As your college graduation draws near, you may wonder, how will I pay off these student loans? There’s no doubt that college is expensive and while scholarships and grant aid can help, many students are required to take out loans to bridge the gap. Thankfully, you may not be alone in paying it back. Some companies help pay student loans! Here are some examples of jobs and companies you may want to apply to help you tackle those monthly payments.
Companies That Help Pay Student Loans
Aetna, the health insurance company, offers a tuition reimbursement program to its employees. Individuals need to be eligible to enter the program but will have to contact the company for more information about qualifications.
In addition, Aetna also offers a tuition assistance program where they cover expenses related to college and education related to the individual’s position in the company. How much you receive depends on whether you’re attending college full-time or part-time and the type of degree or courses you’re pursuing.
2. Fidelity Investments
Fidelity Investments is a financial services company that also offers a tuition reimbursement program to its employees. They grant up to $10,000 to qualified individuals.
A computer technology company, Nvidia gives their qualified employees up to $30,000 to put towards student loans. Individuals must have been with the company for at least 3 months and graduated college within the last 3 years. Both full-time and part-time employees can qualify.
Nvidia also has tuition reimbursement for those who wish to go back to school for certain courses and student loan refinancing through their partnerships.
4. Penguin Random House
Penguin Random House is a book publisher and another company that helps pay back student loans for its employees. Full-time employees that have been with the business for at least a year can receive up to $1,200 each year in assistance, though the limit is capped at $9,000.
SoFi is a personal finance company that offers student loans and refinancing programs, but they also offer financial assistance to their employees. Every month, SoFi employees can receive up to $200 to put towards their payments.
6. United States Government
The United States government also has tuition repayment plans for many employees! The amount an individual can receive (and if the program is offered) depends on the agency. However, the program can only be used to pay off federal student loans, not private ones. In addition, those in public service could qualify for the Public Service Loan Forgiveness (PSLF) program as long as they have made 120 consecutive payments and met other requirements.
7. Anderson Global
Anderson Global, in partnership with Gradfi, had a student repayment program for its employees that work over 20 hours a week and have been with the financial services company for at least a month. Qualifying individuals can receive up to $12,000 over five years.
8. Estée Lauder
This beauty company offers both tuition reimbursement and assistance with paying off student loans to its team members. Those that qualify for the student loan assistance program can receive up to $100 a month which is capped at a total of $10,000.
9. Ally Financial
Although Ally Financial doesn’t offer student loans to individuals looking to go to college, they will help their employees pay them off! The Total Reward program grants up to $100 a month for up to $10,000.
Like Anderson Global, Carvana partnered with Gradfi to offer a student loan reimbursement program. Full-time employees can receive up to $1,000 each year to put toward their current loans.
An education technology website, Chegg also offers financial assistance to its employees and their student loans. Under the Equity for Education program, employees can receive cash payments to put towards their loans ($1,000 each year) or stock shares.
12. And More
There are plenty of other companies that help pay student loans! Here are a few more:
- Lockheed Martin
- New York Life
- First Republic
This is not a definitive list by any means! Small and large companies all over the country (and the globe) have student loan reimbursement and tuition payment programs for their employees. If you are curious about your employer and potential programs, try reaching out to your Human Resources department.
While company student loan repayment programs can make a dent in your debt, they likely won’t cover all of your expenses. Is it time to refinance your loans and aim for a lower rate? Find out how you can refinance and compare your loan options right here!
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