Companies that pay off student loans

Have you graduated? Do you have an unpaid student loan? Find more about employers who’ll help you pay off your student loans. Also read through the other options available if you are not granted a repayment assistance.

Updated by Theres Ann on 17th August 2019

All you need to know about companies that pay off student loans

More than 90% of the students, who graduate from a university, bear the burden of student loan debt. More than the joy of earning a degree or winning a job, what impacts the youth today, is the heaviness of the student loans that they are supposed to pay back. On an average $32,731 is paid off by a graduate in student loans. If these loans remain unpaid for several years, then most of the major milestones of life including a new hgome, retirement savings, and starting a family will be shadowed by the thought of the heavy debt that you have in your life.

Considering this as a mode to attract employees, most companies add student loan repayment assistance as a perk to the remuneration that they offer. Some organizations help in student loan repayment. As a very small percentage of the companies offer the benefit, it is a relatively untapped market.

A typical student loan repayment program offers $100 a month. However, there are other companies such as the First Republic Bank, that offers $100 for the first month, $150 for the second year, and $200 for the third year and beyond. There are even technology companies that offer $450 a month. Employers design the programs, inclusive of the requirements for eligibility, and contribution amounts that meet the requirement and retention goals.

Recruiting and retention are the key areas in this case. Studies have indicated that student debt assistance is far more welcoming than retirement contributions, child care or health insurance.

Through student loan assistance, several employees receive a positive impact on their lives. The difference in finances and peace of mind is offered by the student loan repayment assistance program. Elongation of retirement date is another outcome of student loan debt.

List of Contents

Top 30 Companies that offer Student Loan Repayment Assistance

A few of the companies that offer student loan repayment assistance is as given below.

A plethora of employers despite the category of jobs offers loan repayment assistance

1. Aetna

Aetna is an insurance company that matches student loan repayments up to $2,000 with a lifetime cap of $10,000 towards qualifying loans. Aetna is founded in 1853, in Hartford. Aetna provides products and services to professionals across the different fields and now functions as a subsidiary of the CVS Health Corporation.

Aetna united people with their health ambitions. In Aetna, each individual is recognized for his unique abilities to think and act. 75% of the organization's employees are women and 64% of them hold top management positions.

2. Andersen tax

Andersen tax offers regular full-time employees up to $100 per month for 60 months. Along with it was a lump-sum payment of $6,000 at the end of the five-year period for almost $12,000 overall. Tax, valuation, financial advisory, and related consulting services are offered to individual and commercial clients.

The organization is the founding member of Anderson Global, has over 600 global partners, and has marked the presence in over 139 locations. More than 19 cities across the United States is marked by the presence of the Andersen Tax.

Accounting firms, law firms, IRS and the State Taxing authorities have received the services of Andersen Tax. Multiple professional credentials along with a wide range of capabilities help clients with comprehensive and integrated solutions. The firm also aims at granting trust through relationships. Value-added and cost-effective solutions are granted to clients at different locations across the globe.

3. Carvana

The e-commerce car-company called Carvana offers $1,000 to full-time employees to pay off the student loan debt. Carvana was founded by Ernie Garcia III, Ryan Keeton, and Ben Huston. The company was founded as a tech-based start-up, that allows online car-trade.

The company is based in Tempe, Arizona. The company was founded in 2012 as a subsidiary of Drive Time. After the company had sold 94,108 cars in 2018, the company began to be known as the Amazon of Auto. Moreover, in 2018, the Disney movie ‘Ralph breaks the Internet’ featured Carvana. The company is also the jersey sponsor of Phoenix Rising Football club.

4. Chegg

With no regard to a lifetime cap, Chegg offers $1,000 towards student loans. Chegg is an online educational technology company that offers education-related services including online textbook rentals, homework help, tutoring, scholarships, internships and more.

The company was founded in 2001 by Iowa State University students. Interesting the name of the company comes from chicken and egg. At the end of the semester, books were gathered and sold. Chegg is a service that helped students to review as well as plan their courses. Though the financial data remained intact, Chegg encountered a data breach that occurred in April of 2017.

