We analyzed the companies listed in our directory and wanted to share the ones that go above and beyond to help their employees' with paying off their student loans.
In these rankings we discuss what these companies do, share the dollar amount they pay towards student loans and provide company reviews.
These are the top 5 companies that help their employees' pay off their student loan debt:
1. VSP Vision
Who they are:
VSP Vision, known for providing clarity in the literal sense, is also bringing financial clarity to its employees. VSP Vision is a leading eye care benefits company that specializes in providing vision care services and insurance plans.
VSP Vision focuses on offering a wide range of eye care benefits, including comprehensive eye exams, prescription eyewear, and contact lenses.
What they provide:
VSP Vision's student loan repayment program provides up to $50,000 per year for four years, regardless of scholarships previously awarded. These benefits are reserved for optometry students, recent graduates and practicing optometrists with student debt.
There is a specific criteria in order to be selected into the VSP student loan repayment 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.
Company reviews:
With a little over 200 reviews on Glassdoor, VSP Vision sports a 3.4 star rating and 58% would recommend a friend to work there.
Digging into the reviews, there appears to be some turnover on sales and IT teams but no real reviews from those who have received the newer student loan repayment benefit that was announced in September 2023.
We'll continue to monitor this but with a benefit that pays $50,000 per year for optometry grads or those practicing, that is a number that can't be ignored.
2. The U.S. Government
Who they are:
The U.S. Government isn't just collecting taxes; it's also playing a role in alleviating the burden of student loans. Numerous departments or agencies of the U.S. government have the ability to extend student loan benefits to their employees.
Here is a list of a few federal government agencies to help give you an idea:
- Commerce Department
- Defense Department
- Education Department
- Justice Department
- Veterans Affairs Department
What they provide:
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.
Company reviews:
We're going to examine one department within the U.S. Government and what better one to choose than the Education department. Closing in on 200 reviews on Glassdoor, the U.S. Department of Education has a 4.0 rating with 60% reporting they would recommend their friends to work there.
Some of the bright spots are great people, good benefits and committed employees but some things that need some work are the following:
- Processes need to be better documented
- Limited opportunities for growth
Remember to do your own research on the other departments and agencies of the U.S. Government. With a different department, comes different managers and policies.
3. NVIDIA
Who they are:
NVIDIA, a tech powerhouse, not only leads in graphic innovation but also in employee benefits. NVIDIA is widely recognized for shaping the gaming landscape with high-performance GPUs, and the company extends its influence into the worlds of artificial intelligence, deep learning, and scientific research.
As a trailblazer in visual computing, NVIDIA continues to push the boundaries of technology, playing a pivotal role in shaping the future of computing and AI-driven advancements.
What they provide:
NVIDIA's student loan repayment program is a standout perk, with reimbursement of up to $350 a month and a lifetime maximum of $30,000.
Company reviews:
With close to 3,000 total reviews, NVIDIA gets 4.6 stars on Glassdoor and 94% would recommend a friend to work there.
One day I was at lunch with a coworker and a voice behind me said "Can I join you?" It was the CEO, and over lunch he wanted to know what we did, what we thought of the company, benefits, etc. No private dining room for him!
Principal Software Engineer
Everyone right up to senior management buys into the company culture. Employees are treated extremely well and are generally motivated to do excellent work and create quality products.
4. Chegg
Who they are:
Chegg is known for making education more accessible and putting students first. Not only do they offer innovative study solutions but they also take care of their employees by offering one of the best student loan repayment benefits around.
What they provide:
Chegg's Equity for Education benefit pays $1,000 per year to employees with student loan debt, regardless of whether they attended a 2 or 4 year college.
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.
Company reviews:
I am a direct source as outside of spending my mornings and evenings on Dwindle, I also work at Chegg full-time. Working here really opened my eyes in terms of what employers could do to help their employees with paying off student debt.
In 2023, I received over $10,000 in student loan contributions from Chegg. That one lump sum payment alone has taken years off of my repayment timeline.
The company is always exploring new ways to help students and how to think bigger with the introduction of A.I. If you're looking for a company to work for with a strong mission, perhaps Chegg is a good fit for you.
5. Google
Who they are:
Google, the tech titan renowned for its innovative workspace, is equally committed to its employees' financial well-being. If I had to guess I would say you use a Google product at least once a day, sometimes without even knowing it.
What they provide:
Google will match up to $2,500 in loan payments per employee each year.
Company reviews:
Almost 35,000 reviews of Google and a 4.4 star rating on Glassdoor, the company stands out as a top tech employer. 86% would recommend a friend to work there and here are some of the Pros & Cons:
Pros
- Amazing benefits (maternity leave, student loan reimbursement, free therapy, etc) , cool products
- My teammates were really great people and did a lot to help me get up and running
Cons
- Recent layoffs
- Long hours and your time put into a position where you may not even advance
Do Any Jobs Pay Off Student Loans?
Many jobs can help you with paying off your student loans. Employer student loan repayment has become a widely popular benefit to help attract and retain talent.
The Employee Benefit Research Institute (EBRI) conducted a survey that showed 17% of employers currently offer student loan debt assistance, with another 31% planning to do so in the future.*
How Long To Pay Off $50,000 in student loans?
Paying off $50,000 will depend on many different factors, such as your income, loan type, interest rate and payment plan.
Let's say you have $50,000 in student loan debt, your interest rate is 6% and you have a monthly minimum payment set at $600. Your payoff schedule will look something like this:
Remaining Term: 9 years and 1 month
Total Payments: $65,400
Total Interest: $15,400
Now let's say you work for a company that provides a monthly contribution of $100 towards your student loan debt:
Remaining Term: 7 years and 5 month
Total Payments: $62,300
Total Interest: $12,300
With an extra $100 monthly payment, you've shaved a year and a half off of your repayment timeline and saved a little over $3,000 in interest.
To check out more scenarios and see how extra monthly contributions can help you pay off your student loan fast, use our free student loan repayment calculator.
