Last updated Feb. 2, 2025 by Charles Zemub
Student loan debt has become a significant burden for millions of individuals across the globe. As education costs have risen, many graduates find themselves entering the workforce with substantial debt hanging over their heads. Fortunately, an increasing number of companies recognize this financial strain and are offering assistance as part of their employee benefits package. These companies are not only making a positive impact on their employees’ lives but are also setting an example for how businesses can contribute to alleviating the broader student debt crisis. Below are 18 companies that have implemented programs to help pay off student loans.
1. Aetna
Aetna, a health insurance giant, offers its employees a student loan repayment program. This benefit provides $2,000 per year, with a lifetime cap of $10,000 per employee. This initiative demonstrates Aetna’s commitment to employee well-being by addressing one of the most pressing financial concerns young professionals face.
2. Chegg
Chegg, a company known for its textbook rentals and educational services, provides a student loan repayment benefit of up to $1,000 a year for each employee. Chegg’s involvement in education makes this program a natural extension of its mission to improve educational outcomes and support lifelong learning.
3. CommonBond
CommonBond offers its employees a student loan contribution program, providing an annual benefit of $1,200. The company, which is in the business of refinancing student loans, actively promotes financial health among its workforce while taking steps to align with its core business values.
4. Fidelity Investments
Fidelity Investments provides employees with a student debt repayment program that contributes up to $2,000 per year with a lifetime maximum of $10,000. This initiative is part of Fidelity’s broader commitment to helping employees achieve financial wellness.
5. PricewaterhouseCoopers (PwC)
PwC offers a substantial student loan repayment benefit, giving associates and senior associates the opportunity to receive up to $1,200 annually for up to six years. This support underscores PwC’s focus on attracting and retaining top talent by addressing financial burdens early in their careers.
6. First Republic Bank
First Republic Bank provides a unique program called the Student Loan Repayment Assistance Program (SLRAP). Employees can receive up to $200 per month until the loan is paid off or until they reach the $10,000 ceiling. This program is part of the bank’s comprehensive benefits plan aimed at fostering long-term employee loyalty and financial stability.
7. Live Nation
Live Nation, a leader in live entertainment, offers its employees financial assistance to pay down student loans, contributing $100 per month for up to five years. By reducing employees’ financial burden, Live Nation enhances job satisfaction and workplace morale.
8. Nvidia
Nvidia provides employees a student loan reimbursement program as a part of its competitive benefits package. By offering financial relief for outstanding student loans, Nvidia supports its workforce in achieving greater financial freedom and stability.
9. Penguin Random House
Penguin Random House is leading the charge in the publishing industry by offering a student loan repayment benefit. This initiative is part of their broader commitment to attracting a diverse talent pool and fostering a supportive work environment.
10. SoFi
SoFi, known for its refinancing options, extends a student loan contribution program to its employees, offering up to $200 monthly towards student debt. This program not only helps SoFi’s employees but aligns with the company’s mission of providing economic empowerment through better financial solutions.
11. Abbott
Abbott offers a distinctive approach to help employees manage student debt. Through its Freedom 2 Save program, Abbott contributes 5% of an employee’s annual compensation to their 401(k) as long as the employee is using at least 2% of their salary to pay off student loans. This dual benefit supports both retirement savings and debt reduction.
12. Estee Lauder
Estee Lauder provides a student loan repayment plan that contributes a set amount each year towards employees’ student loans. This incentive is part of a comprehensive benefits package that reflects the company’s commitment to supporting employees’ financial health.
13. Peloton
Peloton provides its employees with assistance in repaying their student loans, adding financial health to the physical wellness message the company promotes. This benefit is a testament to Peloton’s holistic approach to well-being.
14. Staples
Staples offers its employees a student loan repayment plan, which forms part of their initiative to recruit and retain young talent. Within the competitive retail sector, this benefit provides a significant advantage for employees starting their careers.
15. New York Life
New York Life has introduced a student loan repayment program, offering a structured plan that benefits employees both professionally and personally. Such initiatives reflect New York Life’s commitment to its employees’ long-term financial success.
16. Google (through Guild Education)
Google, in partnership with Guild Education, offers a program that helps employees reduce their student loan burden. This benefit is part of Google’s broader educational support initiatives, aimed at promoting continual learning and professional development.
17. Natixis Investment Managers
Natixis provides an innovative student loan repayment contribution alongside its employee benefits portfolio. This program enhances the company’s efforts to build a supportive work culture and promote financial literacy.
18. Carvana
Carvana has implemented a student loan repayment program that provides monthly contributions to help employees pay off their debt faster. As part of its employee support strategy, Carvana is committed to enhancing the overall well-being of its workforce.
✓ Short Answer
Eighteen companies including Aetna, Chegg, and Google offer student loan repayment assistance to their employees as a part of comprehensive benefits packages. These programs help alleviate the financial burden of student loans, demonstrating a commitment to employee well-being and financial health. This increasingly popular benefit supports workforce retention, boosts morale, and aligns with corporate values of fostering a supportive and enriching workplace environment.
Why do companies offer student loan repayment programs?
Companies offer student loan repayment programs to attract and retain talent, particularly younger employees who are likely to have student debt. These benefits also demonstrate corporate responsibility and align with efforts to support employees’ financial wellbeing.
How effective are these programs in reducing employee debt?
While these programs vary, they can significantly reduce the debt burden. For example, a contribution of $200 per month can reduce both principal and interest, leading to faster debt repayment and less accumulated interest over time.
Do these programs replace other benefits like 401(k) contributions?
Typically, student loan repayment benefits are in addition to traditional benefits like retirement contributions. Some companies, like Abbott, uniquely tie student loan repayment to retirement savings, offering additional savings incentives.
Are these benefits taxable?
In the U.S., up to $5,250 of employer-provided student loan assistance is tax-exempt annually under legislation extended through 2025. Beyond this amount, benefits may be taxable, depending on the structure of the program.
How can an employee qualify for these benefits?
Eligibility varies by company. Generally, employees need to be actively employed, and specific terms may apply, such as length of service or position within the company.
Are such programs becoming more common?
Yes, as awareness of the student debt crisis increases, more companies are considering offering these programs. It represents a growing trend in employee benefits aimed at addressing financial stress and enhancing job satisfaction.
