According to the Education Data Initiative, the average student loan debt balance is $37,718. So if you're on the hunt for a new job or are curious about what companies help with paying off their employees' student loan debt then you've come to the right place.
This list of 10 healthcare companies can help you with paying off your student loans. Let's get into it.
Abbott is a global healthcare company, pioneering innovative solutions in diagnostics, medical devices, nutrition, and pharmaceuticals to improve health and well-being.
Abbott’s Freedom 2 Save (F2S) program helps employees with not having 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.
2. Advent Health
Advent Health is a leading healthcare provider committed to delivering excellence and compassionate care, prioritizing the well-being of individuals and communities.
With Advent Health's Student Loan Support Repayment benefit, full-time team members can request up to $200 per month, totaling $12,000.
Part-time team members can request up to $100 per month, totaling $6,000 to be used to repay student loans.
3. Aetna, A CVS Health Company
Aetna, now part of CVS Health, is committed to providing health insurance and healthcare services that enhance overall well-being and accessibility.
Aetna's student loan repayment benefit matches 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.
4. ATI Physical Therapy
A premier provider of physical therapy services, dedicated to restoring and enhancing movement for individuals.
To help with the burden of student loan debt, certain positions are eligible for up to $10,000 Sign-On Bonus or $25,000 Loan Reimbursement.
5. Emory Healthcare
Emory Healthcare is committed to advancing individual health through world-class medical care, research, and education.
Once employed for 90 days, employees can receive a $100 monthly loan payment (up to $1,200 a year).
The Emory Healthcare Student Loan Repayment Benefit has a $10,000 lifetime cap per employee. Eligible student loans must be in the employee’s name and must have been used for the employee’s education purposes only.
6. HCA Healthcare
HCA Healthcare is dedicated to the care and improvement of human life, providing exceptional healthcare services across a wide range of specialties.
7. Inova Health
Inova Health is committed to exceptional health, delivering comprehensive medical services and advancing healthcare innovation.
Inova Health's provides monthly payments of $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.
8. McLaren Health Care
McLaren Health Care is committed to the art and science of healthcare, providing high-quality medical services and patient-centered care.
McLaren Health Care's 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 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.
9. Montrose Regional Health
Montrose Regional Health cares for communities, offering a range of healthcare services to improve the well-being of individuals and families.
Montrose Regional Health's student loan repayment program will provide up to $10,800.
10. VSP Vision
VSP Vision ensures clear vision and bright futures, offering vision insurance and eye care benefits to enhance eye health.
For optometry students, recent graduates and practicing optometrists with student debt, VSP Vision's student loan repayment program provides up to $50,000 per year for four years, regardless of scholarships previously awarded.
To be selected, program participants must commit to working in a private practice or other optometric modality (including retail, corporate, medical or onsite clinics) that serves a community with limited access to vision care.
How Many Companies Offer Student Loan Repayment?
34% of companies* currently offer some form of employer student loan repayment. This number continues to grow and you can find many of these companies on Dwindle's company directory.
What Professions Have The Most Student Debt?
Those in the healthcare industry have the most student debt. With that being said, the companies they work for tend to have the best employer student loan repayment benefits and their salaries are much higher vs. other careers.
Let's take a look at the average student loan debt per healthcare profession:
- Orthodontist - $560,000
- Endodontist - $533,000
- Oral Surgeon - $500,000 +
- Dentist - $304,824
- Radiologist - 241,600
Be sure to check our our directory of companies that help pay off student loan debt. Perhaps the next company you work for could be helping you become debt free much quicker than you anticipated.
Why Is It So Hard To Pay Off Student Loans?
It can be extremely difficult to pay off your student loans but why is that exactly? Here are two of the biggest reasons:
Student loans, especially federal loans, often accrue interest even while the borrower is in school.
This means that the total amount owed increases over time, making it harder to pay off the principal balance.
Limited Income After Graduation
Recent graduates may enter the job market with entry-level salaries, making it difficult to allocate a substantial portion of their income to loan repayment.
Low starting salaries can hinder the ability to make significant monthly payments which is why finding a company that offers student loan repayment could be worth your while.
These 10 repayment strategies are a good starting point and will help get you on the path to debt freedom.