20 Companies That Help Employees Pay Off Their Student Loans

Updated on February 5, 2024

At a Glance

  • The article presents 20 companies that offer student loan repayment assistance to their employees, including Aetna, AlloSource, and Google.
  • These programs can significantly decrease the burden of student loan debt, allowing employees to focus on their career growth and personal development.
  • Companies use these programs not only to help employees but also to attract and retain top talent in their respective industries.
  • Before choosing a company, consider factors like the size of the repayment assistance, the company culture, and any other benefits or perks that might be important to you.

Student loans can be a real headache, but luckily, there are some companies out there that understand the struggle and want to help their employees out. Here’s a list of 20 awesome companies that are committed to easing the burden of student loans for their hard working staff.

1. Aetna

First up on our list is Aetna, a health insurance company that not only takes care of your physical health but also your financial health. They offer a generous student loan repayment program, so you can breathe a little easier knowing your loans are being taken care of.

Founded in 1853, Aetna has a long-standing reputation for providing quality health insurance coverage to individuals and families. With its extensive network of healthcare providers, the company ensures that you have access to the best medical care when you need it most.

Aetna is so great and praised by customers because it also has a student loan repayment program. Through this program, Aetna offers financial assistance to their employees, helping them pay off their student loans faster and more efficiently.

Furthermore, Aetna understands that financial well-being extends beyond just student loans. They offer various resources and tools to help you manage your money, such as financial planning services, budgeting assistance, and educational materials on personal finance.

2. AlloSource

AlloSource, a leading provider of life-saving and life-enhancing allografts, is not only dedicated to improving the lives of patients in need but also to supporting their own employees in their personal journeys. One remarkable way in which AlloSource goes above and beyond is by assisting its employees in paying off their student loans.

Student loan debt has become an increasingly prevalent issue in today’s society, with millions of individuals burdened by the financial strain of repaying their educational loans. Recognizing the weight that student loans can place on their employees, AlloSource has taken a proactive approach to alleviate this burden and provide much-needed relief.

Through their student loan repayment program, AlloSource empowers their employees to pursue their professional goals and dreams without the constant worry of overwhelming debt. This initiative not only fosters a sense of loyalty and gratitude among employees but also enables them to focus on their work and contribute to the company’s mission of saving and enhancing lives through allografts. The pack also offers comprehensive healthcare coverage, retirement plans, professional development opportunities, and a range of other employee perks.

Moreover, AlloSource’s commitment to helping its employees pay off their student loans reflects their dedication to creating a positive and supportive work environment. By offering this unique benefit, AlloSource not only attracts top talent in the industry but also retains and motivates its existing employees.

3. Andersen Global

Andersen Global, an international association of legally separate, independent member firms, knows the value of investing in its employees’ futures.

What sets Andersen Global apart from similar companies is that it offers a fantastic student loan repayment assistance program to help alleviate the financial strain. The company provides you with a way to help manage your finances. Through this program, it aims to help ease the burden that you and other professionals experience due to student loans.

4. Chegg

Need some extra help with your homework? Well, Chegg is not only there for your academic needs but also for your financial needs. They provide student loan repayment assistance to their employees, making it easier to focus on your studies.

Since 2015, Chegg has been offering student loan repayment benefits to its employees, which helped many individuals get back on their feet after dealing with terrible debt for several years. So far, it has paid more than $1 million towards student loan debt for employees.

The firm was able to give qualifying employees $1,000 per year if they signed up for the advantage. Afterward, Chegg announced the Equity for Education program in 2019, which would be even more helpful to people dealing with student loan debt. Any Chegg U.S. employee struggling with student loans has access to the Equity for Education benefit, whether they attended college for 2 or 4 years.

5. CommonBond

CommonBond is not your average lending company. They’re all about helping people pay off their student loans, and that includes their own employees. So, if you’re looking to work for a company that practices what they preach, CommonBond might be the perfect fit.

CommonBond takes you and your team into account when it comes to student loan benefits. It will show you how much student debt your team has, then work with you to come up with a solution and fix this. You can customize products with the team’s best interest in mind, and the business will give you as much as possible to succeed.

6. Connelly Partners

Connelly Partners, a full-service advertising agency, believes in investing in their employees’ futures. They offer a student loan repayment program to help lighten the loan and ensure their employees can thrive both professionally and financially.

