These 15 Companies Will Pay Your Student Loans:
The problem with student loan debt is that it’s so complicated, that it constantly makes headlines. Americans owe around $1.75 trillion dollars, which comes down to about 43 million individuals who each have to pay, on average, $39,351.
Even if the U.S. government has tried back and forth to find the right proposal that would cancel student loan debt, only recently they have decided on a measure. But in the meantime, there are still 43 million people who are still struggling to find solutions to this extreme financial burden.
If student debt is something that preoccupies you, you will be happy to read this article. We made a list of companies that are more than happy to pay off some of that debt. And the good news is…the list of employers is growing year after year.
As Will Geiger, CEO and co-founder of Scholarships360.org said, “I definitely notice a trend of ‘student loans as benefits’ that has been increasing. The reason for that is maybe the fact that there’s a rising student loan debt among college graduates, but also a more competitive labor market.”
Plus, because of the CARES act, employers will be able to make tax-deductible contributions to an employee’s student loans as much as $5,250 per year, as long as it is an education assistance program” as Geiger added. The plan has been expanded to 2025, so given the rising student loan debt, the competitive labor market, plus the CARES act, the time is just right for this trend to rise.
All Aetna employees that are working 20 hours per week or even more can easily benefit from student loan repayment assistance. Aetna is more than willing to match employees’ student loan payments, as much as $2,000 per year for completed degrees in certain careers. Also, Aetna provides loan repayment and financial advising programs for those who work there, which is amazing.
Anderson Tax LLC
Back in 2017, Anderson Tax released its plan to help employees repay student loan debt. Through a well-thought program, Andersen Global gives full-time employees $100 per month for 60 months, a gesture that’s meant to help with student loan payments. The company also has a specific lump-sum payment at the end of five years, of $6,000. The total amount of contributions is $12,000, which is meant specifically for student debt.
Carvana was welcomed into the growing group of companies that are known to help employees repay student loan debt, ever since 2018. The company officially announced that it would contribute up to $1,000 per year toward student loan payments for its full-time employees.
Everyone expected Chegg to make this step forward, as it is, after all, a student learning platform. But Chegg managed to become one of the leaders of the student loan repayment assistance trend. Hence, all employees who have at least 2 years of experience there receive as much as $5,000 toward student loans every year. This step is a part of Chegg’s Equity for Education program, which started in 2019. It’s worth mentioning that benefit applies to all Chegg U.S. employees with student debt, no matter if they attended a two- or four-year college, or even graduated. Even more, the new Equity for Education funding comes as an addition to the $1,000 per year that Chegg employees with student debt already got.
Cosmetics and beauty company Estée Lauder decided to contribute $100 every month toward employees’ student debt. The New York City-based firm, which owns many well-known brands such as Clinique, MAC Cosmetics, and Origins, promised to pay as much as $10,000 per employee.
Fidelity Investments is a multinational financial services corporation from Boston, Massachusetts. It provides employees with as much as $10,000 toward student debt. Plus, Fidelity offers student debt and college planning advice for its workers.
Google needs little to no introduction, so we’re going to get straight to the point. Google matches up as much as $2,500 in student loan payments every year for its employees in America. However, the company’s plans are even bigger, as they want to expand the program worldwide in the future.
Nvidia gives student loan repayment assistance to employees who finished their studies in the last three years. Also, it reimburses as much as $6,000 every year for employees’ student loans, with a lifetime maximum of $30,000. This amazing plan covers federal Perkins loans, and private loans, but also subsidized and unsubsidized Stafford loans, not to mention grad plus loans and more.
Penguin Random House
Penguin Random House initiated its repayment assistance program all the way back in 2016, and it was the first book publishing company that decided to help its employees in this matter. PRH matches as much as $1,200 per year toward employees’ student debt. The program lasts seven years, with a lifetime maximum of $9,000. Employees that want to benefit from the program must be hired full-time and must have a minimum of one year of experience in the company.
PricewaterhouseCoopers is a famous company that’s ranked the second-biggest among professional services networks in the world. It takes part of the Big Four accounting firms, alongside with other well-known companies like Deloitte, EY, and KPMG. PricewaterhouseCoopers gives as much as $1,200 every year toward employees’ student loans. The maximum amount of lifetime contribution is $10,000.
Staples is another company that took care of the student debt issue. In 2016, they announced that they will pay $100 per month for 36 months for employees’ student loan balances. In order to qualify for these benefits, employees must be hired full-time and have received or been in the process of getting a degree from an accredited school.
The financial services company Ally Financial has a comprehensive benefits package, that was designed to help its employees live as well as possible. Ally Financial offers $100 per month in student loan repayment assistance.
Medix was founded in 2001, and it is an Illinois-based staffing and recruiting company. They offer monthly contributions to student loan repayment, so if you’re interested in solving this issue, apply for a job there. When it comes to job opportunities, you will find at Medix various options, from recruiter openings to sales positions and even corporate opportunities.
Weedmaps is a privately held software and technology company. They promised to find a way to help their employees live a better and carefree life, and one of the measures was to give assistance in repaying student loan debt. The California-based company offered to pay as much as $1,000 a year for employee student loans.
HCA was established in 1968, and it is one of the biggest providers of health care services in the United States. The company has more than 300 affiliate hospitals, business offices, but also outpatient service facilities. Some of the benefits they offer to their employees are tuition repayment assistance of up to $100, for those employees who are currently working full-time, and $50 for employees who work part-time.
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