companies that offer student loan repayment

22 Companies That Offer Student Loan Repayment

22 Companies That Offer Student Loan Repayment

44.7 million of us owe $1.56 trillion in student loans, and over two-thirds of faculty graduates are leaving college with crippling student loan balances. For undergraduate or graduate students attending personal establishments or prolonged medical applications, student loan balances can skyrocket to a whole bunch of 1000’s of {dollars}. Thankfully, corporations that supply student loan reimbursement advantages are tackling the problem head on.

The Rise of Student Loan Repayment Benefits

In response to the student loan disaster, extra employers than ever are providing worker perks that repay school debt. The variety of corporations that supply student loan reimbursement advantages doubled from 2018 to 2019, and is forecasted to develop to 32 p.c by 2021. These employer student loan contributions are saving employees 1000’s or tens of 1000’s of {dollars} in principal and curiosity over the lifetime of the loan.

22 Companies That Offer Student Loan Repayment Benefits

Which corporations will allow you to slash your student loan debt? See our listing.

Company Industry Max Annual Contribution Lifetime Cap Student Loan Repayment Benefits Notes
Abbott Health Care N/A None
Under Freedom 2 Save (F2S), workers contributing 2% of paycheck to student loan reimbursement obtain a 5% match towards 401k plan
Aetna Insurance $2,000 $10,000 Part-time workers obtain as much as $1,000 yearly with a $5,000 cap
Campus Philly* Education $1,000 None 10% of minimal month-to-month fee; minimal of $25/month & most of $100/month
Chegg Education & Training Services $1,000 None Equity for Education program offers one other $5,000 per 12 months for certified workers
CommonBond Marketplace lending $1,200 None $100 monthly
Estee Lauder Skin care and make-up $1,200 $10,000 $100 monthly
Fidelity Financial providers $2,000 $10,000 Part of Step Ahead Student Loan Assistance advantages program
First Republic Bank Banking $1,200-$2400 None $1,200 throughout first 12 months of employment, $1,800 throughout second 12 months, $2,400 in subsequent years
Hulu Online Television Streaming $1,200 Undisclosed $100 monthly
Live Nation Entertainment $1,200 $6,000 $100 monthly; additionally provides tuition reimbursement
New York Life Insurance $2,040 $10,200 $170 monthly over 5 years
Nvidia Technology $6,000 $30,000 as much as $500 monthly; Available to workers working 20+ hours
Penguin Random House Publishing $1,200 $9,000 $100 monthly over 7.5 years
Pricewaterhouse Coopers Professional providers $1,200 $7,200 $100 monthly over 6 years
Public Prep* Education $1,200 None 10% of minimal month-to-month fee; $100 monthly most
Pure Insurance Insurance $1,200 Undisclosed $100 monthly
RubiconMD* eConsults $2,400 None $200 monthly
SKF USA* Industrial distribution $1,200 None $100 monthly for Engineer graduates out of their program
Staples Office Supplies $1,200 $3,600 $100 monthly over 36 months
The Goddard School* Education $1,200 None 20% of minimal month-to-month fee; minimal of $25 monthly & most of $100 monthly
The HistoryMakers* Historical archives $1,200 None $100 monthly
U.S. Government Federal Government $10,000 $60,000 Employee eligibility necessities differ by division; Other student loan reimbursement applications out there
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*Partners with PeopleJoy to deliver student loan reimbursement advantages

How Do Student Loan Repayment Benefits Work?

Employer-sponsored student loan reimbursement help applications usually match your contributions or give a flat contribution monthly—no matter your fee—towards your student loan invoice. Most employers make set month-to-month funds till the lifetime contribution cap is reached or your stability is paid in full. Some employers have decrease caps of some hundred or thousand {dollars}, whereas others go as excessive as $30,000 or extra. Others nonetheless don’t have any contribution cap in any respect.

Are Employer Student Loan Contributions Taxable?

Typically, sure, the quantities your employer contributes rely as taxable revenue. SHRM states everlasting laws for tax aid of student loan reimbursement advantages is perhaps on the horizon. Until then, the CARES Act has a provision the place employers pays as much as $5,250 tax-free instantly towards an worker’s student loan debt till January 1, 2021.

You Don’t Have to Battle Your Student Loan Debt Alone

Companies that supply student loan repayments are rising exponentially as employers search to supply advantages that matter to workers. Speak to your HR division to see what your organization provides. Other student loan reimbursement choices like PSLF, career-based loan forgiveness applications, income-driven reimbursement plans, student loan consolidation and refinancing and extra may also chip away at your student loan debt.

If you need to know which student loan reimbursement choices prevent essentially the most in your student loan payments, try PeopleJoy’s free digital assistant, Ed. If you qualify, Ed will information you each step of the best way via your student loan debt aid choices.

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Release the Burden of Student Loans

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