Did you know that student loan repayment programs, or benefits, are becoming more and more popular? This is great news for anyone who has student loan debt. Spoiler alert - that's about 45 million Americans.
A student loan repayment program needs to be set up as it's a win win for both employers and employees. Employers will attract and retain top talent, can offer up to $5,250 per year tax free, and employees won't have to stress as much about the burden of student loan debt. You can hear how Chegg is currently changing my life for the better due to their student loan repayment program.
If you're curious to know how much of an impact student loan repayment benefits can have on your payoff journey, then use Highway Benefit's free student loan payoff calculator. This tool gives you a great breakdown of how much money you will save on interest and how much faster you will pay off your loan with extra monthly contributions.
50 Best Companies with a Student Loan Repayment Program
Each company below offers a student loan repayment program for their employees. If you're looking for an employer to pay off your student loans, the following list should help you!
Abbott
Abbott is a global healthcare leader that helps people live more fully at all stages of life.
- Abbott’s Freedom 2 Save (F2S) program addresses the belief that employees shouldn’t have to choose between paying off student loans and saving for retirement. Under the plan, employees who are currently repaying a student loan, and these payments equal at least two percent of their eligible pay, will receive a five percent company match deposited into their Abbott Stock Retirement Plan (SRP) account without having to make contributions to the SRP.
Aetna
Aetna is one of the nation's leading diversified health care benefits companies, serving an estimated 46.7 million people with information and resources to help them make better decisions about their healthcare.
Aetna will match employees’ U.S.-based student loan payments up to $2,000 per year for a lifetime maximum of up to $10,000 for qualifying loans.
For part-time employees, Aetna will match up to $1,000 a year with a lifetime maximum of $5,000.. To qualify, an employee must have earned his or her U.S.-based undergraduate (including associate) or graduate degree from an accredited institution within 3 years of applying for the program.All full- and part-time (20 hours a week or more) active Aetna employees are eligible for the program.
Aetna will make payments directly to the loan servicer.
The Student Loan Repayment Program includes expert, no-cost education loan repayment guidance sessions through Aetna’s tuition assistance vendor, EdAssist.
AlloSource
AlloSource is a healthcare company with a mission to help patients heal through innovative cellular and allograft research. AlloSource partners with Tuition.io for their student loan reimbursement benefit.
Each month, AlloSource will contribute a percentage to the principal balance of your student loan.
Ally Financial
Ally Financial provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and an an electronic trading platform to trade financial assets.
Ally provides $100 per month towards student loans, with a lifetime maximum cap of $10,000. The company is also reimbursing tuition up to $10,000 per year — a more than 50% increase in reimbursement offerings.
American Family Insurance
For qualifying employees who have graduated with an associate’s degree or above and have student loan debt, American Family provides a monthly contribution of $100 for student loan repayment with a lifetime maximum of $10,000.
Andersen
Andersen provides a wide range of tax, valuation, financial advisory and related consulting services to individual and commercial clients. The firm is offering any regular, full-time employee a benefit of $100 a month for 60 months with a $6,000 lump-sum trailer at the end of the five-year period, or a total of $12,000, toward their student loan debt.
Bellco Credit Union
Bellco Credit Union is one of the largest credit unions in Colorado, with more than $4 billion in assets, over 320,000 members and 25 branches in the Denver metro area and on the Western Slope.
Student Loan Repayment Program (SLAY): Receive up to $10,000 towards your student loan payments.
Carhartt
Carhartt offers employees a $50 monthly contribution toward their student loan debt up to a lifetime maximum of $10,000.
The monthly payments go directly to the employees’ student loan service providers and are applied to principal on their loans.
The plan is open to all full- and part-time employees, both union and nonunion. Nonunion employees are eligible after 30 days with the company, while union employees are eligible after 90 days.
Carvana
Carvana is a Fortune 500 company, providing as-soon-as-next-day delivery to customers in over 300 U.S. markets.
Carvana will contribute up to $1,000 per year for employees to pay down their student loan debt.
Chegg
Chegg pays $1,000 per year to employees with student loan debt.
On top of this, The Equity for Education benefit applies to any Chegg US employee with student debt, irrespective of whether they attended a 2- or 4-year college, or ultimately graduated.
Under the new Chegg program, entry level employees through manager level, who have at least two years tenure at Chegg will receive up to $5,000 annually. Employees at the Director or Vice-President level are eligible for up to $3,000 annually.
ChowNow
ChowNow powers branded online ordering systems for independent restaurants across the US. ChowNow currently caps contributions at $500 per year but plans to increase that to $1,000 in the future.
Connelly Partners
Connelly Partners will put up to $100 per month toward its employees’ student loan payments.
What’s more, new employees will receive a $1,000 signing bonus that can be put toward student loans.
Once employees hit their five-year anniversary with Connelly Partners, they will receive another $1,000 bonus toward their loans.
