10 Companies That Will Help Pay Off Your Student Loan Debt—And Are Hiring
One even offers up to $30,000 of debt relief.
At the beginning of the pandemic, 44 million Americans owed an estimated $1.6 trillion in student loan debt. Many borrowers were given relief when President Trump announced that payments would be suspended without interest accruing through December 31, 2020, to accommodate for wage loss due to the pandemic.
But barring any new legislation by the federal government, when the clock strikes midnight on January 1, millions of Americans will have to resume making payments. And many will not be in a position to do so. As of October, the United States economy had nearly 11 million fewer jobs than it did at the beginning of the pandemic, and a study from the Pew Research Center released in September found that one in four Americans is already struggling to pay their bills because of the pandemic.
This year, I finally did something about it—and you can too.
The good news: Roughly 8% of companies in the United States offer some type of assistance program to help pay down student loan debt, according to the Society For Human Resource Management. “Employers that are requiring employees to have degrees are realizing that these types of employees will most likely have debt,” says Anna Helhoski, a student loan expert at Nerdwallet. “If you want the talent, you have to help them out.”
What’s more, many of these same companies are now hiring. Below, we round up the top ten companies that offer student loan repayment incentives, and what exactly they offer.
In September, Google announced that it will provide a student loan repayment benefit program to its full-time employees beginning in 2021. The company will match up to $2,500 a year in student loan repayments, and says on its website that it hopes to expand the benefit program in the years to come. The tech company has a plethora of open jobs, in dozens of cities around America, including Atlanta; Chapel Hill, N.C.; Austin; Cambridge, Mass.; and Pittsburgh.
This Santa Clara-based company, which produces video game content and works on artificial intelligence for companies including Tesla, has one of the most generous student loan repayment benefits in the country. Employees at Nvidia can apply for up to $6,000 a year in student loan payment reimbursement, with the company reimbursing up to $500 a month in student loan payments. The company will match up to $30,000 of payments. Nvidia currently has 18,000 employees, and its growing fast with jobs in cities such as Greenville, S.C.; Boulder, Colo.; Salt Lake City; and Holmdel, N.J.
New York Life
Insurance giant New York Life offers up to $10,200 in student loan repayment matching over the course of five years for eligible employees. Unlike most companies, there is no waiting period for new employees to claim this benefit—they can begin using it on their first day of work. It has a plethora of job openings in 48 states and the District of Columbia.
Illinois-based health care company Abbott offers its full-time and qualifying part-time employees a student loan matching program. Here’s how it works: If you qualify for the company’s 401(k) program—and you are contributing 2% of your eligible pay toward student loans—the company will match up to 5% of your pay for you to put towards your student loans. The company employs over 107,000 people and has dozens of job listings across the nation.
Professional services and accounting firm PWC offers participating associates and senior associates up to $1,200 a year towards paying off student loans. The company estimates that this may, over time, help its employees reduce their principal and interest obligations by up to $10,000. PWC has job openings in cities like Tulsa, Okla.; Sacramento, Calif.; Portland, Ore.; and New Orleans.
Chegg, which publishes digital textbooks and offers online tutoring, among other services, offers manager level employees, who have at least two years tenure at Chegg, up to $5,000 annually in student loan repayment matching. Employees at the director or vice-president level are eligible for up to $3,000 annually. The program is available to any of Chegg’s 1,000+ employees with student loan debt regardless if the employee finished their degree. There are currently job openings in New York and San Francisco, among other cities.
This is a great time to look for a job in the health insurance industry, which, thanks to the pandemic, has been reporting record profits in 2020. Aetna, one of the largest health insurers in the country with jobs across the nation, will match full-time employees’ U.S.-based student loan payments up to $2,000 per year, for a lifetime maximum of $10,000. Part-time employees (who work 20 hours or more a week) are eligible for up to $1,000 a year of student loan payment matching, for a lifetime maximum of $5,000.
Estee Lauder owns beauty and fashion brands including Clinique, MAC Cosmetics, Tommy Hilfiger and Tom Ford, and has 48,000 employees worldwide. In 2018, it partnered with student loan payback platform Tuition.io to administer a monthly $100 contribution to employees’ student loan debts if they are registered for an account on Tuition.io, for a maximum contribution of $10,000.
Chances are you’ve watched quite a bit of Hulu over the pandemic months—by the end of September of this year, Hulu had reported 12.7 million new subscribers compared to the beginning of 2019. The California-based company has been hiring in cities like Chicago; New York; Royal Oak, Mich., and San Antonio, among others. And they’re doing so with an eye towards retaining talent—starting in 2018, Hulu began offering to pay up to $1,200 a year per employee to match their student loan payments.
Fidelity Investments, which has over 50,000 employees and currently is offering jobs in 38 states, offers a program that makes payments directly to loan service providers. In total, Fidelity provides up to $10,000 towards employees’ student loans.
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