Throughout almost a decade, Connely Partners was able to contribute almost $338,000 in order to support the student loan repayment program. Employees love this opportunity to regain their financial independence, as it allows them to focus on saving for retirement instead.

Nowadays, about three-quarters of Connely Partners employees use this program to their advantage. As such, they have an easier time paying off their student debt, being able to concentrate on other investments and savings.

7. Estée Lauder

When it comes to beauty, Estée Lauder knows how to make you feel good inside and out. They also know how to make their employees feel good by offering a student loan assistance program. Now that’s some beauty from within!

Through the Student Loan Contribution program, the company aims to offer $100 per month to any employee who has student debt. This sum will contribute to the worker’s loan, reducing the debt and making sure the employee has less stress to deal with. The contribution will have a lifetime maximum of $10,000.

8. Fidelity Investments

Managing your finances can be tough, but luckily, Fidelity Investments is here to help. Not only do they provide expert financial guidance to their clients, but they also offer a stellar student loan repayment program to their employees.

Fidelity Investments cares about its employees’ well-being, so it came up with this program to help all workers grab hold of their futures. Student Debt Direct will make a payment towards a workers’ student loan, offering up to $5,250 per year for every employee.

9. First Republic

First Republic is all about building relationships and providing exceptional service. And that commitment extends to their employees with their student loan repayment assistance program. Now that’s some exceptional service!

Since student debt has reached an all-time high for Americans, First Republic wants to do everything in its power to make things better for its employees. The student loan repayment assistance plan was launched in 2016 and it offers payments for parent student loans as well.

Workers get $100 per month towards their student loans. The sum changes to $150 per month in the next year, then it eventually reaches $200 in the third year and moving forward.

10. Google

Google, the tech giant that needs no introduction, understands the importance of investing in its employees. Along with a host of other perks, they offer a student loan repayment program to help their employees tackle their educational debt.

In 2021, Google created a student loan repayment plan for all employees in the U.S. It offers up to $2,500 per year for qualifying employees. Therefore, workers have the chance to pay off their loans faster.

Google is aware of how many Americans deal with student debt and how much money there is in student debt, which is why they came up with this amazing plan to help employees handle the outstanding balance.

11. Hulu

When it comes to streaming your favorite shows, Hulu has got you covered. They also have your back when it comes to student loans. With their student loan repayment assistance program, you can enjoy your favorite shows without the stress of overwhelming debt.

Hulu offers $1,200 every year for people who have student loans and work for the company. So, besides providing beloved shows for everyone, the company also helps employees to take over their financial lives. This not only relieves the financial stress that comes with student loan debt but also allows employees to focus on their career growth and personal development.

12. Kronos

Kronos, a workforce management software company, knows that happy employees are productive employees. That’s why they provide a student loan repayment program to help their workers achieve financial wellness.

Now, only certain employees can qualify for this, as Kronos must first give its approval. However, once you gain access to this financing, you can have an easier time navigating your loan and making payments on time.

13. Live Nation

If you’re passionate about music and entertainment, Live Nation might just be the perfect company for you. Not only do they offer incredible career opportunities but they also offer a student loan repayment assistance program to help you follow your passion.

The program was first launched in 2017, and it managed to help employees with over $4 million in student loan help. This company offers $100 monthly for workers with education loan debt. The lifetime maximum benefit is $6,000.

14. New York Life

New York Life, a leading life insurance company, understands the importance of taking care of its employees’ financial well-being. Along with their comprehensive benefits package, they provide a student loan repayment assistance program to help their employees thrive.

The student loan repayment program was first introduced in 2017, and it provides workers with up to $10,200 over five years. It’s a large sum and can cover a lot of debt.

But there are some requirements to meet. You must be a non-officer who works under Index IQ, New York Life Investment Management, NYL Investors, or New York Life Insurance Company to qualify.

15. Nvidia

Nvidia, a global leader in visual computing technologies, is all about going over the board. That includes pushing boundaries when it comes to employee benefits, like their student loan repayment program. Now that’s innovation!

The technology company allows workers who operate for 20 or more hours per week to get $500 each month to make student loan repayments. In total, an employee can get a total of $6,000 per year depending on the case. Part-time and full-time workers must’ve worked for Nvidia for 3 months to qualify for this program.

