistance, with no lifetime cap.
As an additional perk, employees can take free classes to help them pursue their financial goals.
Terminix, a nationwide pest control company that operates in 47 states, has joined the ranks of companies offering to help employees pay their student loans. The company announced its partnership with Tuition.io in 2020.
Both part-time and full-time employees can get $50 per month toward their student loans, paid through the Tuition.io platform. There is no lifetime maximum.
24. U.S. Government
Private companies aren’t the only ones that repay student loans. Federal employees are also eligible for student loan repayment assistance. More than 35 federal agencies offer this perk, including all 15 cabinet-level departments and over 20 independent agencies.
How much assistance you can get varies by where you work, but in general Congress authorizes government agencies to offer up to $10,000 per year up to a lifetime maximum of $60,000. This benefit only applies to federal student loans, but all types of federal loans qualify, even parent PLUS loans.
As a bonus, federal employees can also potentially qualify to have their loans forgiven through the Public Service Loan Forgiveness Program. If you qualify, Public Service Loan Forgiveness will eliminate any remainder of your student loan balance after you’ve made 120 payments while enrolled in one of the income-driven repayment plans and while working for a qualifying employer.
Employer Student Loan Repayment FAQ
Even if you’re lucky enough to land a job at a company that offers the highly coveted benefit of student loan repayment assistance, you may still have a ton of questions about how it all works. Never fear, because we have the answers.
What Types of Employer Repayment Programs Are Available?
Student loan repayment assistance is still relatively new territory. There’s no one-size-fits-all program. Companies are offering a variety of types of assistance, all of which can help you save money on your student loans.
Here are some types of programs a company may offer:
- 401(k) Matches. Struggling to balance paying off debt with investing for retirement? These programs let you do both. Companies like Abbott Laboratories give you a percentage toward your 401(k) in exchange for you paying a percentage toward your student loans.
- Payment Matches. Like it sounds, employers match whatever you pay toward your student loans, up to a certain cap. For example, if you work for Google and make up to $2,500 in student loan payments in a given year, the company will pay a matching $2,500 toward your loans.
- Cash Payments. By far the most common type of student loan repayment program, this involves a company partnering with a payment platform like Tuition.io, Gradifi, Goodly, or Bright Horizons’ EdAssist and having the platform pay the employees’ student loan servicer directly.
- Vested Payments. The same as companies offer employees stock options in their retirement portfolios, companies like Chegg are using an investment model to help repay student loans. They invest money in stock accounts and use the equity to pay their employees’ loans after they’ve been employed with them for two years.
Is Employer Student Loan Repayment Taxable?
Thanks to a tax break introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act and later extended through Dec. 31, 2025, you don’t have to pay taxes on up to $5,250 in annual employer student loan repayment assistance.
Prior to the CARES Act, the IRS considered all repayment assistance to be income, and thus taxable. And these rules will resume on Jan. 1, 2026 unless the policy is extended.
How Long Must I Work for an Employer to Qualify?
Every employer is different. Therefore, you must check with your individual employer about their policies.
Some employers, such as New York Life, begin their student loan repayment assistance on day one of your employment. Others, such as AlloSource, require you to have worked with the company for a full year before benefits begin.
Most companies fall somewhere in between, requiring one to three months employment before you can start racking up the student loan debt savings.
Is There a Service Commitment?
Most private companies don’t require you to sign your life away. Instead, they offer the student loan repayment perk in the hopes you’ll want to stay. But it’s not like joining the military — which has its own repayment programs, by the way.
However, “most” isn’t all. A few rare companies do require a commitment in exchange for repayment assistance.
For example, Memorial Hermann, a Southeast Texas-based health system, offers a generous $400 per month to eligible clinical staff. But, in return for its investment, the company requires a two-year commitment after the final payment.
It’s more common to find companies that require a commitment in exchange for tuition assistance or tuition reimbursement than student loan repayment, because the investments are sometimes higher.
But no company can force you to stay. Rather it could ask you to repay its investment if you don’t fulfill your commitment. But, again, this is rare. Just ensure you know what you’re signing up for.
Do All Student Loans Qualify?
Typically employer repayment assistance works for all student loans, both federal and private, because your employer is giving you cash — not a forgiveness benefit — that is applied directly toward your loan. You may never see the cash because it’s all handled through third-party transactions. But it’s still cash being paid toward your balance regardless of the type of loan you have.
However, there are exceptions. For example, many companies won’t repay loans you took out to pay for your kids’ educations, only your own education loans. Some companies require you to have achieved a degree, or even a certain degree. And one company, Nvidia, requires you to have earned your degree within three years of becoming employed with the company.
Should I Stop Making Payments If My Employer Is Paying on My Student Loans?
Most repayment assistance programs pay an average of $100 per month toward employees’ student loans, whereas the average American borrower’s monthly student loan payment is roughly $424.
Thus, it’s not possible for most borrowers to stop making payments, even if they work at a company that provides student loan repayment assistance.
This is intentional. Most repayment assistance programs are designed to help borrowers pay off their loans faster, not to reduce or replace the employee’s minimum payment.
In other words, the employer’s payment contribution acts like an additional payment and goes toward paying down the principal balance, helping you reduce interest and therefore pay off your debt years sooner.
For example, say you owe $40,000 at 5% interest. At $424 per month, it will take you the standard 10 years to repay your loan. But with an employer contribution of an additional $100 per month, you’ll be debt free in only eight years.
Although more and more companies are offering student loan repayment assistance as a perk, there are still too few companies that offer it.
If your prospective employer doesn’t offer it yet, remember student loan assistance is just one part of the overall benefits package. Always weigh all the company perks and benefits and consider how they’ll affect you.
On the other hand, if you’re not on the job hunt and your current employer doesn’t yet offer this benefit, talk to your human resources manager about potentially adding it.
Student loan repayment assistance can be a cost-effective way to attract and retain employees, especially considering that student debt is a concern of so many job-seekers. In a 2020 survey, SoFi found as many as 90% of respondents would be more inclined to accept a position at a company that helped them pay off student loans.
If you don’t feel comfortable talking to HR directly, try sending an email to one of the benefits providers in the student loan repayment space: Tuition.io, Gradifi, Goodly, or Bright Horizons.
After receiving an email, they can contact your company and let them know an anonymous employee reached out — which lets your employer know their employees are interested in and looking for student loan repayment assistance programs.
Leave a Reply