15 companies that offer student loan repayment benefits

15 firms that provide student loan compensation advantages

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With Americans carrying over $1.5 trillion in student debt, student loans may give current graduates much less wiggle room with their profession. Some firms have observed and began providing student loan compensation advantages to draw new workers. While you probably gained’t be capable of get your total student debt load forgiven, contemplate this distinctive profit when searching for a brand new job.

15 firms that provide student loan compensation as a profit

Looking for a job that may show you how to save in your student loans? Consider beginning with these firms.

1. Aetna

  • Industry: Health insurance
  • How it really works: Aetna matches repayments as much as $2,000 a yr or a complete of $10,000 for full-time workers. Part-time workers stand up to $1,000 a yr or a lifetime restrict of $5,000.

Aetna is a well being insurance supplier with headquarters in Hartford, Connecticut. In addition to its student loan compensation program, its tuition help program partly reimburses workers for job-related instructional programs. Other applications embody a 401(okay) plan, adoption help program and wide selection of wellness and health applications.

2. Chegg

  • Industry: Education
  • How it really works: Chegg provides as much as $1,000 yearly in student loan compensation help. There’s no lifetime cap, and each part-time and full-time workers are eligible.

Chegg is a web based instructional useful resource for school students. It provides on-line textbook leases and tutoring companies, in addition to assist discovering a scholarship or internship. It provides its workers tuition reimbursement, an identical 401(okay) plan, life and incapacity insurance and well being advantages.

3. CommonBond

  • Industry: Marketplace lending
  • How it really works: Varies

CommonBond is a web based student loan market that even provides student loan profit applications to different firms. Headquartered in New York City, it provides a number of different worker advantages together with limitless trip time, paid parental depart, time without work to do volunteer work and fairness possession.

4. Connelly Partners

  • Industry: Advertising
  • How it really works: Employees make repayments instantly from their paychecks, and Connelly Partners makes further month-to-month contributions.

Connelly Partners is an promoting company primarily based in Boston. Its student loan compensation plan is much like an identical 401(okay) program. It’s one of many first in its trade to supply student loan compensation advantages to its workers. Other distinctive perks embody an annual firm journey to Disney World for workers and their households, in addition to a visit for 2 to Bermuda after workers hit 5 years within the firm.

5. Estee Lauder

  • Industry: Cosmetics
  • How it really works: Eligible workers get $100 towards student loan repayments every month with a lifetime most of $10,000.

Estee Lauder is a cosmetics producer of fragrance, make-up, skincare and haircare merchandise. Its headquarters are in New York City, although it has places of work throughout the nation. On high of its student loan contribution program, it provides workers 20 weeks of paid parental depart, an adoption help program and tuition reimbursement.

6. Fidelity Investments

  • Industry: Financial companies
  • How it really works: Employees get $2,000 a yr in student loan help, as much as a complete of $10,000.

Fidelity Investments is a brokerage agency that provides companies like wealth administration, monetary recommendation and retirement funds. Employees who’re managers or beneath are eligible for its student loan help program. It additionally has a web based instrument that workers can use to assist handle their repayments. Other notable perks embody tuition reimbursement, an adoption help program and an identical 401(okay) plan.

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7. First Republic Bank

  • Industry: Banking
  • How it really works: Employees who work a minimum of 20 hours per week can get $100 a month in student loan compensation help throughout their first yr, $150 a month throughout their second yr and $200 a month yearly thereafter till their student loans are paid off. There’s no lifetime restrict.

First Republic Bank is a personal bank and wealth administration firm that focuses on excessive net-worth purchasers. It has places of work totally on the East and West Coasts with a heavy focus in California. Other worker advantages embody its mortgage low cost program, $20 minimal wage and transportation program. And to maintain its workers match, it provides a whopping $45 a month to spend on a fitness center membership or exercise courses.

8. Live Nation

  • Industry: Entertainment
  • How it really works: Employees who’ve been on the agency for a minimum of six months can get $100 a month in student loan compensation help with a lifetime restrict of $6,000.

This Beverly Hills-based promoter and venue operator provides a variety of advantages and perks on high of student loan compensation help. This features a childcare reimbursement program, $500 child bonus, three weeks of bereavement depart and an annual innovation contest for all Live Nation workers with a $10,000 prize.

9. Natixis

  • Industry: Financial companies
  • How it really works: Employees get $1,000 annually to place towards their student loans, as much as a most of $10,000 over 10 years.

Natixis is a global firm that gives monetary companies like asset administration, funding banking and insurance to its purchasers. On high of the student loan compensation profit, workers of its North American division get a health subsidy, paid time without work for charity or volunteer work, tuition help and extra.

10. Nvidia

  • Industry: Tech
  • How it really works: Employees who’ve graduated prior to now three years can apply for as much as $6,000 a yr in student loan compensation reimbursements with a lifetime restrict of $30,000.

This California-based tech firm provides probably the most beneficiant student loan compensation packages on the market — although it’s restricted in who can qualify. It additionally provides workers a bonus for refinancing their student loans by means of SoFi, in addition to a 529 faculty financial savings plan.

11. Peloton

  • Industry: Fitness, tech and media
  • How it really works: Employees stand up to $100 a month in student loan compensation help.

This startup combines tech and health to improve the expertise of driving a stationary bike at house. As an worker at Peloton, you’ve gotten entry to a variety of different perks, together with tuition reimbursement, commuter advantages, parental help, a 401(okay) program and, in fact, free biking courses.

