Companies That Pay Off Student Loans: 25 Employers

Student loan debt hit $1.77 trillion in 2023 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 employees. Some have stepped up with repayment assistance and tuition reimbursement to help recruit top talent.

Struggling With Student Loan Payments Beyond Employer Help?

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You can find relief through employer programs while exploring additional support through our partner Cambridge Credit Counseling.

25 Companies That Help Employees Pay Off Student Loans

Several well-known national employers help their staff pay off student debt. Here are the top companies offering this benefit:

23andMe

Consumer genetics company 23andMe offers $2,300 in annual tuition reimbursement. You also get monthly contributions toward student loan payments.

Aetna (CVS Health)

Aetna provides tuition assistance and reimbursement plus student loan refinancing help. Full-time employees can get $2,000/year in student loan assistance. Lifetime maximum: $10,000.

Ally Financial

Ally Financial runs a Student Loan Paydown Assistance program. You receive $100/month in assistance with a lifetime max of $10,000. The company also offers up to $10,000 per year in tuition reimbursement. Parents can take advantage of Ally’s $100/month 529 Education Savings Plan benefit.

Andersen (Andersen Global)

Andersen offers both student loan repayment assistance and tuition reimbursement. Employees may be eligible for up to $12,000 in student loan assistance. You only need to work half time (20 hours weekly) to receive benefits.

Carhartt

Carhartt offers student loan repayment assistance to employees with student loans. Parent PLUS loans also qualify. Employees receive monthly payments toward the principal on their student loans.

Carhartt also offers tuition reimbursement for employees pursuing education in career-related fields.

Carvana

Automotive e-commerce company Carvana works with Gradifi to offer $1,000 toward full-time employees’ student loan payments.

Chegg

Chegg runs an Equity for Education Program to help employees repay student loans. The online education company also offers tuition reimbursement. Chegg advocates for other companies to offer similar education benefits.

CommonBond

CommonBond is a solar financing lender for installers and homeowners. The company offers student loan reimbursement assistance for employees.

Estée Lauder

Estée Lauder offers $100/month for U.S.-based employees’ student loans. Total contributions max out at $10,000. The cosmetics company also runs a Learning & Education Assistance Program. You get reimbursed for tuition and materials for approved academic courses.

Fidelity Investments

Fidelity Investments provides up to $15,000 in student loan repayment assistance.

Freddie Mac

Government-sponsored mortgage buyer Freddie Mac pays up to $9,000 in student loan assistance. The company works with Tuition.io for education assistance benefits.

Google

Google offers up to $2,500 per year in student loan repayment assistance. You must be a full-time employee to qualify, not a contractor.

Guardian

Life insurance company Guardian advertises student loan repayment assistance as a benefit. The company does not disclose the amount publicly.

Hulu

Disney-owned streaming service Hulu offers up to $1,200 a year in student loan repayment assistance.

LiveNation

Entertainment company LiveNation offers $100/month in employer student loan repayment assistance. Lifetime maximum: $6,000. The company also offers graduate, undergraduate, and continuing education tuition reimbursement.

National Grid

Natural gas and electricity provider National Grid offers student loan repayment through its Student Loan Repayment Program. Lifetime benefit: $6,000. National Grid also offers tuition reimbursement for eligible employees currently enrolled in school.

New York Life

New York Life runs a student loan repayment program and tuition reimbursement program. Employees get up to $170/month in student loan repayment assistance. Lifetime value: $10,200.

Nvidia

Technology company Nvidia has a generous student loan repayment program. You get up to $500/month as an eligible employee (full- and part-time). You must have graduated within the last three years to qualify. Maximum benefit: $30,000.

Peloton

Fitness giant Peloton offers $100/month in student loan repayment assistance. The company did not disclose the maximum lifetime benefit amount.

Penguin Random House

Penguin Random House offers a student loan repayment assistance program worth $100/month. Eligible employees can get a maximum benefit of $9,000.

PWC (PriceWaterhouseCoopers)

PWC’s Student Loan Paydown program helps associate- and senior associate-level employees. You can get up to $1,200 per year in assistance. Maximum: $10,000.

Staples

Office supply retailer Staples offers $100/month for up to 36 months. The program is administered by Tuition.io.

