Agonizing over student loans? You are not alone — in 2018, Americans owed over $1.48 trillion in student loan debt according to Student Loan Hero. While that statistic may prompt hyperventilation, it has also motivated companies big and small to offer the next popular employee benefit: student loan repayments. Employers see relieving this financial burden as an opportunity to attract talent and retain employees, especially millennials and Gen Zers. Read the ins and outs of 12 student loan forgiveness programs for popular companies.
1. Penguin Random House
The book publishing company reimburses employees $1,200 annually for student loans, with up to $9,000 available in subsidies. CEO Markus Dohle explained to Cision, “With this new benefit for our employees, we have another opportunity to live up to our mission and help our employees invest in their futures while also making Penguin Random House a happy, productive, and rewarding place to work.”
Hiring For: Creative Marketing Services Director, Full Time Warehouse Associates, V.P. of Facilities, SEO Executive, Customer Service Advisor & more.
What Employees Say: “Terrific benefits, autonomy on projects, and great growth opportunities.”
The health insurance company matches employees’ student loan payments up to $2,000 annually, offering $10,000 of total assistance. “By helping ease their financial burden, our employees can better focus on our mission of building a healthier world,” says chairman and CEO Mark Bertolini.
Hiring For: Business Program Manager, Case Management Coordinator, Engagement Specialist, Customer Service Representative, Senior Project Manager & more.
What Employees Say: “Pay and benefits are good. Opportunity to work remote. Coworkers are friendly and work culture is positive.”
3. Live Nation
Live Nation matches $100 of student loan payments a month for employees, with a maximum of $6,000 in repayment. Live Nation’s Chief Human Resources Officer Nadia Rawlinson told CBS, ““It’s new, it’s innovative and it gets out at helping employees realize their life goals, not just professional goals.”
Hiring For: Director of Sponsorship Sales, Senior System and Business Analyst, Digital Planning & Strategy Planner, Special Events Intern, Assistant General Manager & more.
What Employees Say: “Great perks and excellent benefits! Casual dress and everyone feels like family.”
4. Fidelity Investments
Fidelity’s student loan assistance program, which provides up to $10,000 for employees over five years, was so successful that the company created a larger program to help other employers offer loan repayments. “As a firm, we continue to support efforts to make student loan debt easier to understand and less of a burden on today’s workforce,” Fidelity said on their website.
Hiring For: V.P. Wealth Management Adviser, Alternative Investment Representative, Portfolio Services Senior Manager, Vice President – Sales, Financial Consultant & more.
What Employees Say: “Awesome benefits, comfortable working environment. Great leap program if you are college graduates.”
5. Millennium Trust Company
Since Millennium Trust launched their student loan repayment plan, 20 percent of employees have joined the program. “We wanted to create a benefits program aligned with our employee base,” John Samaan, senior vice president and head of human resources, told Investment News. The company did not specify what amount it offers in repayment.
Hiring For: Application Developer, Account Administrator – Incoming Transfers, Accounting Manager, Senior BizTalk Developer, Communications Specialist & more.
What Employees Say: “Millennium has great benefits and competitive compensation. Opportunity here for hard workers is endless.”
Natixis provides its employees with up to $10,000 of student loan repayment over 10 years. “Today’s student loan burden is tomorrow’s underfunded retirement problem, so it is imperative for companies to join with policymakers, educators and employees to address this critical issue,” said John Hailer, CEO of Natixis Global Asset Management in the Americas and Asia, in a press release.
Hiring For: Bank Petroleum Reservoir Engineer, Investment Strategies Analyst, Junior Equity Trader, Data Scientist, Financial Controls and Compliance Supervisor & more.
What Employees Say: “I had an awesome experience working at Natixis Bleichroeder. The people were great and the environment was family friendly. I truly enjoyed my job.”
CommonBond is in the business of student loans which explains why their own employees receive one of the best loan repayment plans in the game. The company gives $100 a month to employees’ loan payments with no limit, meaning contributions continue until debts are fully paid off. The company credits the benefit for helping employee retention and recruitment, saying on their website, “In just one year, we have seen a material impact on our ability to on attract and retain employees.”
Hiring For: Community Marketing Manager, Director – B2B Marketing, Software Engineer, Director of Infrastructure, Technical Program Manager, Associate Product Manager & more.
What Employees Say: “Great co-workers. Company is full of high achievers but people are collaborative. Company works to create a good culture.”
PricewaterHouseCoopers states on their website, “We want to make sure you get your career off to a financially healthy start.” That’s why the company provides $1,200 a year towards employees’ student loan payments, with up to $10,000 of subsidies.
Hiring For: Audit/Assurance Experienced Associate, GHRS CTA Director, Tax Senior Associate, Marketing Risk Model Senior Analyst, Energy – Operations – Senior Associate & more.
What Employees Say: “The company has great benefits, great learning experience and clients to help you start your accounting career.”
When SoFi announced they had funded over $1 billion of student loan refinancing, they also launched student loan repayments for their employees of $200 a month, with no yearly cap. SoFi says on its blog that “We’re proud to be one of the first companies in the country to offer such a perk.”
Hiring For: Office Coordinator, Executive Assistant, Site Leader, Associate Web Producer, Corporate Development Associate Director & more.
What Employees Say: “Great pay and benefits. Great perks. The fully paid health care benefits and student loan pay off assistance is second to none.”
Abbott offers a unique solution to employees trying to both pay their student loan debt and save for retirement. For employees who are contributing 2 percent of their paycheck to student loan payments, Abbott will contribute a 5 percent match to their 401k savings. “Our employees have invested a lot in themselves to earn their way into Abbott, and we don’t want student loans to prevent them from beginning to save when time is on their side,” said Steve Fussell, executive vice president of Human Resources, on the company’s website.
Hiring For: Technical Writer, Training Manager, QA & RA Manager, Coronary Clinical Specialist, Staff Quality Systems Engineer & more.
What Employees Say: “Wonderful company with superior benefits, and a stock that appreciates and good dividend. CEO is excellent.”
The car dealership company recently announced they would contribute up to $1,000 a year to paying employees’ student loans. Carvana did not specify if there was a maximum to their repayment plan.
Hiring For: Buyer, Truck Driver/Vehicle Transporter, Associate Director – Marketing Operations, Production Team Member, Recruiting Coordinator & more.
What Employees Say: “I’ve been with this company for 2 years now and what I love most is the pay, the great benefits, and the fun work environment.”
Peloton recently partnered with student loan repayment benefit company Gradifi to offer its employees $100 a month towards their student loan repayments. Gradifi’s Vice President of People Amy Stoldt said on their website, “Peloton understands the strategic benefit of providing a differentiated employee benefit that also assists in attracting and retaining employees in today’s competitive environment.” Peloton did not specify if its maximum repayment.
Full-time employees are eligible to have the remainder of their student loans forgiven after working at a public service job for 10 years. To qualify, employees also must have completed 120 monthly student loan payments.
Hiring For: Physician – Chief of Gastroenterology, Program Analyst, Pulmonologist, Psychiatrist, Branch Manager & more.
What Employees Say: “Dedicated, hard-working individuals. Flexible workplace with a commitment to promoting a balanced lifestyle.”