5. CommonBond

In the firm called CommonBond, $100 is received in a month directly to student loan receivers and there is no lifetime cap imposed. Common Bond was founded in 2012 to help relieve the burden of Student loan.

Lower rates, simpler options, and a world-class experience are the greatest services offered by the CommonBond in the Student Loan World. The founder and the current CEO of the company are David Klein. The company aims at creating opportunities for people to live their dreams.

6. Estee Lauder

Estee Lauder offers $100 in a month to pay off the student loan with a lifetime cap of $10,000. Estee Lauder focuses on the marketing and manufacturing of skincare, fragrance, make-up and hair-care products.

A diverse portfolio of brands is also distributed through digital and commercial channels. Cleansing oil, skin lotion, all-purpose cream, and cream-pack were the first set of products that the company had. The Breast Cancer Awareness Program of the brand has made the brand widely popular and has also awarded the company a position among big brands that popularize social awareness.

7. Fidelity Investments

Fidelity Investments offers $2,000 per year for student loans and up to $10,000 over 5 years. The turnover of the program has reduced by 75% for the participants of the first year. Fidelity is a multinational financial company based in Boston, Massachusetts. Fidelity is one of the largest asset managers with nearly $2.46 trillion placed under asset management. The company was founded by Edward C. Johnson in 1946.

In order to serve the non-US markets, Fidelity International Limited was founded in 1969. Fidelity Management and Research started with the 401(k) products in 1982. Moreover, computerized stock trading was offered in 1984. The current operations of the company include mutual funds, brokerage, benefits outsourcing, Devonshire Investors, and donor-advised funds. Document Retention fines and misinterpretations are a few of the legal issues faced by the company.

8. First Republic Bank

Employees of the First Republic Bank receive $100 in the first year of the program. They also get $150 for the second year and $200 for the third year and beyond. No lifetime cap is imposed on these loans.

Though the bank has humble beginnings as a small thrift company in 1985, it has grown to become a reputed American Bank and a wealth management company that offers, personal banking, business banking, trust, wealth management services, low-risk catering, high net-worth clientele and more. The bank has its branches in San Francisco, Palo Alto, Los Angeles, Santa Barbara, New Port Beach, San Diego, Port Land, Palm Beach, Boston, Greenwich, New York City, Jackson and, Wyoming.

First Republic Wealth Services and First Republic Investment Management offers services to the First Republic. Advisory teams such as the Constellation Wealth Partners were acquired by the Bank’s wealth management unit. The firm currently has 5,350 employees and has a market capital of $15.8 billion. The company has also received a Forbes ranking of 268 among America’s largest public companies. First Republic Investment Management, First Republic Securities Company, First Republic Trust Company, First Republic Trust Company of Delaware, and Gradifi are a few of the subsidiaries of the First Republic Company.

9. Freddie Mac

Eligible workers of Freddie Mac can receive up to $9,000 for a five year period to pay off their loans. Federal Home Loan Mortgage Corporation is popularly known as the Freddie Mac. The company has bagged the 38th rank in the 2018 Fortune 500 companies.

The company was established in 1970 with the aim of expanding the secondary market for mortgages in the United States. An investment rate grading of A1 was granted to the organization until August of 2008. The Federal National mortgage Association form 1938 to 1968 played an instrumental role in mortgage lending and effective insurance by the US Government. Federal Home Loan Bank System initially owned Freddie Mac.

In order to oversee 12 federal home loan banks, the Federal Housing Finance Board was established. In 2018, Freddie Mac was called as one of the best places to work for LGBTQ Equality in the Human Rights Campaign. In 2004 Freddie Mac was one of the Top 100 companies for working mothers. In 2007, Freddie Mac received 50th rank in Fortune 500 companies.

10. Guild Education

Employees of the Guild Education receive up to $100, for student loans without a lifetime cap. An interesting fact about Guild Education is that the company is female-founded. The company was established to help the employees gain education through the benefits that the employer offers.

Increased employee satisfaction and better retention rates are the advantages that this firm holds to offer.