SoFi

SoFi offers student loan repayment assistance to employees. Tuition reimbursement: up to $5,250 per year, maxing out at $25,000.

Sotheby’s

International auction house Sotheby’s offers up to $150/month or $1,800/year through Gradifi.

U.S. Government

The U.S. government offers employees up to $60,000 total in loan repayment. You receive significantly higher benefits than the average private company maximum.

The tradeoff with government positions? Strict promotion and compensation practices limit salary growth over time. You can’t renegotiate your salary and bonus like in the private sector.

Note: Your field may include other companies offering student loan reimbursement. Don’t limit your search to these 25 employers.

Things to Consider About Student Loan Reimbursement Benefits

You need to understand how student loan repayment assistance and other benefits work. Ask these questions during your job search:

How long do you have to work before qualifying for assistance? How long to max out your benefit?
Who qualifies for the benefit? Full-time only, or part-time employees too?
Are there school or subject matter limitations?
How will repayment assistance affect your taxable income?
What other benefits does the company offer? Which are your top priorities?

Congress removed tax limitations for employer contributions up to $5,250 per year. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made this change. Any repayment amount up to $5,250 is tax-free for you. The provision remains in place until 2025.

How Does Public Service Loan Forgiveness Fit In?

You can get federal student loans forgiven through Public Service Loan Forgiveness (PSLF). Your employer doesn’t need to offer loan repayment as a perk.

PSLF is available to people working full time for federal government, state or local government, or qualifying nonprofits. Borrowers who enroll have loans forgiven after making 120 qualifying payments. You must follow all program requirements.

Do Private Student Loans Qualify for Assistance Programs?

Each company creates its own student loan repayment benefits and guidelines. Ask your employer’s human resource department if private student loans qualify.

Private student loan holders often have fewer repayment plan options than federal loan holders. If your private loans don’t qualify, contact your loan servicer about refinancing. You may get a lower monthly payment or interest rate. Ask the servicer about other repayment plan options.

Still Drowning in Student Loan Debt? Here’s What to Do

Many Americans struggle with overwhelming student loan debt. Even with solid personal finances, high balances can feel impossible to overcome.

If you’ve explored other debt relief options without success, consider your alternatives. A debt management plan through our partner Cambridge Credit Counseling can help you reduce payments and lower interest rates. You work with certified counselors who negotiate with lenders on your behalf.

For severe financial hardship, bankruptcy may discharge student loans if you meet specific eligibility requirements. You must prove undue hardship to erase your loan balance.

Frequently Asked Questions

What companies offer the best student loan repayment benefits?

The U.S. government offers up to $60,000 in loan repayment, the highest benefit available. Nvidia provides $500/month (up to $30,000 total) for recent graduates. Fidelity Investments offers $15,000, and Andersen provides up to $12,000. Google, New York Life, and Ally Financial each offer $10,000 lifetime maximums.

How do employer student loan repayment programs work?

Employers make direct payments to your student loan servicer on your behalf, typically monthly or annually. You must meet eligibility requirements like full-time employment status and waiting periods. Most programs have annual limits (often $100-500/month) and lifetime caps ($6,000-$60,000). Contributions up to $5,250 per year are tax-free through 2025.

Can I use employer student loan benefits for private loans?

Some employers include private student loans in their repayment assistance programs, but not all do. You need to check with your human resources department about specific eligibility requirements. Federal loans typically qualify more often than private loans. If your private loans don't qualify, contact your servicer about refinancing options.

How long do I have to work before getting student loan assistance?

Waiting periods vary by employer, with many requiring 6-12 months of employment before you qualify. Some companies like Andersen allow part-time employees (20 hours/week) to participate. You should review your employee benefits package carefully and ask HR about specific timelines and qualification requirements.

What if my employer doesn't offer student loan repayment assistance?

You can explore Public Service Loan Forgiveness (PSLF) if you work for government or qualifying nonprofits. Debt management plans through credit counseling agencies can reduce your monthly payments and interest rates. Income-driven repayment plans adjust federal loan payments based on your earnings. Refinancing private loans may lower your interest rate.

25 Companies That Help Pay Off Your Student Loans in 2024