With Americans carrying over $1.5 trillion in student debt, student loans can give recent graduates less wiggle room with their career. Some companies have noticed and started offering student loan repayment benefits to attract new employees. While you likely won’t be able to get your entire student debt load forgiven, consider this unique benefit when looking for a new job.
15 companies that offer student loan repayment as a benefit
Looking for a job that can help you save on your student loans? Consider starting with these companies.
Industry: Health insurance
How it works: Aetna matches repayments up to $2,000 a year or a total of $10,000 for full-time employees. Part-time employees get up to $1,000 a year or a lifetime limit of $5,000.
Aetna is a health insurance provider with headquarters in Hartford, Connecticut. In addition to its student loan repayment program, its tuition assistance program partly reimburses employees for job-related educational courses. Other programs include a 401(k) plan, adoption assistance program and wide range of wellness and fitness programs.
How it works: Chegg offers up to $1,000 annually in student loan repayment assistance. There’s no lifetime cap, and both part-time and full-time employees are eligible.
Chegg is an online educational resource for college students. It offers online textbook rentals and tutoring services, as well as help finding a scholarship or internship. It offers its employees tuition reimbursement, a matching 401(k) plan, life and disability insurance and health benefits.
Industry: Marketplace lending
How it works: Varies
CommonBond is an online student loan marketplace that even offers student loan benefit programs to other companies. Headquartered in New York City, it offers several other employee benefits including unlimited vacation time, paid parental leave, time off to do volunteer work and equity ownership.
4. Connelly Partners
How it works: Employees make repayments directly from their paychecks, and Connelly Partners makes additional monthly contributions.
Connelly Partners is an advertising agency based in Boston. Its student loan repayment plan is similar to a matching 401(k) program. It’s one of the first in its industry to offer student loan repayment benefits to its employees. Other unique perks include an annual company trip to Disney World for employees and their families, as well as a trip for two to Bermuda after employees hit five years in the company.
5. Estee Lauder
How it works: Eligible employees get $100 toward student loan repayments each month with a lifetime maximum of $10,000.
Estee Lauder is a cosmetics producer of perfume, makeup, skincare and haircare products. Its headquarters are in New York City, though it has offices across the country. On top of its student loan contribution program, it offers employees 20 weeks of paid parental leave, an adoption assistance program and tuition reimbursement.
6. Fidelity Investments
Industry: Financial services
How it works: Employees get $2,000 a year in student loan assistance, up to a total of $10,000.
Fidelity Investments is a brokerage firm that offers services like wealth management, financial advice and retirement funds. Employees who are managers or below are eligible for its student loan assistance program. It also has an online tool that employees can use to help manage their repayments. Other notable perks include tuition reimbursement, an adoption assistance program and a matching 401(k) plan.
7. First Republic Bank
How it works: Employees who work at least 20 hours a week can get $100 a month in student loan repayment assistance during their first year, $150 a month during their second year and $200 a month every year thereafter until their student loans are paid off. There’s no lifetime limit.
First Republic Bank is a private bank and wealth management company that specializes in high net-worth clients. It has offices primarily on the East and West Coasts with a heavy concentration in California. Other employee benefits include its mortgage discount program, $20 minimum wage and transportation program. And to keep its employees fit, it offers a whopping $45 a month to spend on a gym membership or workout classes.
8. Live Nation
How it works: Employees who’ve been at the firm for at least six months can get $100 a month in student loan repayment assistance with a lifetime limit of $6,000.
This Beverly Hills-based promoter and venue operator offers a wide range of benefits and perks on top of student loan repayment assistance. This includes a childcare reimbursement program, $500 baby bonus, three weeks of bereavement leave and an annual innovation contest for all Live Nation employees with a $10,000 prize.
Industry: Financial services
How it works: Employees get $1,000 each year to put toward their student loans, up to a maximum of $10,000 over 10 years.
Natixis is an international company that provides financial services like asset management, investment banking and insurance to its clients. On top of the student loan repayment benefit, employees of its North American division get a fitness subsidy, paid time off for charity or volunteer work, tuition assistance and more.
How it works: Employees who’ve graduated in the past three years can apply for up to $6,000 a year in student loan repayment reimbursements with a lifetime limit of $30,000.