11. Hulu

Hulu being a streaming media company matches everything that is paid off in student loans, with $1,200 per year. The firm aims at instant streaming of television series. Hulu LLC which is a joint venture of the Walt Disney Company and Comcast owns the Hulu.

12. Kronos

Kronos employees can expect to receive $500 per year as long as the workers are with the company. MIT Alumni Mark Ain founded Kronos in 1977 and the company delivered the first microprocessor-based time-clock in 1979. In 1983, the headquarters of the company was relocated to Waltham, Mass.

In 1986, the company established its presence in Canada. The company established its presence in Australia in 1996 and in 2006, the company established its presence in China. Kronos is said to be a leader of change in the way organizations manage their work-force. The focus not only strengthens the employees but also powers our success.

13. Live Nation

Live Nation employees receive a match of $100 in student loan repayment for which the lifetime cap is estimated to be $6,000. Live Nation is an event organizer and venue manager company, based in Beverly Hills, California.

$30 billion in the gross transaction was established in primary and secondary ticketing in 2017. Over $29,500 events were established in 40 countries each year. In 2013, a major creative partnership was established with Live Nation.

14. Natixis

Natixis corporation employees can expect $1,000 in a year, for employees with federal or private student loans. The maximum that they can receive is $10,000 for a duration of 10 years. The French corporate and investment bank Natixis was established in November 2006.

The firm was a resultant of the merger of Natexis Banque Populaire and IXIS. The company focuses on Corporate and Investment Banking, Asset Management, Private Equity, and Private Banking, Services, Receivables Management, and Natixis Foundation for Quantitative Research. The corporation received Top Employer France 2019 Certification.

15. Penguin Random House

Regular full-time workers of Penguin Random House usually receive up to $1,200 when they work up to seven and a half years, for which the lifetime capacity is $9,000. Random House is the American book publisher and the largest general interest paperback publisher in the world.

The company was founded in 1925 by Bennet Cerf and Donald Klopfer. In 1999, children’s audiobook publisher listening library was acquired by Random House. Since 1974, Random House has been the distributor of Shambhala Publications.

The Random House Group, Verlagsgruppe Random House, Penguin Random House Grupo Editorial, Random House of Canada, Random House of Korea, and Random House of Kodansha are a few of the subsidiaries of the Penguin Random House.

16. Price Water Coopers

Price Water Coopers being an audit, assistance, tax and, a consulting company offers  $1,200 to its associates and senior associates for nearly 6 years.

17. SoFi

SoFi, the student loan refinancing company offers its employees, $200 per month to clear student loan debt with no lifetime cap. SoFi was founded by Mike Cagney, Dan Macklin, James Finnigan, and Ian Bardy in 2011. Moody’s granted a triple A rating to SoFi to become the first online start-up lender to receive the same.

Alumni funded lending model was used by SoFi to connect students and recent graduates with alumni. Defaults were minimized by focusing on low-risk students and graduates.

Mortgage, mortgage refinancing, personal loans, school-specific student loan funds, Under-writing model is established for free-cash-flow, professional history, and education, in addition to bill payment to evaluate the borrowers.

The minimum credit score required by SoFi is 680 and the average borrower score is above 700. You can borrow between $5,000 and $50,000 via SoFi loans for over 24 to 84 months.

18. Allosource

Allosource company deals with transplantable allogenic cells and tissues. Employees of Allosource receive a monthly contribution towards student loans. Allosource is the world’s leading manufacturer of fresh cartilage tissue which helps in joint repair and skin allografts.

The firm offers several products for life-saving and life-enhancing medical procedures. Unparalleled expertise and customer service are granted to the growing network of surgeons. The organization aims at leading the way in cellular and tissue therapies. This firm is definitely an innovator in advance patient healing.

19. Calabrio

Calabrio is a technology provider and has helped the employees to save more than $2,33,000 and to accelerate the payments for 26,120 days. Calabrio believes in improving human interaction for business growth. The true voice of the customer is unlocked. Technology and solutions that empower more human interactions play an important part.

