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Student loan debt is very common. In fact, 43.4 million Americans have federal student loans in their name, representing a total debt of $1.6 billion, according to data from the US Department of Education.
Fortunately, many companies recognize how hard student loans can be to pay, and will even help their employees through the process. If you want help paying off your student loan debt, here are 10 companies that will help pay student loans on your behalf.
You can use Credible to compare student loan refinance rates from various lenders in minutes.
10 companies that help you repay your student loans
It is a tight labor market, and employers are upping the ante to attract top talent. One of the ways to achieve this is to provide benefits for the repayment of student loans.
The specifics of these benefits vary from company to company, but generally the employer makes the payments directly to your lender – often on a monthly basis – up to a certain threshold. In some cases they may match your payments, or in others they may pay you, and you may put those funds towards your student loan balances.
The number of companies offering these benefits is always growing, but here are 10 options you might want to consider.
Aetna is a health insurance company based in Connecticut, although it operates worldwide. Under Aetna’s student loan repayment program, the company will match employee student loan repayments up to $2,000 per year ($1,000 for part-time employees). The maximum lifetime benefit of $ 10,000 for full-time employees and $ 5,000 for part-time employees.
Carvana is a car market in line with dozens of through the US locations. The company launched its student rebate program in 2018 and offers up to $ 1000 per year per full-time employee. The benefits go through the Gradifi of student loan repayment program.
supporting education in California, the Chegg platform also offers student loan repayment benefits to its employees. Launched in 2019, the program gives employees up to $5,000 in student loan payments per year ($3,000 for those at the administrator or vice president level). Employees must have at least two years of Chegg service to qualify. They need not have graduated, and there are no specific requirements for the type of school or program attended.
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Makeup and beauty brand Estée Lauder also offers student loan repayment benefits to its more than 60,000 workers worldwide. The program launched in 2018 and offers its employees $100 a month — up to a maximum of $10,000 — towards their student loan debt. Employees are eligible after at least one year of working for the company.
Fidelity Investments, which offers retirement plans, brokerage and financial planning services, offers up to $15,000 in contributions (one of the highest limits on this list) and even provides student debt tools to help employees reduce their loan balances more effectively.
Student loan refinancing can also help reduce loan balances by lowering your interest rate, allowing you to pay less interest over the life of a loan. Credible, it’s easy to compare refinance rates with several student lenders.
Bank of the First Republic
First Republic Bank, which has branches in seven states, offers a Student Loan Repayment Assistance Program that provides monthly student loan contributions to employees. The company pays $ 100 a month to start, if payment increases for each year in the program. The maximum monthly benefit is $200 until the loan is 100% paid.
Google’s student loan repayment program is relatively new, launching in 2021. Under this benefit, eligible employees can receive matching student loan payments of up to $2,500 per year. The program is currently only open to Google employees in the United States, but the company said it plans to expand it to other locations.
New York life
insurance company New York Life launched its student loan assistance program in late 2017. Employees can get up to $170 per month over five years, with a total lifetime cap of $10,200 in assistance. Only employees who are not corporate officers are eligible.
Peloton, the company known for its revolutionary stationary bike and streaming workout platform, is offering $100 a month through the Gradifi Student Loan PayDown program, which makes payments directly to your loan officer.
Financial services firm PwC, also known as PricewaterhouseCoopers, is offering a student loan repayment benefit worth up to $10,000 per employee. The company will pay up to $ 1200 per year to eligible partners and senior associates in its ranks.
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If your current employer does not offer help to student loan repayment, you could talk to the management of human resources on it. Nearly a third of large companies plan to offer help to student loans over the next two years, according to the Employee Benefits Research Institute. As such, these benefits could be vital to your business both retaining workers and attracting top talent in the long run.
If you decide to look for a new job (or if you just started the job search right out of college), don’t be afraid to ask potential employers about their financial resources and benefits during the process. maintenance, especially those who can help you. reduce your student loan debt. The current labor market is tight, so that companies make every effort to remain competitive. If a company does not offer student loan repayment benefits, there is a good chance you will find one that does.
If you can’t find the one that’s right for you or if your HR department doesn’t offer this benefit for employees, consolidating your federal student loans or Refinancing your private student loan are also options. Depending on the status of your current loans, it may lower your interest rate or simplify your monthly payment. Just keep in mind that if you refinance federal student loans into a private loan, you’ll lose access to federal benefits and protections, like income-based repayment plans and civil service loan forgiveness ( PSLF). If you have federal student loan debt, it’s also worth exploring. student loan forgiveness programs to see if you might qualify.
Credible makes it easy for you compare student loan refinance rates from private lenders, without affecting your credit.