Lori Meadows
Student loan repayment benefits are becoming increasingly popular among employers as a way to attract top talent. Companies like Chegg, Hulu, Google, and Carhartt offer various student loan repayment assistance programs to their employees. Some companies offer a monthly stipend, while others match employee contributions or provide tuition reimbursement. This trend is expected to continue, providing much-needed relief to employees struggling with student debt.
| Characteristics | Values |
|---|---|
| Number of companies offering student loan repayment assistance | 13 and above |
| Companies offering student loan repayment assistance | Atticus, Carhartt, Carvana, First Republic, Google, Hulu, PwC, SoFi, Staples, Fidelity, Aetna, AlloSource, Andersen Global, Chegg, 23andMe, Ally Financial, CommonBond, Estée Lauder, Travelers Insurance, Gradifi |
| Maximum amount offered by companies | $15,000 |
| Average amount offered by companies | $1,000 per year |
| Type of companies offering assistance | Healthcare, financial services, online education, consumer genetics, automotive e-commerce, tax services, financial consulting, personal finance, online car retailer, streaming service, education services, multinational cosmetics and skincare |
| Employee requirements | Full-time, part-time, entry-level, manager-level, director-level, vice president-level, working for at least 20 hours a week, working for at least one month |
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What You'll Learn
Companies offering student loan repayment assistance
Many companies now offer student loan repayment assistance as part of their employee benefits package. This is a growing trend, with employers recognizing the burden that student loan payments can place on their staff. Here are some of the companies offering this benefit:
Andersen Global: This financial consulting firm offers up to $12,000 in student loan repayment assistance. Employees working at least 20 hours a week are eligible for $100 per month for five years, with a $6,000 lump-sum payment at the end of the term.
Carhartt: This apparel company provides employees with $50 per month towards student loan repayment, with a lifetime maximum of $10,000.
Carvana: An online car retailer, Carvana offers its full-time employees up to $1,000 per year towards student loan repayment through its partnership with Gradifi.
Chegg: Chegg is an online education company offering textbook rentals, exam prep, and other educational services. Its student loan repayment program provides up to $5,000 per year in assistance for entry- and manager-level employees, with a maximum of $3,000 for higher-level employees.
CommonBond: CommonBond is a solar financing lender that started offering its employees up to $100 per month towards student loan repayment in 2015. This benefit is available regardless of job title or length of service.
Estée Lauder: This multinational cosmetics and skincare company offers U.S.-based employees $100 per month towards student loan repayment, with a total contribution of up to $10,000.
Fidelity Investments: Fidelity offers student loan repayment perks of up to $15,000 for its associates.
First Republic: This private bank and wealth management company released a tiered student loan repayment assistance program in partnership with Gradifi. Employees are initially eligible for $100 per month, increasing each year, with a maximum of $200 per month.
Google: Tech giant Google offers its employees up to $2,500 in student loan repayment assistance per year.
Hulu: Streaming service Hulu provides employees with $1,200 per year in student loan repayment assistance.
SoFi: This personal finance company and online bank offer their employees up to $200 per month in student loan repayment assistance, with no lifetime maximum.
Staples: The American retail company Staples offers its qualifying and high-potential employees $100 per month in student loan repayment assistance for a maximum of 36 months.
Aetna: Healthcare company Aetna offers a student loan repayment program and a tuition reimbursement program. For eligible employees, Aetna will match student loan payments and also provides tuition assistance, covering 100% of eligible expenses for degrees or job-related courses.
It is worth noting that these companies may have additional eligibility requirements for their student loan repayment programs. Additionally, this list is not exhaustive, and there may be other companies offering similar benefits. It is always a good idea to ask potential employers about their student loan repayment programs and understand how they work.
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Student loan repayment assistance eligibility
Several companies offer student loan repayment assistance to their employees. While some companies provide a fixed amount annually or monthly, others have a lifetime maximum contribution. Some companies offer a tiered repayment program, where the amount increases each year.
Atticus
Atticus offers up to $1200 per year in student loan repayment assistance. All Atticus employees are eligible; however, there may be additional eligibility requirements.
Carhartt
Carhartt offers $50 per month towards student loan repayment, with a lifetime maximum of $10,000. All employees are eligible, but there may be additional eligibility requirements.
Carvana
Carvana offers $1000 per year towards student loan repayment. All employees are eligible, but there may be additional eligibility requirements.
First Republic
First Republic offers a tiered repayment program in partnership with Gradifi. Employees are initially eligible for $100 per month, increasing each year, with a maximum of $200 per month and no lifetime maximum contribution.