20. Children's Hospital and Medical Center

Children’s Hospital and Medical Center in Omaha Nebraska offers to those full-time employees, who have been part of the company for at least 6 months to take part in their institution’s tuition loan reimbursement program. The organization grants nearly $10,000 in 5 years.

The hospital is home to Nebraska’s only level IV regional newborn intensive care and the only Level II Pediatric trauma care. The hospital was recognized as a 2018-19 best children’s hospital with specialties including cardiology, pulmonology, gastroenterology, orthopedics, diabetes and endocrine disorders.

21. ChowNow

Though ChowNow is an online food ordering company, the company offers $1,000 towards student loans for their employees. ChowNow was established in 2011 in Los Angeles, California.

The combined was the combined dream of Christopher Webb and Eric Jaffe. Independent restaurants can take orders via branded channels. The company was launched in 2012 at the National Restaurant Show. ChowNow also helps restaurants to take orders via their own channels.

22. City of Memphis

Though the City of Memphis, not a company, they employ over 6500 people and is the first city to roll-out a student loan repayment program. $50 per month is granted towards the student loan balances of the employees.

23. Connelly Partners of Boston

Connelly Partners of Boston offers a program that can potentially shave at least three years of 10-year payment plan for its employees.

24. Crew Carwash

Crew Carwash offers $1,200 per year towards student loans paid directly to the lender. This firm which also offers tuition assistance is honored as ‘Top Small WorkPlace’ by the Wall Street Journal.

25. Gradifi

Gradifi is one of the leading, student loan repayment program administrators. Student loan repayment assistance is also granted to its own employees. It was in 2014 that Gradifi was established by Tim DeMello. The company was later acquired by First Republic Bank in 2016.

26. Honeywell

Honeywell is an appliance manufacturer and offers student loan repayment pilot program in the Atlanta office in 2017. The program is available to 120 employees and grants $150 per month for student loans with a cap of $10,000.

The history of Honeywell which is a fortune 100 company can be traced back to 1885. The companies were merged into Minneapolis Honeywell regulator company was formed in 1927 after a merge.


LABUR is a Boston based staffing company and partners with Gradifi to grant student loan repayment programs to its employees. LABUR aims to fill the gap between strategy and execution.

The capability, tracking, and performance of the PMO are established. ServiceMax optimization, SalesForce CPQ Implementation, Infrastructure Monitoring, Implementation QA, Pharmaceutical Merger, IT System Integration, SAP Vendor Invoice Management Implementation, and Global ERP Implementation are a few of the services offered at the LABUR.

28. Memorial Hermann Health System

For those who earned their degrees within three years prior to their employment, a student loan repayment program is granted by the Memorial Hermann Health System. Memorial Hermann aims at advancing health. The hospital houses one of the nation’s busiest Level I trauma centers and also the primary teaching hospital for McGovern Medical School at UT Health. 19 hospitals and numerous specialty programs are offered by this center of health care. The hospital lives up to its mission for more than a century and contributed nearly $451 for health-welfare programs.

29. MidWestOne

MidWestOne Bank offers $100 to the full-time employees to pay off their student loans. The employee must have worked for a minimum of four years, to participate in the program for which the cap is $10,000. Iowa State Bank and Trust were established in 1934.

Best Customer Service Priorities make the Bank stand out from the rest. The motto of the Bank itself says,” Take care of our customers and those who should be”.

30. Motus

Motus is a tech-based company in Boston that specializes in employee reimbursement software. Since 2014, a student loan repayment program was offered for its employees. Motus founded in 2004 as Corporate Reimbursement Services is a workforce management company and is headquartered in Boston, Massachusetts. Domino’s Pizza and Coca-Cola Bottling Company Consolidated are the notable customers of Motus.

New York Air Brake, NoTime2Chill, Nvidia, Options Clearing Co-orporation, Orrick Herrington & Sutcliffe, Peloton, Penguin Random House, Powertex Group, PricewaterhouseCoopers, ReadCoor Inc, Regal Credit Management, Sebak and Monner Associates, SoFi, Staples, Team Logic IT, and Vi Senior Living are a few of the other employers who offer Student Loan Repayment Assistance.

