14 Major Companies That Offer a Student Loan Repayment Benefit

Whole scholar mortgage debt has reached almost $1.75 trillion, affecting 46 million People. In response to Scholar Mortgage Hero, 55% of the category of 2020 took out scholar loans and graduated with a mean of $28,400 in scholar debt.

With scholar mortgage debt such an overarching downside, extra corporations are providing scholar mortgage compensation help to staff, and utilizing that profit as a recruiting instrument to draw new expertise. In spite of everything, whenever you’re $30,000 in debt, what’s the extra engaging profit — a free health club membership or getting important assist along with your scholar mortgage debt?

In a 2020 survey, SoFi discovered that scholar mortgage compensation help was the second most requested monetary wellness profit — second solely to a 401(okay) retirement plan with a match.

And due to the CARES Act, any cash your employer kicks in that can assist you pay down your scholar loans will not be taxable. Whether or not funds are made to the worker or the lender, as much as $5,250 in help is excluded from taxable earnings by way of 2025.

Listed below are greater than a dozen notable employers whose advantages package deal might help you make your scholar mortgage funds.

14 Corporations That Supply a Scholar Mortgage Compensation Profit

During the last decade, many notable corporations have jumped on the coed mortgage compensation help bandwagon. Listed below are among the extra notable ones.

1. Constancy

The monetary companies big  pays as much as $2,143 per yr, and a $15,000 lifetime most, in scholar mortgage funds for normal staff who work at the least 30 hours per week. Employees with 20 to 29 hours per week can obtain as much as $1,071 per yr with a lifetime most of $7,500 towards their scholar mortgage debt.

In 2021, the corporate introduced it was waiving its six-month ready interval after rent and making the employer scholar mortgage compensation profit obtainable from day one.

2. Dwell Nation

“With scholar mortgage debt at an all-time excessive, we’re proud to have been the primary leisure firm in North America to supply scholar mortgage compensation help. We’ve saved our staff over $4 million because the program launched in early 2017,” Dwell Nation says on their web site. 

The leisure firm will match staff’ scholar debt contributions of as much as $100 month-to-month – or $1,200 a yr, as much as $6,000 lifetime. Staff are required to have labored for Dwell Nation for at the least six months.

3. Aetna

For eligible staff, Aetna matches as much as $2,000 in scholar mortgage funds per yr, with a lifetime most of $10,000, for full-time staff. For workers who work a minimal of 20 hours per week, Aetna presents $1,000 yearly with a $5,000 lifetime max towards scholar mortgage debt.

4. Hulu

In 2018, the Santa Monica-based streaming big introduced it could being providing its staff a scholar mortgage help match of as much as $1,200 per yr.

“We estimated that 15 to twenty % of our staff members would profit from this. Up to now, 12 % have signed up,” Taunya Submit, Hulu’s director of HR operations, advised Advantages Information when this system was introduced. 

5. Google

Google introduced its scholar mortgage compensation program in 2021. The corporate will match as much as $2,500 yearly in scholar mortgage funds.

In a weblog submit, the corporate stated it hoped this system would assist staff “repay their scholar loans quicker, permitting them to economize to make use of in different methods, whether or not it’s buying a brand new dwelling, beginning a household, or investing in a 401(okay).” The tech big additionally stated the coed mortgage compensation program would increase globally over time.

6. Estee Lauder

Estee Lauder, a worldwide cosmetics firm, introduced in 2018 that it could contribute $100 monthly of scholar mortgage help to eligible staff, with a lifetime most of $10,000. After the preliminary launch of this system, 65% of taking part staff had been age 35 and beneath.

7. Nvidia

The visible know-how firm Nvidia presents a formidable scholar mortgage compensation program for full and part-time staff who’ve accomplished levels inside the final three years.

Nvidia will contribute as much as $500 monthly on to the worker’s mortgage servicer (if the month-to-month cost is lower than $500, they may solely cowl that quantity), with an annual cap of $6,000 and a lifetime cap of $30,000 of scholar mortgage help.

The corporate additionally presents one-on-one scholar mortgage counseling classes with monetary consultants for free of charge.

8. Penguin Random Home

The New York-based publishing home turned the primary e book publishing firm to supply a scholar mortgage repayments profit in 2016. As soon as staff have been with the corporate for one yr, they’re eligible for as much as $1,200 per yr for 7.5 years, with a most compensation of $9,000 towards scholar mortgage debt.

9. PricewaterhouseCoopers

Associates and senior associates at PwC can reap the benefits of the coed mortgage paydown profit wherein PwC with pay as much as $1,200 per yr in the direction of staff’ scholar loans. They’ll proceed to pay for as much as six years, or till the worker will get promoted to administration — whichever comes first.

PwC says throughout these six years, an worker might even see a discount in scholar mortgage principal and curiosity obligations of as a lot as $10,000 and a shortened mortgage payoff of as much as 3 years.

10. SoFi

As a private finance firm, SoFi presents all of the companies you’ll anticipate from a big financial institution, together with a program that helps employers arrange scholar mortgage compensation help for his or her staff.

In 2016, the corporate was on the forefront of providing scholar mortgage compensation advantages when it introduced it could be serving to its personal staff pay down scholar mortgage debt with $200 monthly in employer scholar mortgage compensation help.

11. The Federal Authorities

Federal authorities staff could also be eligible for the Federal Scholar Mortgage Compensation program. Because the identify suggests, it’s solely obtainable for federal loans. However, if eligible, a federal employee can obtain appreciable scholar debt aid — a most of $10,000 per yr and a lifetime most of $60,000.

12. New York Life

New York Life, the third-largest insurance coverage firm in the US, launched its scholar mortgage compensation program in 2017. The corporate will contribute $170 month-to-month over the course of 5 yr – that’s a possible of $10,200 in scholar mortgage compensation assist.

Since implementing this system, New York Life says greater than 1,200 staff have enrolled, with the corporate contributing almost $9 million towards scholar mortgage funds. Greater than 140 staff have seen their loans completely paid off.

13. Anderson World

The worldwide tax agency gives all common staff who work at the least 20 hours per week a possibility to participate in its scholar mortgage compensation program.

The corporate pays $100 a month over the course of 5 years. On the finish of the 5 years, the corporate will present a $6,000 lump sum cost, for a complete aid package deal of $12,000.

14. Chegg

Chegg is an American-based academic know-how firm that started its scholar mortgage compensation advantages program in 2019.

For entry-level by way of supervisor degree, the corporate gives as much as $5,000 yearly for workers with at the least two years tenure. For director to vice-president degree, Chegg presents as much as $3,000 yearly.

That is along with the $1,000 the corporate gives to all its staff who’ve scholar mortgage debt. This system is out there to staff who attended each two-year and four-year establishments, no matter whether or not or not they graduated.

Robert Bruce is a senior author for The BaghdadTime.