Many companies recognize how much student loan debt can affect their employees. In order to ease that burden, a lot of companies had added student loan repayment assistance and tuition reimbursement as a part of their employee benefits. Below, we list 25 well-known companies that help repay their employees’ student loans.
Written by Natasha Wiebusch, J.D..
Updated June 28, 2023
Student loan debt reached a new high in 2023, with a whopping $1.75 trillion owed by student loan borrowers across the U.S. The average borrower carries around $40,000 in student loans.
Many companies recognize the toll that student loan payments take on their employees. Some have stepped up and started offering repayment assistance and tuition reimbursement to help recruit top talent.
25 Companies That Help Employees Pay Off Student Loans
There are quite a few well-known national employers that help their employees pay off their student debt as a part of their company employee benefits package.A few of the top companies offering this benefit are:
Consumer genetics company 23andMe offers $2,300 in annual tuition reimbursement as well as monthly contributions toward student loan payments.
Aetna (CVS Health)
Aetna — which is under the CVS Health company umbrella — provides tuition assistance and reimbursement as well as student loan refinancing assistance for their employees. Full-time employees can get $2,000/year in student loan assistance, with a lifetime max of $10,000.
Ally Financial, a financial services company, has a Student Loan Paydown Assistance program for its employees. You can get $100/month in assistance, with a lifetime max of $10,000. It also offers up to $10,000 per year in tuition reimbursement. If you’re a parent saving up to help your kids pay for college, you can also take advantage of Ally’s $100/month 529 Education Savings Plan benefit.
Andersen (Andersen Global)
Andersen is a tax services and financial consulting firm that offers both student loan repayment assistance and tuition reimbursement for its employees. In total, Andersen employees may be eligible for up to $12,000 in student loan assistance. Another bonus? You only have to be working half time (20 hours a week) to receive these benefits.
Carhartt is a durable workwear clothing company. It offers student loan repayment assistance to its employees who have student loans or who have taken out a loan for their child (such as a Parent PLUS loan). Employees receive monthly payments toward the principal on their student loans.
Carhartt also offers tuition reimbursement for employees who are pursuing education in a “Carhartt career field.”
Automotive e-commerce company Carvana works with online employee benefits provider Gradifi to offer $1,000 toward full-time employees’ student loan payments.
Chegg is an online education company offering everything from textbook rentals to exam prep. So it’s perhaps no surprise Chegg offers an Equity for Education Program to help its employees repay their student loans; it also offers tuition reimbursement. Chegg also advocates for other companies to offer similar education benefits for their employees.
CommonBond is a solar financing lender for both installers and homeowners. It offers student loan reimbursement assistance for employees.
Estée Lauder is a multinational cosmetics and skincare company. It offers $100/month for U.S.-based employees’ student loans — up to a total of $10,000 in contributions. Estée Lauder also has a Learning & Education Assistance Program that reimburses employees for the cost of tuition and materials for approved academic courses.
Fidelity Investments is another financial services company. It provides up to $15,000 in student loan repayment assistance for its employees.
Government-sponsored mortgage buyer Freddie Mac pays up to $9,000 in student loan assistance for qualifying employees. Freddie Mac works with online education assistance benefits provider Tuition.io.
The ubiquitous multinational technology company Google has a student loan reimbursement benefit. Google offers up to $2,500 per year in student loan repayment assistance. Google did not announce the lifetime cap for these benefits publicly. To qualify, you must be a full-time employee, not a contractor.
Life insurance company Guardian advertises student loan repayment assistance as a benefit on its website. However, it does not disclose the amount of support it provides its employees.
Hulu, the popular Disney-owned streaming service, offers up to $1,200 a year in student loan repayment assistance.
Entertainment and event production company LiveNation offers $100/month in employer student loan repayment assistance, with a $6,000 lifetime maximum. It also offers graduate, undergraduate, and continuing education course tuition reimbursement.
