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When pursuing a new career opportunity, you likely scrutinize the offered compensation and standard
benefits, such as healthcare coverage and retirement savings plans. However, certain employers provide an
additional enticement: assistance with repaying your student loans. Student loan repayment programs can
significantly ease the financial burden for graduates, making them a crucial consideration alongside salary and
traditional benefits.
Nevertheless, this perk remains relatively uncommon. As of March 2023, only 5% of workers had access to
programs offering student loan repayment assistance, according to data from the US Bureau of Labor Statistics.
If you are strategizing how to incorporate student loan installments into your budget following a five-year
suspension of payments, prioritizing your job search toward organizations that support employees in diminishing
their educational debt could be advantageous.
Companies Offering Student Loan Repayment Benefits and Student Loan Assistance Programs
While prominent corporations such as Target, Walmart, and Amazon extend tuition programs aimed at assisting
existing employees in pursuing academic degrees, such benefits offer limited value to those no longer enrolled
in college.
If you’ve already graduated, consider exploring career options at these firms, which can help expedite your
repayment strategy.
Adidas
Adidas contributes $100 monthly toward student loan installments for any employee working a minimum of 30 hours
weekly. The company confirmed to FASTNET that it provides up to $1,200 annually.
Adidas doesn’t specify a maximum lifetime contribution amount, and the benefit initiation takes time: eligibility
requires one full year of employment. However, all personnel, spanning from corporate staff to distribution
center employees, can leverage this repayment program.
Ally
Ally is frequently featured on this platform from a consumer perspective – I maintain an account due to the
bank’s consistently competitive high-yield savings rates. It appears Ally also provides a positive work
environment.
The company’s student loan reimbursement initiative provides up to $100 in monthly assistance, with a lifetime
ceiling of $10,000. Furthermore, when saving for a child’s higher learning, the company allocates $100 monthly
to a 529 plan.
Carhartt
Although Carhartt, the workwear manufacturer, indicates offering a student loan repayment scheme for its
personnel, the company doesn’t provide specific details beyond the program’s existence.
Fidelity
Full-time Fidelity employees are eligible for up to $15,000 in lifetime assistance for student loan obligations,
although it’s unclear how much the company remits monthly. For employees working 20 to 29 hours weekly, the
benefit is capped at $7,500.
The tech behemoth’s student loan repayment offering ranks among the most generous available: up to $2,500 in
matching funds annually. Moreover, there is no lifetime maximum, which constitutes a significant advantage for
those with more substantial student debt.
Live Nation
You may have previously incurred significant fees when purchasing tickets through Live Nation; now, it’s their
turn to reimburse you. Live Nation contributes $100 monthly toward employee student loan installments after six
months of employment. However, the repayment initiative duration is capped at five years.
New York Life
New York Life has dedicated substantial funds toward employee student loan payments – approximately $12.4 million
collectively between 2017 and 2023, according to company records. Employees can secure $170 monthly toward
their student loans for up to five years – equating to slightly above $10,000 in total.
Nvidia
Nvidia appears frequently in current headlines due to the AI surge. The company also maintains a lucrative
student loan repayment offer: up to $500 per month. However, certain stipulations apply: graduation must have
occurred within the preceding three years, and employment must extend a year post-payment receipt. The company
provides up to $30,000 in lifetime assistance.
SoFi
SoFi distinguishes itself as a compelling option for banking needs and presents an even more appealing work
environment. The company provides up to $200 monthly for employee student loan obligations, without specified
lifetime maximums.
Universal Music Group
Following one year of employment at UMG, the company commences contributions of $100 monthly toward student loan
payments. A defined maximum lifetime contribution amount is not specified.
401(k) Matching Programs Linked to Student Loan Payments
Certain employers do not directly remit student loan payments; however, they utilize these installments when
determining retirement plan contributions.
For example, Walgreens corresponds student loan payments with contributions to employees’ 401(k) accounts – up
to 4% of their earnings.
Thus, while it doesn’t explicitly reduce student loan balances, it facilitates long-term financial stability,
potentially challenging when a significant portion of earnings is allocated toward student indebtedness.
Nevertheless, the benefit initiation is not immediate, requiring one year plus 1,000 hours of service.
Other businesses, including Verizon and NewsCorp, extend analogous programs to select employees.
Inquire About Student Loan Repayment Perks with Potential Employers
This compilation shouldn’t imply exclusivity regarding companies offering student loan repayment advantages. Many
smaller establishments offer programs designed to support employees confronting the challenges of managing
college expenses.
An additional hundred dollars may seem insignificant, yet it accumulates. Consider a borrower with a $20,000
balance on a 10-year loan with a 6% interest rate. That additional $100 monthly translates to over $2,600 in
total interest savings.