Lori Meadows
Paying off student loans can be daunting, but there are several jobs and companies that offer repayment assistance or loan forgiveness programs. These programs typically involve working for a certain number of years or meeting specific service requirements in fields like healthcare, law, public service, and education. Some companies that offer student loan repayment assistance include Abbott, Chegg, Hulu, New York Life, and SoFi. Additionally, government jobs may provide access to repayment assistance programs, such as those offered by NASA, the Department of Energy, and the Department of Transportation. For those seeking higher-paying careers to pay off student loans faster, options include physicians, surgeons, lawyers, and software architects.
| Characteristics | Values |
|---|---|
| Salary | $80,000 to $210,000+ |
| Education Requirements | Bachelor's degree, internships, further education |
| Industries | Healthcare, law, finance, aviation, software development, education, public service |
| Companies | Hulu, New York Life, SoFi, Abbott, Chegg, NASA, Department of Energy, Department of Transportation |
| Programs | Public Service Loan Forgiveness (PSLF), Income-Driven Repayment (IDR), Perkins Loan Cancellation, LRAPs |
| Other | Some companies offer tax-free benefits up to $5,250 through 2025 |
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What You'll Learn
High-paying jobs
While it is not common, some employers do offer student loan repayment assistance or forgiveness programs. These are often major companies, such as Hulu, New York Life, SoFi, and Abbott. Some companies offer recurring payments directly to lenders, while others contribute to retirement savings. For example, Abbott matches employee contributions to student loan payments with a 5% contribution to the employee's 401(k).
Some industries that offer student loan repayment assistance include healthcare, law, public service, and education. For instance, the U.S. Department of Agriculture offers veterinarians working in underserved areas up to $40,000 in student loan repayment assistance through its Veterinary Medicine Loan Repayment Program. Similarly, the Department of Justice offers the JRJ Grant Student Loan Program, which encourages qualified individuals to work as local and state prosecutors and public defenders.
Certain government jobs also offer student loan forgiveness programs. These include the Public Service Loan Forgiveness Program (PSLF) and the Income-Driven Repayment Program (IDR). PSLF is available to government and qualifying non-profit employees, while IDR is for anyone who needs to lower their monthly payments. Additionally, compensated volunteer and non-profit work through organizations such as AmeriCorps and Peace Corps qualify for PSLF.
If you are interested in a specific company or industry, it is worth researching whether they offer any student loan repayment assistance or forgiveness programs. You can also try to negotiate student loan repayment assistance into your total compensation during the interview process. It is important to note that student loan repayment assistance may be taxed as regular income.
- Physicians, surgeons, anesthesiologists, and other medical professionals can expect a healthy first-year salary of around $210,000.
- Psychiatrists, who work with mental health, have an average base salary of around $200,000 per year.
- Lawyers work in both criminal and civil lawsuits and have an average starting salary ranging from $80,000 to $160,000, depending on the area of expertise.
- Computer Systems or Information Technology Managers coordinate and direct computer-related activities. With a bachelor's degree and some work experience, you can expect a salary of around $125,000 per year.
- Pharmacists work with doctors and patients to ensure the safe use of prescription medications. After completing pharmacy school and passing licensing exams, pharmacists can expect a salary of approximately $120,000 per year.
- Air traffic controllers are responsible for keeping traffic flow around airports under control. They must be detail-oriented problem solvers with excellent organizational skills. Air traffic controllers typically need a bachelor's degree and additional courses from the Federal Aviation Administration. Their average salary is roughly $110,000 per year.
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Employers offering repayment assistance
Student loan repayment assistance is an increasingly popular perk offered by employers to attract and retain talent. While some companies offer standard payment assistance programs, others provide more unique benefits. Here are some examples of employers offering repayment assistance:
- Financial Services Companies: Financial services companies like Ally and SoFi offer student loan repayment programs. For instance, Ally provides employees with $100 monthly towards student loan repayment, up to a $10,000 lifetime maximum. Similarly, full-time employees at SoFi receive up to $5,250 per year in contributions towards their student loan repayments.
- Chegg: Chegg, an educational services company, offers its employees student loan repayment assistance through Equity for Education benefits. This includes a $1,000 annual cash grant for employees with student debt.
- Clayco: Clayco, a construction engineering company, provides student loan repayment assistance to employees making at least the minimum monthly payment. Clayco's program starts at $100 per month in the first year and increases by $50 each subsequent year, reaching a maximum of $250 per month in the fourth year.