Google offers up to $2500 per year in student loan repayment assistance. All Google employees are eligible.
Hulu
Hulu offers $1200 per year in student loan repayment assistance. All Google employees are eligible.
PwC
PwC offers up to $1200 per year in student loan repayment assistance, with a $10,000 lifetime maximum. All PwC employees are eligible, regardless of their tenure.
SoFi
SoFi offers up to $200 per month in student loan repayment assistance, with no lifetime maximum. All SoFi employees are eligible.
Staples
Staples offers $100 per month in student loan repayment assistance for a maximum of 36 months. To be eligible, employees must be deemed qualifying and high-potential by the company.
Fidelity
Fidelity offers up to $10,000 in contributions for student loan repayment.
Aetna
Aetna matches student loan payments for eligible employees who meet specific criteria. It also offers a tuition reimbursement program, paying 100% of eligible expenses for degrees or job-related school courses.
AlloSource
AlloSource contributes a percentage to the principal of the loan each month. All employees who work for at least 20 hours a week and have been with the company for at least one month are eligible.
Andersen Global
Andersen Global provides up to $12,000 toward student loan repayment. It contributes $100 a month for five years, with a lump sum of $6,000 at the end.
Chegg
Chegg gives up to $5,000 annually toward student loan debt for entry-level to manager-level employees, and up to $3,000 for director- and vice president-level employees. It also offers a $5,250 non-taxed reimbursement for employees to pursue continued education.
CommonBond
CommonBond offers up to $100 per month toward employees' student loans, regardless of job title or tenure. Employees will continue to receive assistance until their loans are paid in full.
Additionally, the US Department of Education encourages borrowers to use the Loan Simulator to estimate monthly payments, determine repayment eligibility, and identify the best repayment plan to meet their goals. The Income-Based Repayment Plan, Pay As You Earn (PAYE), and Income-Contingent Repayment (ICR) Plan are available options.
Federal agencies are authorized to implement student loan repayment programs as recruitment or retention incentives for highly qualified personnel. Physicians receiving a comparability allowance are eligible, but the amount of their allowance must be reduced by any loan repayment assistance received. Employees in confidential, policy-determining, or policy-advocating positions are not eligible. Eligible employees may receive up to $10,000 per calendar year, with a $60,000 lifetime maximum.
The Health Education Assistance Loan Program covers specific loans, including Federal Direct PLUS loans, Federal Direct Stafford loans, and loans insured by the Department of Education.
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Student loan refinancing assistance
Student loan refinancing can be a great way to simplify your debt and reduce the amount you pay over time. It involves replacing one or more existing student loans with a new loan, ideally at a lower interest rate. This can be done by combining multiple loans into one, which can result in accruing less interest over the life of the loan, saving you money on a monthly basis and overall.
There are several companies that offer student loan refinancing, such as Navy Federal Credit Union, which allows you to refinance both private and federal student loans, as well as federal Parent PLUS and private parent loans. LendKey is Navy Federal's partner that manages their private student loan applications and refinancing.
Laurel Road is another company that offers student loan refinancing, with rates starting at 1.37% variable APR. However, it is important to note that refinancing federal student loans with Laurel Road may result in the loss of certain federal benefits or programs, such as Public Service Loan Forgiveness and Income-Driven Repayment plans.
Credible is a platform that allows you to compare prequalified student loan refinance rates from trusted lenders with fixed-rate APRs starting at 3.99%. They evaluate lenders on eligibility, repayment options, interest rates, loan terms, and customer support to help you find the best option for your unique needs and financial circumstances.
In addition to these refinancing options, there are also companies that offer student loan repayment assistance to their employees, such as Carhartt, Google, Hulu, and Chegg. These companies provide varying levels of financial support towards student loan repayment, with some offering monthly contributions and others providing lump-sum payments.
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Tuition reimbursement
Apple
Apple offers multiple ways to support full-time employees with their education. The Apple Education Reimbursement program provides up to $5,250 annually in education expenses, including tuition fees. Additionally, Apple University offers classes and training to help employees develop skills and earn certificates.
AT&T
AT&T provides tuition assistance of up to $5,250 per year to both management and non-management employees. To be eligible, employees must have worked at the company for a minimum of six months.
Bank of America
Bank of America offers two distinct programs for tuition reimbursement. The first is through its partnership with Bright Horizons EdAssist Solutions, providing up to $5,250 annually in tuition reimbursement. The second is their upfront tuition assistance program, which offers up to $7,500 per year for job-related programs, including MBAs.