Crew Carwash
Crew Carwash will pay $1,200 per year, $100 each month, toward employees’ student loans, which is paid directly to the lender.
CSAA Insurance Group
CSAA Insurance Group allows full and part-time employees to use up to 4% of their employer-matched retirement benefit to pay down their student debt.
Once workers contribute 2% of their salaries to their 401(k), they can choose to direct the remaining 1% to 4% of their 6% employer-matched funds toward paying down their student loans.
Estée Lauder
Estée Lauder offers a Student Loan Contribution Program, contributing up to $100 per month towards an employee’s loan with a lifetime maximum of $10,000.
Fidelity Investments
Fidelity helps you get a step ahead by paying down your loans so you can save on interest, with up to $15K in contributions.
First Republic Bank
$100 per month of loan repayment during the first year of enrollment in the benefit.
$150 per month of loan repayment during the second year of enrollment in the benefit.
$200 per month of loan repayment thereafter while enrolled in the benefit until the debt is repaid.
The program is offered by First Republic to all full-time or part-time employees who work a minimum of 20 hours a week. The benefit is also available to First Republic employees who have taken out educational loans on behalf of their children. First Republic will make the contribution, during employment at the Bank, for the life of the loan.
Freddie Mac
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders.
We will help pay down an eligible employee’s student loan by making contributions totaling up to $9,000 over a five-year period.
Google will match up to $2,500 in loan payments per employee each year.
Guild Education
Guild works with leading Fortune 1000 employers such as The Walt Disney Company, Walmart, Discover, Chipotle and Lowe's to transform their education & upskilling programs through Guild's technology platform, payments system and learning marketplace.
Guild offers student loan reimbursement, as well as tuition assistance and 100% tuition coverage.
HCA Healthcare
HCA Healthcare is one of the nation's leading providers of healthcare services, comprising 182 hospitals and approximately more than 2,300 sites of care, including surgery centers, freestanding ERs, urgent care centers, and physician clinics, in 20 states and the United Kingdom.
HCA Healthcare offers a monthly benefit of $100 (full-time) or $50 (part-time) to help you repay your student loans for degrees you have already completed.
Honeywell
Honeywell is a Fortune 100 company that invents and manufactures technologies to address tough challenges linked to global macrotrends such as safety, security, and energy.
Honeywell offers $150 per month with a $10,000 maximum limit.
Hulu
Hulu is the leading premium streaming service offering live and on-demand TV and movies, with and without commercials, both in and outside the home.
Hulu will pay up to $1,200 a year per employee to match their student loan payments.
Inova Health
Inova is Northern Virginia’s leading nonprofit healthcare provider. Inova will provide financial assistance by making a monthly payment to team members’ student loan servicers.
Monthly payments will be $150 if a team member has less than 3 years of continuous service and $250 if a team member has 3 years or more of continuous service. The lifetime maximum is $10,000.
Kronos (UKG)
UKG is a leading provider of HR, payroll, and workforce management solutions for all people. The company gives employees $500 a year to help them pay off their student loans.
LendEDU
LendEDU is a personal finance comparison website. LendEDU's goal is to help you make educated financial decisions when it comes to products like student loans, mortgages, home equity loans, insurance, personal loans, credit cards, and many more.
$200 per month — $2,400 per year — to help pay student debt. The benefit is open to all employees and can be applied to both principal and interest.
Live Nation Entertainment
Live Nation produces more concerts, sell more tickets and connects more brands to music than anyone else in the world.
Live Nation is matching employee contributions of up to $100 monthly, or $1,200 a year, up to $6,000. (Employees who have been with the firm for a t least 6 months qualify.) They have saved their employees over $4 million since the program launched in early 2017.
Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company. Lockheed Martin's student loan repayment program is called, Invest In Me, which provides college hires with a $150 monthly cash bonus for five years, up to a maximum of $9,000.
You can use the money to pay down student loans or save for other goals.
McLaren Health Care
McLaren operates Michigan’s largest network of cancer centers and providers, anchored by the Karmanos Cancer Institute, one of only 51 National Cancer Institute-designated comprehensive cancer centers in the U.S.
The student loan benefit will be applied like a 401(k) contribution – the service provider will automatically take an amount from McLaren Northern Michigan to apply toward the principal of their employees’ student loans each month.
This tuition payment is in addition to the employee’s monthly loan payment, helping to shorten the length of the loan and reduce interest.
The McLaren monthly payment starts at $200 and increases in years two and three if the employee remains with McLaren Northern Michigan. A maximum of $12,000 of funding may be applied toward the employee’s student loan.
MidWestOne Bank
Full-time employees who have been at the company for more than four years receive $100 a month, with a $10,000 lifetime cap, while full-time employees with less than four years at the bank receive $75 a month. Those employees will receive the full $100 when they enter their fifth year with the bank.