How to make the best use of Student Loan Repayment Assistance?

Benefits of Student Loan Repayment Assistance can vary widely based on the employer and also the package chosen. A few of the tips to be kept in mind if your company offers student loan repayment assistance is as given below.

  • Benefits are reviewed carefully – You are the one who is to receive the benefit. Hence you need to understand the benefits and limitations of the program. Because the repayment assistance is an additional advantage that you receive for your employment, the benefit is paid out annually. Hence bonus, payroll, and income tax are applied.

  • Never leave any money unused – Make full use of the entire amount that is paid to you. Most often student loan repayment assistance is worth $100 per month. Sometimes student loan repayments are only $85 in a month. So it is highly beneficial if you round off the amount to $100 to make use of all the benefits that the company grants.

  • Use the assistance-money entirely for the completion of loan payment - There are some companies that pay the entire amount to the servicers. There are also other companies which directly pay the money to you. In this case, instead of spending the amount for other causes, spend it entirely for your loan repayment.

  • Every little amount of money that you receive in repayment assistance, though small has a large impact in the long run. There is a higher impact on interest as less accumulates over time. The small amount that you receive has a heavy impact on the decrease in the balance, over-time, and effect of interest.

  • Don’t allow the benefit to slow down your repayment plan. Though with the benefit that you receive you are able to pay off the student loans in 10 years, if you are capable try to pay off the loans in 5 years. You can even compare the interest costs are compared with the benefits you receive.

  • Whatever be the benefits including repayment assistance that the company offers, make sure that you accept jobs with a long-term perspective and not just the benefits that you receive. Though a student loan payment assistance worth $1,200 is fairly good, you shouldn’t lose better benefits and perks that another job without repayment assistance offers.

Benefits of Companies that offer Student Loan Repayment Assistance

No firm would be ready to give away benefits without a reason to uphold. As students take nearly 10 years to repay their educational loans, paying off $50-$100 can help the employees to move out of their debts at the earliest. A few of the benefits that companies offering student loan repayment assistance offers is as given below.

  • Fresh talent recruitment is one of the biggest advantages of Student Loan Repayment Assistance. Employers can thus get the recent college grads to work for them. Repayment Assistance being a promising option helps employees to drive the best fresh talent into the company.

  • The company’s 401(k) plans are usually partaken by the recent graduates. There are also tax benefits when thresholds for 410(k) participation’s thresholds are met, companies receive tax benefits.

  • Candidates with advanced degrees acquire debt in six figures to obtain their education.

  • Company’s educational benefits can also hence be rounded off.

  • By relieving the financial burden, employees feel a little less stressed. This in-turn would help them in working better. Thus loan repayment assistance is a booster for employee productivity.

  • Student loan repayment assistance can also reduce the domino effect, of criticisms regarding student loan debt. Stories of student loan debt can sometimes even prevent aspiring students from attending college. However, if promising stories regarding the repayment assistance from the current employer is shared, that would only motivate students to take up courses without the fear of loan repayment.

Alternative to Student Loan Repayment Assistance

Though loan repayment assistance is highly popular among the employees and hence drives several employees into the company, bearing the costs of student loan repayment wouldn’t be easy for all the employers. In order to create a tight budget program, you can make the repayment-program, a competitive event.

This program would thus become available on a competitive basis, wherein the employees apply for the program based on the credits of work that they have obtained. If budget is not an issue, the program can be kept open to all the employees who are highly in need of financial assistance for their loan repayment.

If not for the company-level application of the program, the competitive option is good for foundations and non-profits organizations who want to add a loan repayment assistance program. More than the employees of a single company, community programs can aim at granting repayment assistance to those who are into a particular profession, geographical area or more. The requirements can be narrowed based on the foundation's focus of concern.

Success stories of Student Loan Repayment Assistance by Employers

There are several companies which successfully attract fresh talent by detailing on Student Loan Repayment Assistance. Rise Interactive is a Chicago Based Digital Marketing Agency, which offers Student loan Repayment Assistance to 233 employees almost a year ago. The average age of the company’s employees is 27 and most of them couldn’t afford to pay for the 401(k) plan, as much of their funds went into paying off their student loans.