- Fidelity: Fidelity, a financial services company, offers its employees student loan repayment assistance with a lifetime maximum benefit of $15,000.
- New York Life: New York Life, a visual technology company, contributes up to $170 per month towards its employees' student loans, with a lifetime maximum of $10,200 after five years. This benefit is available to all non-officer employees with student loans.
- Nvidia: Nvidia, a visual technology company, offers student loan repayment assistance to recent graduates working full- or part-time, providing up to $350 per month towards loan repayment, with a lifetime maximum of $30,000.
- Federal Government Agencies: Federal government employees can access repayment assistance programs at various agencies, including NASA, the Department of Energy, and the Department of Transportation. Public service sector jobs, such as law enforcement and social work, may also provide access to similar benefits.
It is important to note that the availability and specifics of student loan repayment assistance programs may vary, and it is always a good idea to research and negotiate these benefits with potential employers.
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Negotiating repayment assistance
Research similar programs
First, find out what comparable companies are offering in terms of student loan repayment assistance. This information will help you understand the market value and what you can reasonably ask for. You can use this knowledge to negotiate better terms with your employer, such as a bigger payment towards your loan each month.
Make your interests known
Explain to your employer why loan assistance would benefit you, but more importantly, why it would benefit them. For example, lessening your financial burden could lead to improved job performance and increased dedication to the company.
Consider a sign-on bonus
Even if your employer is not open to helping with your student loan debt payments, you can negotiate a sign-on bonus. This bonus can provide you with extra cash that you can put towards your loan repayments.
Know your options
There are various student loan forgiveness programs offered by the government, such as the Public Service Loan Forgiveness Program (PSLF) and the Income-Driven Repayment Program (IDR). The IDR plan, for instance, bases your monthly payment on your income and family size, and your loans may be forgiven after a certain number of payments over 20 or 25 years. Additionally, working in the public sector, such as law enforcement or social work, may provide access to repayment assistance programs.
Be proactive
Don't be afraid to take the initiative and bring up the topic of student loan repayment assistance during salary negotiations. Whether you're starting a new job or seeking to improve your current situation, it never hurts to ask. The worst they can say is "no," and you might end up with a better financial situation.
Remember, paying off student loans is a long-term commitment, and negotiating repayment assistance can be a valuable tool in achieving financial freedom.
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Government and non-profit jobs
Federal government employees can access repayment assistance programs at various agencies, including NASA, the Department of Energy, and the Department of Transportation. Working full-time in the public service sector may also provide access to repayment assistance programs and benefits, such as law enforcement and social work. Additionally, state and federal programs are available for those in the medical field, including the National Health Service Corps Loan Repayment Program for healthcare providers working in underserved areas.
Non-profit organizations also offer loan assistance programs. For example, the US Department of Agriculture provides student loan forgiveness for veterinary professionals, especially in underserved areas, through the Veterinary Medicine Loan Repayment Program (VMLRP), which can provide up to $25,000 per year. Other non-profit jobs that may qualify for loan forgiveness include grant writers, program directors, and special events coordinators.
It's important to note that eligibility requirements and application processes may vary, so it's essential to research and understand the specific criteria for each program. Additionally, some employers in the government and non-profit sectors may offer internal student loan relief programs, so it's worth discussing these options during salary negotiations.
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Side hustles
While it is not easy to find a job that helps pay off student loans, it is not impossible. Some employers offer student loan forgiveness programs to help you get out of debt. Additionally, compensated volunteer and non-profit work through organizations such as AmeriCorps and Peace Corps qualify for Public Service Loan Forgiveness (PSLF).
If you are unable to find a full-time job that helps with your student loans, you can always take on a side hustle. Here are some ideas for side hustles that can help you pay off your student loans faster:
- Babysitting: This can bring in an extra $1000-$2000 each month depending on how much you want to work.
- Valet parking: You can do this during the busy seasons to make some extra cash.
- Selling baked goods: If you enjoy baking, you can start a home bakery business and sell your goods to your community.
- Photography: If you have a passion for photography, you can start a photography business doing mostly destination gigs. This way, you can travel and pay down your debt at the same time.
- Etsy shop: If you're crafty, you can sell your creations on Etsy. It's not a get-rich-quick scheme, but if you enjoy what you're selling, it can be a great way to make some extra income.
- Wine shop or bar: If you're a wine enthusiast, working in a wine shop or bar a few nights a week can be a fun way to earn some extra money.
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