Part-time employees must work a minimum of 28 hours per week and have at least 30 days of service to qualify for the $50 benefit.
Mr. Cooper
$100 per month! Hear from a team member about their experience with this benefit.
Natixis
Natixis is a leading global financial institution. Employees will be eligible immediately and as long as they are employed by the company, with monthly payments of $83.33 made directly to the student loan provider up to the life of the loan, or a maximum of $10,000 over a 10-year period.
For graduates with the average student debt load of $30,000, that amounts to paying down a third of their loan. The payments also go directly toward the principal, which helps to pay off the loan faster and with less interest over time.
New York Life Insurance Company
Through Vault Pay, New York Life contributes $170 monthly (over 5 years) towards student loans in good standing – which means employees can reduce their debt by up to $10,200 while enrolled.
Through Vault Advisor, employees can access tools, resources, and personalized advice to determine the best repayment option for their student loans even if the employee is not eligible for repayment assistance.
Noodles & Company
For General Managers, Noodles is also part of the solution in helping pay down student loan debt with a company contribution of $1,000 per year.
NVIDIA
NVIDIA is a full-stack computing company with data-center-scale offerings that are reshaping industry.
If you graduated within the past three years, you can apply for reimbursement of $6,000 each year to help repay your student loans, up to $30,000!
Peloton
Peloton contributes $100 a month to accelerate the pay-off of student loan debt held by its employees.
Penguin Random House
Penguin Random House is the world’s largest trade book publisher. The company offers a loan repayment of up to $1,200 annually ($100/month) totaling a maximum of $9,000 over 7.5 years for full-time eligible employees.
Regular part-time employees are eligible to receive $75/month for up to 7.5 years adding up to $6,750.
Powertex Group
Powertex is a full-service branded merchandise supplier. $1,200 per year to repay their student loans, and expects approximately 25% of its employees to enroll in the program.
Public Prep
Public Prep is an award-winning network of charter schools across Manhattan and the Bronx and the nation’s first non-profit tuition-free charter school network that develops exceptional Pre-K, and single-gender elementary and middle public schools.
Public Prep offers up to 10% matching of minimum monthly payments. A great way to chip away at student loan debt.
PURE Insurance
PURE is a property and casualty insurance company designed exclusively for successful, responsible families.
$100 a month toward your student loans.
PwC
As a participating associate or senior associate, PwC’s SLP benefit will pay up $1,200 a year towards your student loan!
Over time, this may help to reduce student loan principal and interest obligations by as much as $10,000, and shorten loan payoff by up to three years.
RubiconMD
RubiconMD is leading the mission to democratize medical expertise through its virtual-first specialty care solutions.
$200 per month , totaling $2,400 per year with no cap.
SoFi
SoFi helps their employees achieve financial freedom, just like their members. That’s why they contribute $200 per month toward your student loans to help pay down your debt—plus free financial classes.
Staples
Eligible employees — active, full-time U.S. associates with at least one outstanding loan obligation, who have obtained or are in the process of receiving a degree from an accredited institution — will have their loan principal paid at $100 per month for 36 months.
Sotheby's
Established in 1744, Sotheby’s is the world’s premier destination for art and luxury.
$150 each month toward employees’ repayment of the principal amount of the debt, up to $1,800 per year.
Teachable
Teachable is changing the world by giving you the tools to share your knowledge through online courses and coaching. They provide supplemental student loan repayment.
Terminix
Terminix is a leading provider of residential and commercial pest control. Terminix has worked with Tuition.io to contribute $50 per month to those members of its 10,000 employee population in need of student debt relief.
Unqork
Unqork is a no-code application platform that helps large enterprises build complex custom software faster, with higher quality, and lower costs than conventional approaches.
They offer a student loan payback program which is listed in each job posting. $1,000 per year.
The United States Government
Agencies may make payments to the loan holder of up to a maximum of $10,000 for an employee in a calendar year and a total of not more than $60,000 for any one employee.
Check out a list of 85 government agencies - credit to Ask The Money Coach!
Weedmaps
Weedmaps is the technology platform powering the cannabis industry. Weedmaps will pay $1,000 per employee per year toward either a student loan or 529 savings plan, which will be paid in monthly installments of $83.33 per employee per month.
What if my company doesn't have a student loan repayment program?
I recently partnered with Highway Benefits, an employee benefits platform that allows employers to design a custom plan which gives them the ability to contribute to their employees' student loans. Visit their website and download their free employee toolkit!
What's included? A 1-pager that helps explain student loan repayment benefits in more detail as well as a free email template that can help you ask your current employer for a student loan repayment benefit.
A student loan repayment program could be a game changer in your debt-free journey. I'll be receiving $6,000 next year towards my student loan debt and will become debt free by the summer of 2023.
Let us know your thoughts in the comments and if you found this blog article helpful, please share it out. I appreciate you following along!
