Ibrahim Gardner
Paying off student loans can be daunting, with people taking up second jobs, entering clinical trials, or even starting eBay stores to help them get out of debt. Luckily, there are hundreds of jobs that pay off student loans, and some companies offer student loan repayment assistance to attract and retain employees. Some employers even offer student loan forgiveness programs. For example, the U.S. Department of Education offers loan forgiveness programs for government workers and anyone who needs to lower their monthly payments. Similarly, the federal government offers the Public Service Loan Forgiveness (PSLF) program, which forgives the federal loans of government and qualifying non-profit employees after ten years of repayment.
| Characteristics | Values |
|---|---|
| Number of jobs offering repayment assistance | Hundreds |
| Types of jobs | Teachers, doctors, nurses, veterinarians, lawyers, military personnel, government workers, etc. |
| Companies offering repayment assistance | Abbott, SoFi, Chegg, Aetna, RTX, Gradifi, Summer |
| Government programs | Public Service Loan Forgiveness Program (PSLF), Income-Driven Repayment Program (IDR), Perkins Loan Cancellation, Income-Based Repayment (IBR), Income-Contingent Repayment (ICR), Pay As You Earn (PAYE) Repayment Plans |
| Other options | Second jobs, refinancing, sweepstakes, clinical trials, couponing, bank bonuses, etc. |
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What You'll Learn
Student loan repayment assistance programs
Types of Student Loan Repayment Assistance Programs
- Direct Loan Repayment Assistance: Some employers offer direct assistance with student loan repayment as a benefit. This can take different forms, such as matching part of the employee's monthly loan payments, paying a set amount towards the loan, or even paying off the entire loan through tuition reimbursement.
- Educational Assistance Programs: Under federal law, employers with educational assistance programs can use them to help employees with their student loan obligations. Traditionally, these programs have covered expenses like books, equipment, and tuition. However, since 2020, they can also be used to pay the principal and interest on an employee's qualified education loans, either directly to the lender or to the employee.
Job-Specific and Organization-Based Programs
In addition to the above, there are also job-specific loan repayment assistance programs (LRAPs) and forgiveness opportunities offered by various government and non-profit organizations. For instance:
- Public Service Loan Forgiveness (PSLF): This program is available to government and qualifying non-profit employees. It forgives Federal Direct Loans after ten years of repayment (120 qualifying payments) made under an Income-Driven Repayment (IDR) plan or the 10-year Standard Repayment Plan.
- Income-Driven Repayment (IDR): This program helps borrowers who struggle with monthly payments under the Standard Repayment Plan. It can lead to loan forgiveness through PSLF.
- Perkins Loan Cancellation: This program provides partial or full cancellation of Perkins Loans for certain types of public service and volunteer work.
- Military Programs: The U.S. Army and other military branches offer loan repayment assistance for soldiers and officers with specific Military Occupational Specialties (MOSs) or other qualifying criteria.
- Legal Services Corporation (LSC) Program: Attorneys employed by LSC-funded legal aid organizations can use this program to pay off law school debt. Applicants must have at least $75,000 in law school loans and meet income limits.
Negotiating Student Loan Benefits
When considering a job, it's essential to research and understand the student loan repayment assistance programs offered by the employer. If they don't have a formal program, it may still be possible to negotiate loan assistance as part of your compensation package. Here are some tips for negotiating student loan benefits:
- Research Similar Programs: Look into what comparable companies offer in terms of loan repayment assistance. This information can be used to demonstrate to your employer that they could offer better benefits to attract talent.
- Explain Your Interests: Discuss why loan assistance would benefit you and how it could make you a more dedicated and productive employee by reducing your financial stress.
- Consider a Sign-On Bonus: If the employer is unwilling to provide loan assistance, negotiate a sign-on bonus that you can put toward your loans.
- Know That Denial Isn't the End: Even if your initial request is denied, it doesn't mean you can't revisit the conversation later, especially as your value as an employee becomes more evident.
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Loan forgiveness programs
- Public Service Loan Forgiveness (PSLF): This program is available to government and qualifying nonprofit employees with federal student loans. Eligible borrowers can have their remaining loan balance forgiven after making 120 qualifying loan payments and 10 years of full-time public service work.
- Income-Driven Repayment (IDR) Plans: These plans allow you to cap your loan payments at a percentage of your monthly discretionary income. Payments can be as low as $0 per month, and your remaining loan balance may be eligible for forgiveness in 20 or 25 years.
- Perkins Loan Cancellation: This program provides partial or full cancellation of Perkins Loans for certain kinds of public service and volunteer work.
In addition to these federal programs, some employers offer their own student loan forgiveness programs to help attract and retain talent. These programs usually involve working for the same company for at least a year and may include matching part of your monthly loan payments or paying a set amount towards your loan.
There are also job-specific loan forgiveness opportunities offered by various government and other organizations. For example, the Legal Services Corporation (LSC) offers a program for attorneys employed by LSC-funded legal aid organizations, and the U.S. Department of Defense has special benefits for military service members with federal student loans.
To find out if you qualify for any loan forgiveness programs, you can use resources like the government's PSLF Help Tool or NerdWallet's student loan forgiveness program ratings. You can also negotiate your employee benefits before accepting a job to see if your employer is willing to help with your student loan debt payments.
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Negotiating with your employer
Research and know your options:
Before negotiating with your employer, it is essential to understand the landscape of student loan repayment programs. Some employers offer student loan forgiveness programs or benefits, so researching what similar companies offer can help you determine your options and frame your ask. For example, some companies may match part of your monthly loan payments, while others may offer a set amount towards your loan or tuition reimbursement. Understanding these options will help you know what to ask for and how to present your case.