Understanding the scenario Raise offered $50 per month to its employees because they wanted to mark the response from the employees,  regarding the introduction of the program.

Surprisingly on the very first day of introduction of the program, more than 10% of the employees registered into the program and this was a clear indication on how desperately people were waiting for a loan repayment assistance program.

The organization now has 25% of the people enrolled in the program. Moreover, almost 10 employees newly join the company every month, which was newly impacted by the Loan Repayment Assistance Program.

Thus the tip that Rise Interactive has for the other employees is that the organization should introduce the program at a slow pace and later expand it. This comes into picture particularly with the amount that you offer. A lower dollar amount helps you to have a greater impact on your budget. This is advantageous especially for low-income companies who want to pool a large number of fresh talent.

Most often $50 is seen as a starting point for these loans. The procedure of payment assistance should also be made simple as in the case of Rise Interactive, where the employees receive benefit from the first day of their joining. Autopay options of student loans will help in keeping up the shared accountability. This will ensure that the money granted for loan repayment is automatically going into the direct debit from their bank.

The benefits of the program are then integrated with payroll administration. With the debt getting reduced mostly due to on-time repayment due to the repayment assistance program, advice in the consolidation and refinancing of loans are given to the employees, so as to enable them to improve their finances. There are a few other companies that offer equivalent programs such as the subsidized gym memberships. Be it any program that is offered, employees flock behind a company that offers them the maximum benefits.

Tips from PwC for Student Loan Paydown

The Student Loan Payoff Program of the PwC was established in September 2015. The program was scheduled in such a way to pay the employees $100 per month, totaling to $7,200.

In the initial years, the program offered $1,200 per year, for an employee. This contribution from the company’s side was instrumental in reducing the principal and interest payments by $10,000 and hence the pay-off period was reduced to up to three years as quoted from the PwC’s Chief People Officer, Mike Fenlon.

Suggestions from PwC to the employers who are planning to introduce the program in their firms are as given below.

  • The process needs to be made easy for employers. Loans are paid directly through a third party vendor. And hence, the payment needn’t be handled directly by the staff each month.

  • Student loan benefits, come in the taxable income category. So how much ever hard you try, you’ll definitely have to pay the taxes. So you need to be aware of the pros and cons of the program before you choose to opt the student loan payoff.

  • There was a worry about responses from people who do not have debt. However, even they ended up with a welcoming note on the program.

Usual benefits offered by Companies

A few of the common benefits other than student loan repayment assistance, offered by companies are as given below.

  • Fitness programs, athletic build-up, discounts on fitness products, casual dress day, sports day, indoor games, and more.

  • Collaborative games, gaming lunch, pot-luck, charitable efforts, art and craft, creative exhibitions and sales, and more.

  • Health-Care Facilities, awareness programs, quick stretching routines and more can improve employee productivity. Food, vacation, and flex-time can also attract the employees into seeking a job at your company.

Frequently Asked Questions

  • 1.Are there any scholarships to pay off student loans?

    They may not be as numerous (or as financially rewarding) as pre-enrollment scholarships, but any money that you can put towards paying off your student debt as soon as possible.

  • 2.Can businesses write off student loans?

    If you meet the income requirements set up by the IRS, then you qualify to write off the interest you pay each year on your student loans. While their education is pertinent to their business, the principal on their student loans is not considered a business expense.

  • 3.Can a company pay off student loans?

    Employer student loan contributions are a type of employee benefit in the United States. With this benefit, employers pay back student loans on behalf of employees, at a certain amount per month as decided by the employer. Companies typically work with a vendor to administer these payments.

  • 4.Do government jobs forgive student loans?

    Yes, they do. If you work in a government sector then you can check for your eligibility and enroll for a forgiveness program like the Public Sector Loan Forgiveness program and get your loans forgiven. However, it is not necessary that you will get forgiveness for sure.