16. Penguin Random House

As the world’s largest trade book publisher, Penguin Random House knows how to tell a good story. And one of their best stories is their student loan repayment assistance program, helping employees write their own happy endings to their student loan stories.

Every year, an employee can get $100 per month, so up to $1,200 in total, to pay off student loans. Full-time employees must be eligible for this, but it can grant them $9,000 overall over 7.5 years. It can make a huge difference, particularly if someone is struggling financially.

17. PricewaterhouseCoopers (PwC)

PricewaterhouseCoopers (PwC), one of the leading professional services firms, believes in investing in their employees’ development. That’s why they offer a student loan repayment assistance program, so you can focus on growing your career without worrying about your student loans.

Over the years, PwC has helped numerous employees. Its program offers $100 per month for up to six years to workers who reach the associate and senior associate levels. PwC was one of the first companies to offer the student loan repayment program advantage. So far, the business has been able to help workers pay off over $40.6 million in education loan debt.

18. SoFi

SoFi is more than just another lending company. They’re on a mission to help people achieve financial independence, starting with their employees. With their student loan repayment assistance program, you can get on the path to financial freedom.

Whether you took the loan through SoFi or a different provider, the student loan repayment program can help tremendously. It can ease your financial burden and can ensure that you contribute to the balance each month and reduce the stress associated with your debt.

19. Staples

Staples, the go-to office supply store, is also there for their employees when it comes to student loans. They offer a student loan repayment program, so you can stock up on supplies for your career without the stress of debt.

Any full-time workers with outstanding student debt can get $100 per month in student loan repayment help. This can make a huge difference, especially for people who struggle financially.

However, there are some criteria that you must meet in order to qualify. For instance, you must have graduated or working towards getting a degree from an accredited institution to be eligible.

20. The U.S. Government

Last but certainly not least, we have the ultimate employer, the U.S. Government. They offer a generous student loan repayment assistance program to help their employees serve the country while managing their student loan debt. Talk about a win-win!

If you graduated but still have an outstanding debt balance by the time you start working for the government, you do not have to worry anymore. The repayment assistance program will make sure you can help make the country better while your debt is being taken care of in a way that makes it easy for you to manage.

Evaluating Companies That Pay Off Student Loans

Now that you know about these incredible companies that help their employees pay off their student loans, it’s time to evaluate which one might be the perfect fit for you. Consider factors like the size of the repayment assistance, the company culture, and any other benefits or perks that might be important to you. Remember, finding a company that aligns with your values and supports your financial well-being can make all the difference in your career journey. Good luck!

Frequently Asked Questions (FAQ)

What is a student loan repayment program?

A student loan repayment program is a benefit offered by some employers where they contribute a certain amount of money towards their employees’ student loan debt. The terms and conditions of these programs can vary significantly from one company to another.

How common are student loan repayment programs?

While student loan repayment programs are becoming more popular, they are still relatively uncommon. According to a survey by the Society for Human Resource Management, only about 8% of companies offered this benefit as of 2019.

Do all companies offer the same amount in their student loan repayment programs?

No, the amount that companies offer in their student loan repayment programs can vary significantly. Some companies might offer a few hundred dollars per year, while others might offer several thousand.

Is the money from a student loan repayment program considered taxable income?

Yes, as of now, the money from a student loan repayment program is considered taxable income. However, there are ongoing legislative efforts to change this.

Can I negotiate for a student loan repayment program during the hiring process?

It’s possible, but it will likely depend on the company. If a company already offers a student loan repayment program, it might be easier to negotiate the terms of that program.

Do I need to be a full-time employee to qualify for a student loan repayment program?

Typically, yes. Most companies that offer student loan repayment programs require employees to work full-time. However, some companies might offer prorated benefits to part-time employees.

Can I use a student loan repayment program for private student loans?

It depends on the company. Some student loan repayment programs might only cover federal student loans, while others might also cover private student loans.

Can a student loan repayment program completely pay off my student loans?

While a student loan repayment program can significantly help reduce your student loan debt, it’s unlikely that it will completely pay off your loans unless your debt is relatively small.

What happens if I leave the company?

Typically, if you leave the company, you will no longer receive benefits from the student loan repayment program. However, the payments that the company made while you were an employee will not need to be repaid.

Can I participate in a student loan repayment program and still make my own loan payments?

Yes, you can still make your own loan payments while participating in a student loan repayment program. In fact, doing so could help you pay off your loans faster.

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Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.