Best Buy
Best Buy offers tuition reimbursement of up to $3,500 or $5,250 annually to both full-time and part-time employees who work at least 32 hours per week. This reimbursement covers tuition, books, and school fees at Arizona State University online.
Chipotle
Chipotle offers tuition reimbursement of up to $5,250 annually to both hourly and salaried employees. Additionally, for students enrolled in specific degrees through their partner program, Chipotle covers 100% of tuition costs.
Comcast
Comcast provides tuition assistance of up to $5,750 per year to full-time employees enrolled in Comcast-approved degree programs.
FedEx
FedEx offers a tuition reimbursement program that provides up to $5,250 annually to employees pursuing a college degree or attending trade, vocational, or technical school. Additionally, FedEx has partnered with Robert Morris University to offer an exclusive employee tuition discount for online programs.
McDonald's
McDonald's provides tuition assistance of up to $3,000 per year for employees working a minimum of 30 hours per week with manager approval. Employees working at least 15 hours weekly can receive up to $2,500 annually.
Papa John's
In partnership with Purdue University Global, Papa John's offers 100% tuition reimbursement for corporate employees working a minimum of 90 days at 20 hours per week. This covers undergraduate courses in business and information technology.
Procter & Gamble
Procter & Gamble provides a reimbursement of up to 80% for pre-approved college education costs to full-time employees. The courses or programs must be related to current or potential positions within the company.
Publix
Publix offers tuition assistance of up to $4,000 per year to employees enrolled in college or university programs.
UPS
UPS provides tuition reimbursement of up to $5,250 per year to both part-time and full-time employees, and employees become eligible as soon as they start working at the company.
Verizon
Verizon offers tuition reimbursement of up to $8,000 per year for education related to the company's business. For non-job-related college education, the reimbursement is up to $5,250 annually.
Walmart
Walmart has partnered with online colleges to offer college degrees in demand fields. Employees who have been with the company for at least 90 days can earn a degree for just $1 per day, with Walmart covering the remaining tuition and fees.
Wells Fargo
Wells Fargo provides tuition coverage of up to $5,000 per year for all benefits-eligible employees.
These are just a few examples of companies that offer tuition reimbursement. Each company's program has its own unique features, eligibility requirements, and limitations, so it's important for individuals to research and understand the specifics of each program.
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$13.99
Student loan repayment assistance for part-time employees
Several companies offer student loan repayment assistance to their employees, including part-time workers. Here are some examples:
Fidelity: This financial services company offers a student loan repayment benefit with a lifetime maximum of $15,000 for full-time employees. Part-time employees working 20 to 30 hours per week are offered a lifetime maximum of $7,500.
New York Life: This company contributes up to $170 per month toward employee student loans, with a lifetime maximum of $10,200 after five years. All non-officer employees with student loans are eligible, regardless of their work hours.
Aetna: This health care company offers a student loan repayment program and a tuition reimbursement program. While specific work hours are not mentioned, they provide up to $2,500 for part-time employees towards courses that are part of a degree program and career-related courses.
Andersen Global: This financial consulting company partners with Gradifi, a student loan repayment platform, to provide up to $12,000 toward student loan repayment for employees working at least 20 hours per week.
Chegg: Chegg, an education services company, offers up to $5,000 annually toward student loan debt for entry-level to manager-level employees.
Additionally, companies like Carhartt, Carvana, First Republic, Hulu, PwC, SoFi, and Staples also offer various student loan repayment assistance programs. These programs can include monthly contributions, annual amounts, or lifetime maximums, and some companies may have specific eligibility requirements or work hour requirements.
It is worth noting that employers can offer tax-free benefits of up to $5,250 per employee per year for student loan repayment assistance through 2025, thanks to the Consolidated Appropriations Act. Educational assistance programs can also be used to help employees pay off their student loans, providing an additional pathway for employers to support their workers' financial wellness.
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Frequently asked questions
Yes, there are several companies that offer student loan repayment assistance as part of their employee benefits package. Some examples include:
- Chegg
- First Republic
- Hulu
- PwC
- SoFi
- Staples
The amount contributed varies depending on the company and the employee's position. Some companies offer a fixed amount per month, such as $100 or $200, while others provide a percentage of the principal loan amount. There may also be a lifetime maximum contribution, such as $10,000 or $15,000.
You can ask your current or potential employer directly about their student loan repayment programs. Many companies are increasingly recognizing the importance of offering such benefits to attract top talent. Additionally, online job platforms like Handshake and websites like Bankrate can be useful resources to search for employers offering student loan repayment assistance.