Natural gas and electricity provider National Grid offers student loan repayment assistance through its Student Loan Repayment Program, which has a lifetime benefit of $6,000. It also offers tuition reimbursement for eligible employees who are currently enrolled in school.
New York Life
New York Life is a mutual life insurance company that has a student loan repayment program and a tuition reimbursement program for its employees. New York Life offers up to $170/month in student loan repayment assistance, up to a lifetime value of $10,200.
Technology company Nvidia has a generous student loan repayment program. It offers up to $500/month for eligible employees (including full- and part-timers). To qualify you must have graduated within the last three years. If you max out the benefit here, you can wipe away up to $30,000 from your student loan balance.
Penguin Random House
PWC (previously called PriceWaterhouseCoopers)
PWC’s Student Loan Paydown program helps associate- and senior associate-level employees with their student loans. Employees who participate in this program can get up to $1,200 per year in student loan payment assistance — maxing out at $10,000.
Office supply retailer Staples has a student loan assistance program that offers $100/month for up to 36 months for eligible employees. Its program is administered by Tuition.io.
SoFi offers student loan repayment assistance to its employees, as well as tuition reimbursement of up to $5,250 per year — maxing out at $25,000.
The international auction house Sotheby’s offers up to $150/month or $1,800/year in student loan repayment assistance through Gradifi.
While not a company, it’s worth noting that the U.S. government offers employees up to a total of $60,000 in loan repayment. This is significantly higher than the average maximum lifetime benefit offered by many private companies.
The tradeoff with government positions is that they have strict promotion and compensation practices that limit how much you can increase your overall salary over time. It’s not like the private sector wherein you can renegotiate your salary and bonus every few years or leverage a raise with competing offers.
Note: This list is not a complete list of companies offering employees student loan reimbursement, so don’t be discouraged if these companies aren’t potential employers in your field.
Things To Consider About Student Loan Reimbursement Benefits
If you’re searching for a job, make sure you understand how student loan repayment assistance and other benefits, such as healthcare, work.
Consider the following:
How long do you have to work at the company before you qualify for student loan repayment assistance? How long will you need to work at that company to max out your benefit?
Who qualifies for the benefit? Is it only full-time employees, or can part-time employees take advantage of these benefits too?
Are there any school or subject matter limitations?
How will taking advantage of student loan repayment assistance affect your taxable income?*
What other benefits does the company offer, and which are your top priorities?
*In December 2020, Congress removed this limitation for employer contributions up to $5,250 per year as a part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), in response to the coronavirus pandemic. This means that any repayment amount up to $5,250 will be treated as tax-free for you. This provision is in place until 2025.
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How Does Public Service Loan Forgiveness Fit Into This?
Even if you don’t work at a company that offers loan repayment as a perk or benefit, you can get your federal student loans forgiven if you work in public service or for a qualifying nonprofit through the Public Service Loan Forgiveness (PSLF) program.
PSLF is available to people who work full time for the federal government, a state or local government, or a qualifying nonprofit. Borrowers who enroll in the program will have their loans forgiven after making 120 qualifying payments, assuming they follow all program requirements.
Do Private Student Loans Qualify for Student Loan Assistance Programs?
Each company creates its own student loan repayment benefits and guidelines. Ask your employer’s human resource department if private student loans are included in the benefits program. If so, count yourself lucky! Private student loan holders often have fewer repayment plan options than federal loan holders.
If your private student loans don’t qualify, you can contact your loan servicer to see if you can refinance your loans to get a lower monthly payment or interest rate. You can also ask the loan servicer if it offers any other repayment plan options.
I’m Still Drowning in Student Loan Debt — What Else Can I Do?
Many Americans are struggling with overwhelming student loan debt. Even if you have a good grasp on your personal finances, if your student loan balance is high, it may feel like you’re fighting a losing battle.
If you’ve explored other debt relief options but none are feasible, it may be time to consider filing bankruptcy. You do have to meet certain eligibility requirements to file bankruptcy on student loans, but if you’re eligible, you can get your loan balance erased for good.