Top Companies that Offer Student Loan Benefits
For those entering the workforce with a student loan, there are several companies that offer their employees assistance in paying off student loans. The benefits range from paying off the loan completely to varying degrees of additional financial support to help get the loan paid off quicker. Below we've curated all of the companies offering student loan repayment assistance to employee in a sortable database along with links to their open jobs. We've also highlighted a few of the largest companies offering student loan benefits, and shared details on their specific programs. If you know of a company that is hiring and offers a relevant loan benefit, please let us know on twitter @Teal_HQ.
Once you find a job at a company that offers student loan repayment benefits, you can use Teal's job tracker to bookmark and track that opportunity. The free job tracker will help you stay organized and optimize your application. Get started with Teal today!
Nvidia
Nvidia offers recent graduates a $6,000 reimbursement each year up to $30,000. The employee needs to apply for reimbursement each year. The company considers a recent graduate as someone who has graduated in the last three years.
In addition, Nvidia offers tuition reimbursement on approved courses and the option for employees to refinance their student loans through the company's relationship with SoFi. There is a $200 to $500 bonus for those who qualify for the refinancing.
Although Google is well known for its employee benefits package, it was only in 2020 that assistance with student loans was included.
From September 2020 forward, US-based employees are eligible for $2,500 each year toward their student loan. There does not appear to be a cap on this payment.
SoFi
Besides partnering with other companies to offer student loan refinancing options, fintech company SoFi offers employees $200 per month in student loan repayment assistance. There is no lifetime cap on this assistance.
LendEDU
As an online marketplace offering private student loans and student loan refinancing, it is not unexpected that student loan assistance is part of LendEDU's employee benefit package. The fintech company offers employees $200 per month toward their student loans with no lifetime cap on this payment.
Gradfi
Student financing is what Gradfi focuses on, so it isn't surprising that they provide their employees with financial assistance to pay off their student loans.
Employees at Gradfi are eligible to receive $250 per month to repay their student loans. This assistance has a lifetime cap of $10,000.
Commonbond
Commonbond is another of the companies in the student loan business that is happy to offer its employees student loan benefits. There is no lifetime cap on the student loan assistance provided, with employees that have student loans eligible for $100 each month to help them get their loans paid off quicker.
Chegg
Chegg is an ed-tech company that offers a generous and tiered student loan repayment benefit. At entry-level, employees are eligible for $1,000 per year towards the repayment of student debt as part of its Equity for Education program, employees from entry-level to management who have been with the company for two or more years are eligible for an additional $5,000 each year to go toward student loan repayment obligations.
Those in the roles of vice president or director are eligible for an additional $3,000 per year once they have been with Chegg for two years under the Equity for Education program.
In addition, Chegg offers employees up to $5,250 per year for continuing education. There is no lifetime maximum on the student loan reimbursements offered by Chegg.
Carvana
Tech company Carvana is one of the leading car buying platforms in the business. They have partnered with Gradfi and offer employees student loan reimbursements of $1,000 each year towards relieving the burden of student debt. However, it is unclear from the information available whether this reimbursement has a lifetime cap.
Unum
Insurance tech company Unum offers one of the more unique employee benefits concerning student loan reimbursements. The company allows its employees to trade up to five days of their unpaid vacation days for the cash to put towards their student loans. The value differs among employees, with the payment based on the employee's hourly rate.
First Republic
Not only does First Republic Bank offer innovative tech-based banking solutions, but it also offers a competitive employee package when it comes to student loan reimbursements and assistance. In addition, First Republic offers a starting monthly payment of $100 per month toward student loan repayments.
They are one of the few companies that also offer increases on the amount the longer the employee stays with the company. The reimbursement amount increases each year up to a maximum of $200 per month, with the employee eligible for this repayment until the loan is completely repaid.
AlloSource
Health tech company Allosource specializes in innovative cellular and allo tissue grafts. It also offers its employees a competitive and innovative package for student loan repayment reimbursements.
In partnership with tuition.io, a student loan repayment platform, Allograft provides employees with a one-off payment equivalent to an undisclosed percentage of their total student loan. This has the added advantage of saving the employee additional interest over the years.
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
While these companies offer long-term employee benefits to help those with student loans pay them off quicker, few people realize that the legislation enacted to protect people from the financial difficulties associated with the pandemic also comes with some student loans benefits.
When the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) came into force in March 2020, it was considered necessary to protect the US economy as the pandemic ran its course. Many people are unaware that hidden among all the other provisions is a benefit that is especially relevant to those with student loans. A temporary tax-free provision for employer student loan assistance programs was created.
This provision results in more employers adding student loan repayments benefits to the list of employee benefits they offer. Already, student loan repayments were becoming an increasingly common part of the employee benefits conversation. This has only added to the likelihood of them being included in packages in the future.
With tech companies being some of the most innovative out there, it is worth asking employers what student loan related benefits they offer when considering a position. See Teal’s guide to approaching salary and benefits negotiations with confidence.
