10 companies that help pay off student loans

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Tackling student debt can be a daunting task, with college graduates leaving school with a average student loan balance of $ 37,693. While there are many different strategies you can use to eliminate your student loan debt, one of the most effective options is to work for a company with an employer-sponsored student loan repayment program.

According to Society for Human Resources Management, 8 percent of employers offer some kind of student loan repayment as a benefit. Here are some of the top companies that pay off student loans.

10 companies that will help you pay off your student debt

Student loan repayment assistance programs can provide you with hundreds or even thousands of dollars in relief on your student loan debt. Here are a few large companies that pay off student loans on behalf of their employees and the operating programs.

1. Etna

Healthcare company Aetna not only offers student loan repayment assistance, but also tuition assistance for employees currently enrolled in the school.

The employer matches employee student loan payments dollar for dollar, up to $ 2,000 per year and up to $ 10,000 in total.

2. Andersen Global

The tax and consulting firm Andersen Global provides reimbursement assistance to employees who have been with the company for at least one month and work at least 20 hours per week.

If you qualify, Andersen Global will pay $ 100 per month for up to five years. At the end of this term, it will also provide a lump sum payment of $ 6,000 for a total of $ 12,000. The lump sum payment is a huge incentive for employees to stay with the company for at least five years.

3. Chegg

Chegg offers a variety of educational services including textbooks, online tutoring, and more. The company’s student loan repayment assistance program favors entry-level and managerial employees, providing them with up to $ 5,000 per year in assistance.

If you are at a higher level, the annual maximum is $ 3,000. There does not appear to be an overall maximum, which is a significant improvement over some other student loan repayment programs. The only condition is to have worked in the company for at least two years.

4. CommonBond

As a student loan company, CommonBond’s efforts to help employees pay off student loan debt seem natural.

In 2015, the company began offering up to $ 100 per month in student loan repayment assistance. The benefit lasts until the employee’s student loans are fully repaid, and there is no requirement to qualify for the program.

5. Fidelity Investments

Financial services firm Fidelity offers up to $ 10,000 in student loan repayment assistance to its eligible employees.

Unfortunately, the company does not publicly disclose how it pays out the benefit – whether in monthly installments or a lump sum – or what it takes to qualify for the program.

6. Bank of the First Republic

First Republic Bank offers banking and wealth management services and has branches in just seven states. But if you live in an area where the business has a presence and work for the business at least 20 hours per week, you could get student loan repayment assistance starting at $ 100 per month.

Each year, this amount increases to a maximum of $ 200 per month. Payments continue until you have paid off all of your student loan debt.

7. Google

Starting in 2021, Google equates employee student loan payments up to $ 2,500 each year, which works out to about $ 208 per month. The benefit is only available to full-time employees, so contractors and temporary workers are not eligible.

Like some of the other companies on this list, Google doesn’t have a maximum amount for benefits – you’ll continue to receive contributions that match your student loan debt until you pay it off in full.

8. Hulu

Streaming giant Hulu is giving employees $ 1,200 each year to help them pay off student loan debt. That’s $ 100 per month for the principal balance of your loans, up to $ 6,000 in total.

You must have been employed by Hulu for at least one year to receive benefits, and the program enrollment period ends on January 1, 2022.

9. Live the nation

Live Nation is a major entertainment company and event promoter. Since 2017, the employer has offered employees student loan repayment assistance of $ 100 per month, up to a maximum of $ 6,000, which you reach after five years with the company.

10. New York life

The New York Life Financial Services Company offers student loan repayment assistance to eligible employees who work for New York Life Insurance Company, NYL Investors, New York Life Investment Management, or Index IQ.

You are eligible if you are a non-executive employee with student loans in good standing at one of these companies. The benefit is $ 170 per month for up to five years, for a total of $ 10,200.

Next steps

There are many companies offering student loan repayment assistance programs, and the list goes on. However, it’s important to note that while there are companies that pay off student loans, this benefit should only be part of the reason you choose to work for an employer.

Start by checking with your current employer to see what reimbursement programs are available. If there isn’t one, take your time before changing employers to get help with your student loans. Ask potential employers how the program works, and if you’re not sure whether a company offers one, don’t be afraid to ask about it during the interview process.

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