Ibrahim Gardner
Many companies recognize the burden of student loan debt on their employees and have implemented programs to help pay it off. In 2024, about 36% of employers offered student loan repayment assistance, according to the Employee Benefit Research Institute. These companies span a wide range of industries, including healthcare, finance, automotive, and more. Some companies offer recurring payments directly to lenders, while others contribute to retirement savings plans or provide tuition reimbursement. Loan repayment assistance can be a taxable benefit, but it is a compelling perk for employees struggling with student debt. This article will explore some of the top companies dedicated to helping their employees pay off their student loans.
| Characteristics | Values |
|---|---|
| Percentage of employers offering student loan repayment assistance | 36% in 2024, 17% in 2025 |
| Companies offering student loan repayment assistance | Abbott, Aetna, AlloSource, Ally Financial, AmFam, Atticus, Carhartt, Carvana, Chegg, CommonBond, Consumer genetics company 23andMe, Credit Suisse, Estée Lauder, Google, Hulu, Live Nation, New York Life, NVIDIA, Peloton, PWC, Penguin Random House, Sotheby's, Staples, SoFi |
| Companies offering tuition reimbursement | Aetna, Ally Financial, Andersen Global, Carhartt, Chegg, CommonBond, Consumer genetics company 23andMe, Estée Lauder, Google, SoFi |
| Companies offering student loan repayment assistance for employees' children | Carhartt |
| Maximum student loan repayment assistance offered | $25,000 by SoFi |
| Average student loan balance | $29,374 for the class of 2023 |
| Average student loan debt | $40,000 |
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What You'll Learn
Companies offering student loan repayment assistance as a benefit
Student loan repayment assistance is a relatively new concept that is gaining traction among employers. In 2024, about 36% of employers offered student loan repayment assistance, and this number is expected to grow. This benefit is offered across a wide range of industries, from financial services to technology and retail.
Ally Financial
Ally Financial is a financial services company that offers a Student Loan Paydown Assistance program. Employees can receive up to $100 per month in assistance, with a lifetime maximum of $10,000. The company also offers up to $10,000 per year in tuition reimbursement and a $100 monthly contribution to a 529 Education Savings Plan.
Chegg
Chegg is an online education company offering textbook rentals, exam prep, and other academic services. Chegg offers an Equity for Education Program to help its employees repay their student loans. Chegg also provides tuition reimbursement and advocates for other companies to implement similar education benefits.
Estée Lauder
Estée Lauder, a multinational cosmetics and skincare company, offers $100 per month for U.S.-based employees' student loans, up to a total of $10,000 in contributions. The company also has a Learning & Education Assistance Program that reimburses employees for the cost of tuition and materials for approved academic courses.
Clayco
Clayco is a construction engineering company that offers student loan repayment assistance to employees who make at least the minimum payment each month. Clayco pays up to $100 per month in the first year, increasing payments by $50 each subsequent year up to a maximum of $250 per month in the fourth year. Clayco also allows employees to direct their 401(k) contribution toward their student loan debt, and the company will match that contribution.
The multinational technology company Google offers a student loan reimbursement benefit of up to $2,500 per year in student loan repayment assistance for full-time employees.
These are just a few examples of companies that offer student loan repayment assistance as a benefit. The specific terms and conditions of these programs may vary, and it's always a good idea to inquire about financial wellness benefits when considering employment opportunities.
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Student loan forgiveness programs
Government Student Loan Forgiveness Programs:
The US federal government offers forgiveness options for federal student loan borrowers through the Department of Education. These programs are often targeted at borrowers with lower incomes, large amounts of debt, or public service jobs. Here are some examples:
- The Income-Driven Repayment (IDR) Plan: This plan bases your monthly payment on your income and family size. If you make payments under an IDR plan, your remaining loan balance may be forgiven after a certain number of payments over 20 or 25 years.
- Public Service Loan Forgiveness (PSLF): PSLF is available to government and qualifying nonprofit employees with federal student loans. Eligible borrowers can have their remaining loan balances forgiven tax-free after making 120 qualifying loan payments on an IDR plan and 10 years of full-time public service work.
- Teacher Loan Forgiveness: Teachers employed full-time in low-income public schools may be eligible for Teacher Loan Forgiveness after working for five consecutive years. They can have up to $17,500 in federal loans forgiven.
- Segal AmeriCorps Education Award: This award is given to participants who complete a term of national service in an approved AmeriCorps program. The award can be used to repay qualified student loans.
Private Company Student Loan Forgiveness Programs:
Some private companies have implemented programs to help pay off their employees' student loan debt. These companies understand the burden of student loans and use these programs to attract and retain talented employees. Here are some examples:
- Ally Financial: This financial services company offers a Student Loan Paydown Assistance program, providing $100/month in assistance with a lifetime maximum of $10,000.
- Penguin Random House: They offer a student loan repayment assistance program of $100/month, with a maximum benefit of $9,000.
- Chegg: Chegg is an online education company that offers an Equity for Education Program to help its employees repay their student loans.
- Carhartt: This durable workwear clothing company offers student loan repayment assistance to its employees with student loans or Parent PLUS loans.
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Student loan repayment assistance for government employees
Student loan debt is a significant burden for many, with the average borrower carrying around $40,000 in student loans in the US. To attract and retain employees, some companies have implemented programs to help pay off these debts. This trend is also seen in the public sector, with government agencies offering student loan repayment assistance programs to their employees.