This California-based tech company offers one of the most generous student loan repayment packages out there — though it’s limited in who can qualify. It also offers employees a bonus for refinancing their student loans through SoFi, as well as a 529 college savings plan.
Industry: Fitness, tech and media
How it works: Employees get up to $100 a month in student loan repayment assistance.
This startup combines tech and fitness to upgrade the experience of riding a stationary bike at home. As an employee at Peloton, you have access to a wide range of other perks, including tuition reimbursement, commuter benefits, parental support, a 401(k) program and, of course, free cycling classes.
12. Penguin Random House
How it works: Employees are eligible for up to $1,200 in student loan repayment assistance each year, with a $9,000 lifetime limit.
Penguin is one of the most recognized names in publishing, and its student loan repayment assistance program might be just another reason to work there. In addition to student loan assistance, it offers a matching 401(k) plan, life insurance and a free book program.
13. PricewaterhouseCoopers (PwC)
Industry: Professional services
How it works: Associates can get $1,200 a year toward student loan repayments, up to a total of $10,000.
This international accounting and professional services firm is one of the largest in the world. US employees are eligible for student loan repayment assistance, in addition to other benefits that include a mortgage program, retirement plans and property insurance.
14. Powertex Group
How it works: Varies
This Wisconsin-based graphic design company started offering student loan repayment assistance as a benefit to employees in June 2016. Benefits kick in 90 days after a new employee starts their job and also include life and health insurance, a matching 401(k) program and a discounted gym membership.
How it works: Full-time sales associates and other high-performing employees are eligible for $100 a month to put toward student loan repayments for up to 36 months.
This international office supply company might not offer the most competitive student loan repayment assistance program, but it could be helpful for someone looking for an entry-level position. It also offers a wide range of other benefits including adoption assistance, life and health insurance, a matching 401(k) program and discounts.
You can qualify for this program while you’re attending or after you’ve received an accredited degree.
Don’t work for a company that offers this benefit? Ask for it
May companies offer their student loan repayment benefits through platforms like First Republic Bank’s Gradifi. If you love your job but really want this benefit, talk to your manager or the person in charge of benefits about having it added to your repayment plan.
It can help your company recruit better talent and might offer additional benefits like refinancing deals and matched contributions to a 529 plan to save up for your kid’s degree.
Employee student loan repayment assistance programs might help make a dent in your student loans. But since many are capped at around $10,000, there’s a chance you won’t be able to pay off your entire student debt load. Here are even more ways to save.
Student loan refinancing
Best for: Saving on private student loans
Student loan refinancing involves taking out a new loan to pay off your student debt. You might also see it called student loan consolidation, which refers to paying off multiple student loans. Lenders tend to use the two terms interchangeably, however.
You could save on your student loans by refinancing them for a lower rate. Refinancing could also help if you want to take a cosigner off your loan or lower your monthly repayments. But watch out if you have federal loans: You could lose some key benefits.
Forgiveness and repayment assistance programs exist for both public and private student loan holders. But if you work in public service for 10 years, you’re eligible to have all of your federal student loans forgiven through the Public Service Loan Forgiveness (PSLF) program. Other programs offer partial forgiveness.
Deferment and forbearance won’t directly help you save on your loan. In fact, it can make it more expensive since interest often continues to add up while your repayments are on hold. But it could keep you from defaulting on your student loan and give you the flexibility to find a job that offers student loan repayment benefits.
Student loan repayment assistance programs are becoming increasingly popular. But most employers have a lifetime limit of around $10,000, which isn’t enough to cover the average student debt load. Even if you end up with a job that offers student loan repayment as a benefit, look into your other options to help you get out of debt quicker. Learn more about how it all works with our guide to student loans.
Frequently asked questions
Yes, the Federal Student Loan Repayment program offers eligible employees up to $10,000 a year in student loan assistance — up to a lifetime total of $60,000. Not all federal agencies offer this program, however, and not all federal employees are eligible.
Some like Nvidia do through third-party companies. However, you might not necessarily get the best deal by going for an employer-sponsored refinancing program. Take some time to shop around before you refinance.
Not exactly. However, some repayment assistance programs don’t have lifetime limits, meaning that you could use your employee benefit to pay off a good chunk of your student loans.
You can have your federal student loans forgiven by working in public service for 10 years or paying off your debt on an income-driven repayment plan for 20 or 25 years.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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