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Tackling student loan debt can be a daunting task, with college graduates leaving school with an average student loan balance of $37,693. While there are many different strategies you can utilize to eliminate your student debt, one of the more effective options is to work for a company with an employer student loan repayment program.
According to the Society for Human Resource Management, 8 percent of employers offer some kind of student loan repayment as an employee benefit. Here are some of the top companies that pay student loans.
Student loan repayment assistance programs can provide you with hundreds or even thousands of dollars in relief on your student loan debt. Here are some major companies that pay off student loans on behalf of their employees and how the programs work.
The health care company Aetna offers not only student loan repayment assistance, but also tuition assistance for employees who are currently enrolled in school.
The employer matches employees’ student loan payments dollar for dollar, up to $2,000 per year and up to $10,000 total.
2. Andersen Global
Tax and consulting firm Andersen Global provides repayment assistance to employees who have been with the company for at least one month and work a minimum of 20 hours per week.
If you qualify, Andersen Global will pay $100 per month for up to five years. At the end of that term, it’ll also provide a lump-sum payment of $6,000 for a total of $12,000. The lump-sum payment is a huge incentive for employees to stick around for at least five years with the company.
Chegg offers various educational services, including textbooks, online tutoring and more. The company’s student loan repayment assistance program favors employees at entry-level and manager-level positions, giving them up to $5,000 per year in assistance.
If you’re at a higher level, the annual maximum is $3,000. There doesn’t appear to be an overall maximum, which is a significant improvement compared to some other student loan repayment programs. The only requirement is that you must have worked at the company for at least two years.
In 2015, the company began offering up to $100 per month in student loan repayment assistance. The benefit lasts until the employee’s student loans are paid in full, and there are no requirements to be eligible for the program.