The US Department of Education offers loan forgiveness programs, some of which are specifically for government workers. The Public Service Loan Forgiveness Program (PSLF) is one such example, designed to help government employees manage their student loan debt.
Additionally, under 5 U.S.C. 5379 and 5 CFR part 537, federal agencies are authorized to implement their own student loan repayment programs. These programs are used as recruitment and retention incentives for highly qualified personnel. Examples of agencies that have such programs include NASA, the Department of Energy, and the Department of Transportation.
Private Sector Companies Offering Student Loan Repayment Assistance
While this answer focuses on government employee assistance, it is worth noting that many private sector companies also offer student loan repayment assistance as part of their employee benefits packages. For example, companies like Ally Financial, Carhartt, and Estée Lauder offer monthly contributions or reimbursement programs to help their employees pay off student loans.
Negotiating Student Loan Assistance
If you are seeking employment and student loan assistance is not offered by the employer, it is worth inquiring about financial wellness benefits and negotiating terms. You can explain how loan assistance would not only benefit you but also make you a more dedicated employee by reducing stress. Additionally, you can consider a sign-on bonus and use the extra cash toward your loans.
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Companies offering tuition reimbursement
Tuition reimbursement and assistance is a popular perk offered by many companies. Companies often offer full or partial tuition coverage to retain and attract employees. While the specifics of each program vary, some companies provide financial assistance to students attending partner schools, while others offer more widespread coverage.
Chipotle
Chipotle offers tuition reimbursement of up to $5,250 per year for undergraduate programs and $5,250 per year for master's degree programs listed in the Guild catalog. Chipotle also offers a Debt-Free Degree Program, where employees can earn a tuition-free degree at over 20 schools via Guild in areas like business, technology, and culinary arts. Additionally, Chipotle provides a 401(k) match of up to 4% of an employee's salary if they make student loan payments.
Apple
Apple offers the Apple Education Reimbursement program, which provides up to $5,250 towards formal education. Apple also has Apple University, which offers classes and training to help employees build skills and earn certificates.
Amazon
Amazon offers the Career Choice program, which provides prepaid college tuition and reimbursement for books and fees, up to an annual limit. This program is available to most full-time and part-time hourly employees in the United States after a 90-day waiting period. The program covers associate's degrees, bachelor's degrees, and certificates from more than 400 education partners.
FedEx
FedEx provides up to $5,250 annually to support employees pursuing a college degree or attending trade, vocational, or technical school. Additionally, FedEx offers an exclusive employee tuition discount for online programs at Robert Morris University.
Verizon
Verizon offers up to $8,000 in tuition reimbursement each year for full-time employees. However, the education must be related to the company's business. Non-job-related college education is reimbursable up to $5,250 per year.
Other companies that offer tuition reimbursement include Target, Starbucks, UPS, McDonald's, Walmart, Bank of America, Best Buy, CVS Health, Deloitte, Boeing, and Papa John's.
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$13.99
Student loan repayment assistance for full-time employees
Student loan debt is a significant concern for many graduates, with the average borrower carrying around $40,000 in student loans in the US. Recognizing the burden of student loan payments on their employees, many companies have stepped up to offer student loan repayment assistance as part of their benefits packages. This initiative not only helps attract and retain top talent but also ensures employees' financial stability and freedom.
Abbott
Abbott is an American medical device and healthcare company. They offer a unique program called Freedom 2 Save, which allows employees with student debt to contribute a minimum of 2% of their salary to their student loan payments instead of a 401(k) retirement plan. In return, Abbott contributes 5% to the employee's 401(k). This way, employees can pay down their student loans while also saving for retirement.
Aetna
Aetna is a well-known American healthcare company that offers insurance to individuals, families, employers, and healthcare providers. They provide a strong tuition reimbursement program and match up to $2,000 per year in student loan payments for full-time employees, with a lifetime maximum of $10,000.
Ally Financial
Ally Financial is a financial services company that offers a Student Loan Paydown Assistance program. Employees can receive $100 per month towards student loan repayment, with a lifetime maximum benefit of $10,000. They also contribute $100 per month to a 529 College Savings Plan, helping employees save for future educational goals.
Andersen Global
Andersen Global is a tax and financial consulting firm that provides student loan repayment assistance. Employees who work at least 20 hours per week and have been with the company for a minimum of one month are eligible. The company offers $100 per month for up to five years, followed by a lump-sum payment of $6,000, totaling $12,000 in student loan assistance.
Carhartt
Carhartt is a durable workwear and apparel company that offers student loan repayment assistance to its employees. They partner with Tuition.io to provide $50 per month towards student loan repayment, with a lifetime maximum benefit of $10,000.
Chegg
Chegg is an online education company that provides textbook rentals, exam prep, and other educational resources. They offer an Equity for Education Program to help their employees repay student loans. After two years of employment, Chegg employees are eligible for up to $5,000 annually to pay off student loans, in addition to the $1,000 annual benefit available to all employees.
These companies are leading the way in supporting their employees' financial well-being and providing relief from the burden of student loan debt. It is worth noting that the availability and specifics of these programs may change over time, so be sure to refer to the companies' latest employee benefit policies.
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