12. Penguin Random House

  • Industry: Publishing
  • How it really works: Employees are eligible for as much as $1,200 in student loan compensation help annually, with a $9,000 lifetime restrict.

Penguin is likely one of the most acknowledged names in publishing, and its student loan compensation help program is likely to be simply another excuse to work there. In addition to student loan help, it provides an identical 401(okay) plan, life insurance and a free e book program.

13. PricewaterhouseCoopers (PwC)

  • Industry: Professional companies
  • How it really works: Associates can get $1,200 a yr towards student loan repayments, as much as a complete of $10,000.
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This worldwide accounting {and professional} companies agency is likely one of the largest on the earth. US workers are eligible for student loan compensation help, along with different advantages that embody a mortgage program, retirement plans and property insurance.

14. Powertex Group

  • Industry: Design
  • How it really works: Varies

This Wisconsin-based graphic design firm began providing student loan compensation help as a profit to workers in June 2016. Benefits kick in 90 days after a brand new worker begins their job and likewise embody life and well being insurance, an identical 401(okay) program and a reduced fitness center membership.

15. Staples

  • Industry: Retail
  • How it really works: Full-time gross sales associates and different high-performing workers are eligible for $100 a month to place towards student loan repayments for as much as 36 months.

This worldwide workplace provide firm may not supply essentially the most aggressive student loan compensation help program, nevertheless it could possibly be useful for somebody searching for an entry-level place. It additionally provides a variety of different advantages together with adoption help, life and well being insurance, an identical 401(okay) program and reductions.

You can qualify for this program when you’re attending or after you’ve obtained an accredited diploma.

Don’t work for a corporation that provides this profit? Ask for it

May firms supply their student loan compensation advantages by means of platforms like First Republic Bank’s Gradifi. If you’re keen on your job however actually need this profit, speak to your supervisor or the individual answerable for advantages about having it added to your compensation plan.

It might help your organization recruit higher expertise and would possibly supply further advantages like refinancing offers and matched contributions to a 529 plan to save lots of up on your child’s diploma.

In truth, now greater than ever can be a good time to speak to your employer about this. With the passing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, firms can now make as much as $5,250 in tax-free contributions per worker towards your student loan debt — by means of the tip of 2020.

How else can I save on my student loans?

Employee student loan compensation help applications would possibly assist make a dent in your student loans. But since many are capped at round $10,000, there’s an opportunity you gained’t be capable of repay your total student debt load. Here are much more methods to save lots of.

Student loan refinancing

  • Best for: Saving on non-public student loans

Student loan refinancing includes taking out a brand new loan to repay your student debt. You may also see it known as student loan consolidation, which refers to paying off a number of student loans. Lenders have a tendency to make use of the 2 phrases interchangeably, nevertheless.

You might save in your student loans by refinancing them for a decrease fee. Refinancing might additionally assist if you wish to take a cosigner off your loan or decrease your month-to-month repayments. But be careful if in case you have federal loans: You might lose some key advantages.

How your job impacts your student loan refinancing functions

Student loan forgiveness applications

  • Best for: Paying off federal loans

Forgiveness and compensation help applications exist for each private and non-private student loan holders. But should you work in public service for 10 years, you’re eligible to have your entire federal student loans forgiven by means of the Public Service Loan Forgiveness (PSLF) program. Other applications supply partial forgiveness.

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Am I eligible for student loan forgiveness?

Deferment and forbearance

  • Best for: Borrowers switching careers.

Deferment and forbearance gained’t instantly show you how to save in your loan. In truth, it will possibly make it costlier since curiosity usually continues so as to add up whereas your repayments are on maintain. But it might hold you from defaulting in your student loan and provide the flexibility to discover a job that provides student loan compensation advantages.

Should I apply for deferment or forbearance?

Compare student loan refinancing provides

Name Product
Purefy Student Loan Refinancing (Variable Rate)

1.88% to five.54%

650

$5,000 – $300,000

5 to twenty years

Refinance all forms of student loans — together with federal and mother or father PLUS loans.

Credible Student Loan Refinancing

1.82% to eight.9%

Good to wonderful credit

Starting at $5,000

5 to twenty years

Get prequalified provides from high student loan refinancing suppliers in a single place.

SoFi Student Loan Refinancing Variable Rate (with Autopay)

2.25% to six.39%

650

Starting at $5,000

5 to twenty years

A frontrunner in student loan refinancing, SoFi might help you refinance your loans and pay them off sooner.

Splash Financial Student Loan Refinancing

1.89% to six.66%

650

Starting at $7,500

5 to 25 years

Save in your student loans with this market-leading newcomer.

Education Loan Finance Student Loan Refinancing

2.39% to six.01%

680

Starting at $15,000

5 to twenty years

Lower your student debt prices with manageable funds, reasonably priced charges and versatile phrases.

Earnest Student Loan Refinancing

1.88% to five.64% APR with autopay

650

$5,000 – $500,000

5 to twenty years

Get a tailor-made rate of interest and compensation plan with no hidden charges.

Bottom line

Student loan compensation help applications have gotten more and more widespread. But most employers have a lifetime restrict of round $10,000, which isn’t sufficient to cowl the common student debt load. Even if you find yourself with a job that provides student loan compensation as a profit, look into your different choices that can assist you get out of debt faster. Learn extra about the way it all works with our information to student loans.

Frequently requested questions




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