What Companies Pay Employees With Student Loans?

What Companies Pay Employees With Student Loans? – A new study shows that nearly a third of large companies plan to offer student loan programs in the next two years. (iStock)

In an effort to attract loyal employees in today’s job market, some employers have begun offering student loan assistance programs.

What Companies Pay Employees With Student Loans?

A recent survey by the Employer Benefits Research Institute (EBRI) found that 17% of large companies offer benefits to student borrowers, while 31% plan to offer student loan assistance in the next two years.

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Read on to learn more about the benefits of employer-sponsored student loans, including a list of companies that will help you pay off your student loans. If you don’t have access to this type of program, you may want to consider other ways to pay off your student loans, such as financing. You can compare student loan rates for free at Credible without affecting your credit score.

More than half (55%) of college graduates with student loan debt said they would consider hiring a company that offers student loan forgiveness, according to a recent ConsumerAffair survey.

To attract and retain top talent, many large companies are committed to helping their employees pay off their student loans. Here are 10 employers, from book publishers to entertainment companies, that offer student loan programs, according to Credible:

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Additionally, employees employed by federal agencies such as the Department of Defense or the VA may be eligible for student loan payments of up to $10,000 per year and health contributions of up to $60,000. To be eligible, US government employees must sign a contract to remain at the facility for at least 3 years.

However, most student loan borrowers will not receive these special loan repayment benefits. If your employer doesn’t offer student loans, you can consider financing private student loans when interest rates are low. You can start the process by comparing offers from multiple lenders at once in Credible’s online loan marketplace.

Although some major institutions offer student loan assistance, nearly half (48%) of EBRI respondents said they do not plan to offer these programs in the near future. If you’re having trouble paying off your student loan debt but can’t find employer-sponsored benefits, there are several other debt repayment options you can consider:

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It is important to note that consolidating your federal debt into a private student loan will make you ineligible for federal benefits such as forbearance, the IDR program, and the student loan forgiveness program. If you don’t intend to use this public interest — or if you already have private equity — then it may be worth financing at a lower rate.

You can learn more about student loan financing by speaking with a knowledgeable loan officer at Credible.

Do you have a financial problem but don’t know who to ask? Email a financial expert at monieekpert@credible.com and your question can be answered by Credible in our expert column. Our goal here at Credible Operations, Inc., NMLS #1681276, hereafter referred to as “Credible”, is to provide you with the tools and confidence you need to improve your finances. Although we promote the products of our partners who provide credit for our services, all opinions are our own.

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If you’re having trouble with your student loans, your employer can help. Here are 10 companies that help pay off student loans. (Shutterstock)

Student loan debt is incredibly common. In fact, 43.4 million Americans have federal student loans in their name, totaling $1.6 billion, according t

o the U.S. Department of Education.

Fortunately, many companies recognize how difficult paying off student loans can be and will help their employees through the process. If you’re looking for help paying off your student debt, here are 10 companies that will help pay off student loans for you.

Companies That Help Pay Off Student Loans

The job market is tight and employers are increasingly eager to attract top talent. One way to do this is to offer interest on student loan repayments.

The specifics of these benefits vary from company to company, but usually the employer pays the lender – on a monthly basis – up to a certain amount. In some cases, they may match your payment, or in other cases, they may pay you and you can put that money toward your loan balance.

Aetna is a Connecticut-based health insurance company, although it operates worldwide. Under Aetna’s student loan repayment program, the company will cover loan repayment for up to 2,000 employees per year ($1,000 for part-time workers). The maximum living wage is $10,000 for full-time workers and $5,000 for part-time workers.

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Carvana is the largest online car dealership in the United States. The company launched a student payroll program in 2018 and offers up to $1,000 per year per full-time employee. Proceeds go through Gradify’s student loan repayment program.

A California-based education network, Chegg also offers student payment benefits. The program, launched in 2019, provides employees with up to $5,000 in student loans each year ($3,000 for those at the director or vice president level). Employees must have at least two years of employment with Chegg to qualify. They do not need to have a degree and there are no specific requirements for the type of school or program they study.

Beauty and beauty brand Estee Lauder also offers loan repayment benefits to its more than 60,000 students worldwide. The program launched in 2018 and offers employees $100 a month — up to $10,000 — toward their student loans. Employees are eligible after one year of employment with the company.

Student Loan Deductions

Fidelity Investments, which offers retirement plans, business services and financial planning, offers contributions of up to $15,000 (one of the highest limits on this list) and also offers student loan tools to help employees reduce their debt further. Efficiently.

Student loan refinancing can also help you lower your loan payments by lowering your interest rates, allowing you to pay less interest over the life of the loan. It’s easy to trust and compare loan rates from many student loan providers.

First Republic Bank, which has branches in seven states, offers a student loan assistance program that provides a monthly student loan contribution to employees. The company charges $100 a month to get started, though that fee increases each year you sign up for the plan. The maximum monthly interest rate is $200 up to 100% of the loan payment.

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Google’s student loan repayment program is new and begins in 2021. As part of the benefits, eligible employees can receive a student loan equivalent of up to $2,500 per year. The program is currently only open to Google employees in the US, but the company says it plans to expand it to other regions in the future.

Life Insurance Company of New York launched its student loan assistance program in late 2017. Employees can receive up to $170 a month for five years, with lifetime benefits of $10,200. Only non-police officers are allowed.

Peloton, a company known for its stationary bikes and exercise platforms, offers up to $100 a month through Gradifi’s PayDown Student Loan program, which pays your loan officer.

What Companies Pay Off Student Loans For Employees?

Financial services firm PvC, also known as PricewaterhouseCoopers, offers student loan repayment benefits worth up to $10,000 per employee. The company will pay up to $1,200 annually to certified members and senior associates in its ranks.

If your employer does not offer help with student loan repayment, you can discuss this with Human Resources. About a third of large companies plan to offer student loan assistance in the next two years, according to the Employee Benefits Research Center. As such, providing these benefits can be critical to retaining and attracting top talent over the long term.

If you decide to look for a new job (or start looking for a job right out of college), don’t be afraid to ask your employers about their resources and benefits during the interview — especially if they can help you reduce your tuition you debt. Today’s job market is tough, so companies are doing everything they can to stay competitive. If one company doesn’t offer student loan repayment benefits, there’s a good chance you can find another that does.

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If you can’t find a match or your HR department doesn’t offer employee benefits, student loan consolidation or student loan refinancing are also options. Depending on your credit situation, this can lower your interest or make your monthly payments easier. Just be aware that if you consolidate your student loans into a private loan, you’ll lose access to government benefits and protections, such as the Income-Based Payment Program and Public Employee Loan Forgiveness (PSLF). If you have student loan debt, it’s also worth researching student loan forgiveness programs to see if you qualify. By Amanda Schiavo Close Posts About Amanda twitter schiavoamanda mailto Amanda.Schiavo@arizent.com linkedin amanda-schiavo-3b56736a Mar 04, 2019 2:47 pm EST 2 minutes read

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