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Modern employers recognize that they need to offer valuable benefits to attract and retain new employees — which is why many of them now provide assistance to help their team members pay off student loans.
Keep in mind that in many cases, this perk is reserved for top performers or long-term employees.
Here’s what you should know about companies that repay student loans:
- 15 companies that help their employees repay student loans
- Next steps with job hunting and student loan repayment
- Consider refinancing your student loans
15 companies that help their employees repay student loans
As of 2021, 43.2 million U.S. adults have student loans — the average student loan debt for these borrowers is $39,351, though there are also many borrowers that have much higher debt loads than this.
In response, student loan repayment assistance is becoming an increasingly common benefit at a variety of companies. Here are 15 companies that provide this perk to their employees:
- Abbott
- Carhartt
- Carvana
- Chegg
- CommonBond
- Estee Lauder
- Fidelity Investments
- Honeywell
- Hulu
- Live Nation
- Peloton
- Penguin Random House
- SoFi
- Staples
Abbott
Abbott, a health technology company, provides the Freedom 2 Save program to help employees pay off their student loans so they can also save money for retirement. This program is available to full- and part-time employees who:
- Qualify for the company’s 401(k)
- Contribute at least 2% of their eligible pay toward student loans
Employees who meet these requirements will then receive an amount equivalent to the 5% company match, which will be deposited into their 401(k) accounts. This can help employees build their retirement savings while putting their own funds toward paying off their student loans.
Carhartt
Workwear brand Carhartt provides $50 per month ($10,000 lifetime limit) in student loan repayment assistance to its full-time and part-time employees — the contribution is made directly to the employee’s loan servicer.
To be eligible for this program, non-union and union employees must work for the company for at least 30 or 90 days, respectively.
Learn More: Federal Student Loan Repayment Options
Carvana
Online car retailer Carvana offers its employees up to $1,000 in student loan repayment assistance per year. Employees must work full time to be eligible for this benefit.
Chegg
Education technology company Chegg offers student loan repayment assistance through its Equity for Education program. Any Chegg employee can receive $1,000 to put toward their student loans through this program — no matter if they attended a two- or four-year school or if they graduated.
On top of this, employees who are entry-level through manager-level employees who have worked at Chegg for at least two years can get another $5,000 annually, while employees at the level of director or vice president can get up to another $3,000.
CommonBond
CommonBond provides student loan repayment assistance to its employees.
Each team member with student loan debt is eligible to receive $100 per month to pay toward their loans beginning on their first day of employment, regardless of their job title.
Estee Lauder
Beauty company Estee Lauder offers $100 per month in student loan repayment assistance. Employees can get a maximum of $10,000 contributed toward their education debt.
Fidelity Investments
Financial services company Fidelity Investments offers a generous student loan repayment assistance program to its employees. The amount that employees are eligible for depends on how many hours they work.
- 30 or more hours per week: Up to $2,143 per year ($15,000 lifetime maximum)
- 20 to 29 hours per week: Up to $1,071 per year ($7,500 lifetime maximum)
Technology giant Google launched a student loan repayment assistance program for employees in 2021. Through this program, Google will match up to $2,500 in student loan payments for each full-time employee.
The company has specified that this perk is part of its initiative to create a more equitable workplace.
Honeywell
Honey, a conglomerate corporation, offers a student loan repayment assistance program to employees working at its Atlanta office. Under this program, eligible employees can receive $150 per month ($10,000 maximum limit) to pay toward their education debt.
Hulu
Hulu, a streaming media company owned by Disney, provides its employees with up to $1,200 to match their student loan payments. Most Hulu positions require a bachelor’s degree, which means this benefit will most likely assist borrowers who have earned a bachelor’s or higher.
Live Nation
Live Nation Entertainment promotes, manages, and operates ticket sales for live entertainment around the world, and it offers its employees a variety of great perks, including student loan repayment assistance.
The company will match up to $100 per month in student loan contributions with a lifetime cap of $6,000.
Check Out: How to Get Student Loan Repayment Help
Peloton
Fitness technology company Peloton offers $100 per month in student loan repayment assistance to its employees. Peloton hopes to attract and maintain motivated, talented employees by providing this benefit.
Penguin Random House
Penguin Random House was the first book publisher to offer student loan repayment assistance to its employees. Regular, full-time employees can get $100 per month ($1,200 annually) paid toward their student loans for up to seven and a half years and a maximum of $9,000.
To be eligible, employees must have worked at Penguin Random House for at least one year.
SoFi
Personal finance company SoFi offers a variety of products from student loan refinancing to mortgages — and it also was one of the pioneers to begin offering student loan repayment assistance to its employees.
SoFi provides $200 per month in student loan repayment to its employees with no annual cap or maximum limit.
Staples
Staples, an office supply store, offers $100 per month (up to $3,600) of student loan repayment assistance to active, full-time employees who have at least one outstanding education debt. To be eligible, employees must also have graduated or be in the process of earning a degree from an accredited institution.
Learn More: The Complete List of Student Loan Forgiveness Programs
Next steps with job hunting and student loan repayment
More and more companies are beginning to offer student loan repayment assistance as a way to attract and retain employees. If you’re looking for a new job and want your future employer to help with your student loan repayment, you might consider applying with one of the companies above.
Alternatively, if you’re already employed, consider asking your employer if they’d be willing to begin offering this perk. Be prepared to show them how this would benefit both the company and the employees.
Check Out: Can’t Pay Your Student Loans? What You Need to Know
Consider refinancing your student loans
No matter if your employer offers loan repayment assistance or not, there are also other strategies that could help you pay off your loans more easily. One option to think about is student loan refinancing — a process that pays off your old loans with a new private loan, leaving you with just one loan and payment to manage.
Or you could opt to extend your repayment term to reduce your monthly payments — however, this also means you’ll pay more in interest over time.
If you decide to refinance your loans, remember to consider as many lenders as you can to find the right loan for your needs. This is easy with Credible: You can compare your prequalified rates in just two minutes — without affecting your credit.
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