Companies are getting creative in order to attract talent. They understand that student loan debt is a massive problem in the U.S. and to bring forward more candidates, companies are providing benefits like student loan repayment.
Student loan repayment is an amazing employee benefit and I can speak to it from personal experience. Over the past 2 years, Chegg has paid $2,000 towards my student loans. The best part? I’m set to receive an additional $5,000 towards my student loan balance later this year.
This article will go into more detail on Chegg’s student loan repayment benefit, how it works, and how it’s helping me pay off my student loan debt at a faster rate.
Chegg's student loan repayment benefit
Beginning in 2015, Chegg has offered student loan repayment as a benefit to it's employees. Since then, the company has paid $1 million towards employee student loan debt.
The company has paid $1,000 per year to employees who sign up for the benefit. In 2019, Chegg announced it's Equity for Education program which provides even more support to those with student loan debt.
Hear from Chegg CEO, Dan Rosensweig, as he discusses the company's decision to help it's employees with student loan debt:
Who is eligible for this benefit?
The Equity for Education benefit applies to any Chegg U.S. employee with student loan debt. You might be thinking, what if I didn't end up graduating from a 2 or 4-year college? That's okay, you would still be eligible to receive this benefit. See a full breakdown below:
- Entry level employees through manager level, who have at least 2 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
- These equity grants are in addition to the $1,000 cash that employees already receive each year from Chegg
How does the benefit work?
Chegg has created an equity pool from existing stock to give it's U.S. employees with student loan debt.
As mentioned above, entry level employees through manager level who have at least 2 years tenure at Chegg, will receive up to $5,000 annually in stock towards their payments.
Employees can reach out to Chegg's student loan repayment partner, Tuition.io, to make sure their payments are received. Using Tuition.io, employees also get access to other tools and resources to help them with managing their student loans.
How this student loan repayment benefit is helping me
As an employee of Chegg for the past 2 years, I cannot express enough how much this benefit means to me. It's one thing to get $1,000 per year paid towards my student loan balance, but to add an additional $5,000 with the Equity for Education program takes it to another level.
I have a plan in place and can finally see a light at the end of the tunnel. I graduated college in 2012. While consistently making payments year over year, my balance has still grown to more than what I owed when I graduated. The interest payments have taken a toll on me, as they have all 45+ million Americans who owe on their student loan debt.
With the student loan payment freeze and interest rates at 0%, I'm able to make a dent in my student loan balance. What normally would have just went to interest, is now going directly to my principal balance. Who knows if the payment freeze will be extended through May 1st, but if it is and interest rates remain at 0%, I will have my student loans paid in full within 2 years.
If you have any questions about Chegg or see a position you would like to apply for, please let me know. Happy to discuss my experiences with you!
Final Thoughts
There is over $1.7 trillion owed in student loan debt. It’s important, now more than ever, that companies get creative with their employee benefits and Chegg is doing just that.
To view open jobs at Chegg, visit their company page. What’s better than working for a great organization that has your back?
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