Make your case:
When negotiating with your employer, it is important to explain why loan assistance would benefit both you and the company. Be transparent about your situation and how debt relief would reduce your stress levels, making you a more dedicated and productive employee. If you are negotiating during the hiring process, emphasize that this benefit is important to you, and if they want to hire you, they may be willing to accommodate your request.
Consider alternatives:
If your employer is hesitant to provide student loan repayment assistance, consider negotiating for other benefits or a sign-on bonus. You can use this bonus as extra cash to put towards your loans. Additionally, explore if there are any government or organization-specific loan forgiveness programs that you may qualify for based on your job or industry. For instance, the Public Service Loan Forgiveness Program (PSLF) is available to government and qualifying nonprofit employees, while certain military and legal programs offer loan forgiveness to service members and attorneys, respectively.
Timing is key:
It is generally easier to negotiate employer-backed student loan repayment programs when you are a new hire. During the hiring process, you have more leverage as the company is trying to attract top talent, and they may be more willing to accommodate your requests. However, don't be afraid to initiate these conversations even if you are already employed.
Be prepared and persistent:
When negotiating, remember that the worst your employer can say is "no." If they deny your request, don't give up. Instead, ask open-ended questions to explore other options. For example, you can inquire about other benefits or compensation that could help improve your financial situation, such as a higher salary or additional perks.
Remember, negotiating your employee benefits is a normal part of the hiring process, and many employers expect these discussions. By approaching the conversation with research and a clear understanding of your interests, you can effectively advocate for yourself and increase your chances of securing assistance with your student loan repayment.
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Job-specific LRAPs and forgiveness opportunities
There are various job-specific Loan Repayment Assistance Programs (LRAPs) and forgiveness opportunities offered by different organizations and the federal government. Here are some examples:
Lawyers and Legal Professionals
The American Bar Association's website is a good resource for lawyers to learn about LRAPs available to them. One notable LRAP for lawyers is the JRJ Grant Student Loan Program, which encourages qualified individuals to work as local and state prosecutors and public defenders. The Department of Justice (DOJ) competitively selects new participants annually and renews awards for current participants, subject to fund availability. Acceptance of funding through this program triggers a three-year service obligation to the DOJ. Another option is the Legal Services Corporation (LSC) program, which is offered to attorneys employed by LSC-funded legal aid organizations to help pay off their law school debt.
Teachers
There are forgiveness programs for teachers offering forgiveness of Direct Loans or FFEL Program loans.
Nurses
There are several loan forgiveness opportunities for nurses, including the Nurse Corps Loan Repayment Program. Qualified nurses who work for a minimum of two years in either a CSF or NF can have up to 85% of their student loan debt paid off.
Military Professionals
There are several potential paths for student loan debt relief exclusively for servicemembers. For example, the Army will repay part of a soldier's qualifying student loans for certain Military Occupational Specialties (MOSs).
Doctors and Veterinarians
Some states offer LRAPs for doctors and veterinarians who work in underserved or shortage areas. For example, the North Dakota State Veterinarian Loan Repayment Program assists veterinarians who agree to work in shortage areas.
Pharmacists
Several national LRAPs provide financial assistance to pharmacists, and some state programs, such as the California State Loan Repayment Program, will repay all or a portion of loans if individuals establish residency and practice in a qualifying area.
Volunteers
Certain volunteer organizations like AmeriCorps, Peace Corps, and Volunteers in Service to America (VISTA) offer student loan awards or repayment options after completing a term of service.
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Student loan repayment jobs
Paying off student loans can be daunting, especially when you have other expenses like rent and credit card bills to worry about. Luckily, there are many jobs that offer student loan repayment assistance or forgiveness programs to help ease the burden.
Government and Nonprofit Jobs
The US Department of Education offers loan forgiveness programs for government workers, such as the Public Service Loan Forgiveness Program (PSLF) and the Income-Driven Repayment Program (IDR). The PSLF program forgives Federal Direct Loans for government and qualifying nonprofit employees after ten years of repayment. The IDR plan helps federal borrowers who may struggle with monthly payments under the standard plan.
Military Jobs
For military professionals, there are several paths to student loan relief. The Army, for example, offers a program where it will repay part of a soldier's qualifying student loans, though only specified Military Occupational Specialties (MOSs) qualify.
Jobs in Specific Industries
Some companies in various industries offer student loan repayment assistance to attract and retain employees. For instance, the financial services company SoFi offers full-time employees a monthly contribution of up to $5,250 per year toward student loan repayments. Healthcare companies like Abbott and Aetna also offer benefits to help employees pay off their student loans.
Student Loan-Related Jobs
Ironically, one way to pay off your student loans is to work in student loan repayment. For example, Summer, a company that assists clients with student loan forgiveness and repayment programs, offers a role on its Member Success Team, where you help users navigate federal forgiveness and repayment programs. Similarly, Cal State University in Long Beach, California, offers a Loan Counselor position that provides customer service to students and staff, helping with financial advising and loan processing.
Negotiating Your Own Benefits
If you can't find a job that offers student loan repayment as a benefit, you can try to negotiate it into your compensation package. It's a good idea to research similar programs and know what other companies offer so you can make a strong case to your potential employer. You can also suggest that loan assistance will make you a less stressed and more dedicated employee.
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Frequently asked questions
There are several jobs that offer student loan repayment assistance, including:
- Lawyers
- Teachers
- Doctors
- Nurses
- Veterinarians
- Members of the military
Many companies offer student loan repayment assistance as an employee benefit. Here are some examples:
- Abbott
- RTX
- SoFi
- Chegg
- Gradifi
Here are some tips to negotiate your employee benefits:
- Research similar programs and benefits offered by comparable companies.
- Explain why loan assistance would benefit both you and your employer.
- Consider a sign-on bonus if the employer is not willing to help with your student loan debt payments.
