Are you struggling with your student loan debt? Are you about to graduate and are stressed about the thought of repaying your student loan? Don't worry we've got you covered.
In this article we'll explore 14 companies in the finance industry that help their employees with paying off their student loan debt.
1. Ally Financial
Ally Financial is a financial services company offering banking, auto finance, and online brokerage services with a customer-centric approach.
Ally Financial's education benefit will pay $100 per month towards student loans, with a lifetime maximum cap of $10,000.
2. Andersen Tax
Andersen Tax is a professional services firm specializing in tax consulting and advisory services, helping clients navigate complex financial landscapes.
Andersen Tax's student loan benefit offers regular, full-time employees a benefit of $100 a month for 60 months with a $6,000 lump-sum trailer at the end of the five-year period. This equates to a total of $12,000.
3. Fidelity Investments
Fidelity is a trusted financial services firm empowering individuals to achieve their financial goals.
Fidelity's student loan assistance program helps you get a step ahead by paying down your loans so you can save on interest, with up to $15K in contributions.
4. Freddie Mac
A key player in the mortgage industry, Freddie Mac facilitates homeownership by providing stability, liquidity, and affordability in the housing market.
With Freddie Mac's student loan benefit, employee's can get contributions totaling up to $9,000 over a five-year period.
5. GradFin
GradFin is pioneering financial wellness for students and graduates, providing innovative solutions to navigate student loans and achieve fiscal independence.
As a brand of KeyBank, GradFin offers a lifestyle reimbursement plan which can be used to pay back student loan debt. Employees can get up to $500 per year.
6. Laurel Road
Laurel Road specializes in online banking and lending, offering innovative solutions to empower individuals on their financial journey.
As a brand of KeyBank, Laurel Road offers a lifestyle reimbursement plan which can be used to pay back student loan debt. Employees can get up to $500 per year.
7. LendEDU
LendEDU empowers individuals with financial education and decision-making tools, helping them make informed choices about loans and financial products.
LendEDU's student loan repayment benefit is $200 per month or $2,400 per year. This benefit is open to all employees and can be applied to both principal and interest.
8. MidWestOneBank
MidWestOne Bank combines local roots with modern banking services, serving communities with personalized financial solutions.
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.
Read more about MidWestOne Bank's student loan reduction program.
9. Mr. Cooper
Mr. Cooper is a home loan provider, offering personalized mortgage solutions with a focus on customer care.
Mr. Cooper's student debt repayment program pays $100 per month to employees.
10. Natixis
Natixis provides global financial solutions with local expertise, serving clients with innovative banking and investment services.
Natixis' student loan repayment program provides monthly contributions of $83.33 per employee, up to a maximum of $10,000 over a 10 year period.
11. New York Life Insurance Company
New York Life Insurance Company is dedicated to protecting tomorrow today, offering life insurance and financial planning services.
New York Life's student loan repayment program 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.
12. SoFi
SoFi provides transformative financial solutions, including student loan refinancing, personal loans, and investment options, to help individuals achieve their financial goals.
With SoFi's student loan repayment benefit, employees get a contribution of $200 per month to help them pay down their student debt.
13. Tuition.io
Tuition.io is dedicated to simplifying student loan management, providing tools and resources to help individuals navigate and repay student loans.
Employees get $100 per month or $1,200 annually for Tuition.io's student loan repayment benefit.
14. Western Union
Western Union is a global leader in financial services, facilitating money transfers and payments to connect individuals and businesses worldwide.
Western Union has a student loan paydown plan which allows the company to make a $50 monthly contribution that gets applied to the principal balance of an eligible employee's student loan.
Why Do Companies Offer Student Debt Repayment Benefits?
Employers are rolling out repayment benefits to attract Millennials and Gen Zers, recognizing the unique challenges they face. This strategic move not only draws in younger talent but fosters employee loyalty, saving on acquisition costs.
In fact, 86% of employees express a commitment to a company for five years if they help in repaying their student loans.
As younger generations prioritize differently in terms of benefits, addressing their student loan challenges becomes a crucial engagement strategy, potentially outweighing other perks.
Do Other Companies Pay Off Student Loans?
Yes, many other companies can help you pay off your student loans.
Explore the Dwindle directory which houses over 70 companies that offer a student loan repayment benefit and continues to grow.
We recommend reading up on how this company is helping our founder pay back their student loan debt fast.
