These Companies Will Pay Your Student Loans

By: Lauren Mineau

We often hear of workplace benefits like free coffee, good insurance offerings and paid holidays. But a new trend in employee benefits could become the next big thing — student loan repayment.

Many companies are offering an option to put money toward an employee’s student loan balance. With more and more people relying on loans and having to factor repayment into their budgets, some relief is likely more than welcome. The debt for some is massive and can weigh heavily; all while possibly preventing a person from making progress on other life milestones.

Student loan debt affects more than 40 million Americans, according to Gradifi, a company that formed in 2014 as a solution to employers who wanted to offer the benefit but didn’t know how to start. 

So, whether you’re a recent graduate looking to enter the workforce or just keeping an eye on companies with great benefits, here are a few that offer student loan repayment — and the list is growing.

  1. Fidelity

The “Step Ahead Student Loan Assistance” benefit provides employees with online tools to manage student debt. Management level and below employees are eligible to earn $2,000 annually up to $10,000 toward their loan balance. They work with Tuition.io, another company that helps employers manage this benefit.

  1. Pricewaterhousecoopers (PwC)

This big four accounting firm offers $1,200 per year up to $7,200 toward an employee’s debt.

  1. Aetna

The healthcare company offers up to $2,000 in matching student loan payments (up to $10,000) for full-time employees and $1,000 (up to $5,000) for part-time employees. They offer it to employees who have earned an undergraduate or graduate degree within three years of applying for the program.

  1. Penguin Random House

This book publishing company will pay back an employee’s debt up to $1,200 annually, after an employee puts in a year on staff.

  1. Natixis

Employees at this global asset management company can get up to $1,000 per year up to $10,000 toward their loan balance.

  1. Chegg

While many companies put a cap on the payback limit, Chegg does not. The textbook rental company offers both full- and part-time employees up to $1,000 annually.

  1. Nvidia

The technology company offers up to $6,000 per year (up to $30,000) in student loan repayment benefits to both full- and part-time employees. Nvidia will pay up to $500 a month toward an employee’s loan servicer. The program covers both federal and private loans. To be eligible, employees must work at the company for at least three months and have graduated within the last three years.

  1. Staples

The retailer helps full-time sales associates repay their student loans with $1,200 per year (up to $3,600).

  1. ChowNow

This online food ordering company will pay up to $1,000 a year through a matching program.

  1. LiveNation

The entertainment company will match employee contributions of up to $100/month, up to $6,000 after they’ve worked there for more than six months.