Today's post is written by Nate Matherson the co-founder and CEO of LendEDU. As you see from the title, he'll be introducing you to companies that have student loan repayment program as an employee benefit. LendEDU is one of the companies on the list. Nate does a good job introducing you to the companies and how each of their student loan repayment programs works
Any parent with a son or daughter in college or one who is planning for them to go knows how expensive college is. Costs are rising at 2x – 3x regular inflation. It's pricing many families out of college. Working through college can help a lot. Scholarships, grants, student aid, and other programs can help too.
The College Investor is a website designed specifically for helping families avoid student loan debt and offers ways to get out of or manage it. The site is run by a guy who introduces himself as Robert. I encourage you to visit the site if you have student loans or are thinking about taking out a student loan. He has some incredible resources to help.
Disclosure: I am not an affiliate of LendEDU nor am I endorsing them or any other company on the list. I have no financial or other relationship with Nate, LendEDU or any of the companies listed. This information is gained from sources believed to be reliable. I provide no guarantee to that effect.
Now let's get to today's post.
Companies with Student Loan Repayment Benefits
Student loan statistics are frightening, with data showing there’s around $1.52 trillion in outstanding student loan debt in the United States. With so many people owing so much, it’s no surprise borrowers are looking for help anywhere they can get it – and employers have responded. In fact, an increasing number of employers are now offering some type of student loan repayment assistance as an employee benefit.
If you’re interested in working for a company that will help you with your student loans, there are many options to choose from. In fact, here are 15 businesses you’ve probably heard of that provide student loan repayment benefits to workers.
LiveNation is an entertainment company that sells an estimated 500 million tickets to concerts, festivals, and other events across the world. LiveNation has more than 44,000 employees worldwide and it works with artists across the globe to connect them with fans and bring music to life.
In 2017, it was announced LiveNation would be working with Tuition.io to administer a program that assists employees in repaying student loans. The benefit will be available to employees who have been with the firm for at least six months. LiveNation matches up to $100 in employee student loan payments monthly up to a total maximum of $6,000.
Chegg is an interconnected learning program that is using technology to revolutionize the way people learn. While there’s a network of human help, it’s Chegg’s tech tools that really shine in allowing students to save time and money so they get the most bang for their buck on their educational investment. Services and tools offered by Chegg include textbook rentals, online tutoring, scholarship and internship matching, and even assistance with homework.
Since 2015, Chegg has offered student loan repayment assistance to both entry-level and manager-level employees. Chegg offers a $1,000 cash benefit to help workers pay student loans, and it also gives employees stock grants from a designated pool of shares. Chegg sells the stock for employees and after-tax cash is provided to Tuition.io, which manages student debt payment for participating employees. Senior level employees are eligible for up to $3,000 per year in student loan reimbursement through selling shares while entry-level and manager employees are eligible for up to $5,000 in annual assistance.
CommonBond provides private student loans and student loan refinancing options. It also partners with businesses eager to help their workers take control of their student loan debt. Since it was founded in 2012, CommonBond has funded more than $2.5 billion in student loans. The company has reached so many students because it makes borrowing simple and It aims to provide affordable financing at low rates.
In 2015, CommonBond announced the company would provide up to $100 per employee every month to help staff members repay their student loans. Employees remain eligible for this benefit until their loan is fully paid off as long as they remain employed with CommonBond.
Nvidia invented the GPU in 1999, sparking massive growth in the PC gaming market. Today, GPU deep learning has also spurred on modern artificial intelligence, as GPU can act as the brains behind robots, computers, and even self-driving cars. Nvida has made better graphics a reality and has revolutionized high-performance computing, earning its place as an industry leader in the field of visual computing.
Nvidia offers a student loan repayment program for full-time and part-time employees who work at least 20 hours per week and who have been with the company for at least three months. To be eligible, the employee must have received a degree within the past three years. Nvidia provides reimbursement of up to $500 or the employee’s total required monthly loan payment, whichever is smaller. There’s an annual $5,000 cap on the amount reimbursement and a $ 30,000-lifetime cap on total reimbursement.
SoFi aims to help people achieve financial independence. Members can join the SoFi community to learn about student loans, homeownership, career growth, and investing. SoFi also offers a variety of financial products including private student loans, student loan refinancing, personal loans, home loans, and self-directed or automated online investing. The company aims to be a one-stop shop for managing your money and accessing the products you need to get ahead.
In 2016, Sofi announced that it would begin providing assistance to employees to help them repay their student debt. SoFi will provide as much as $200 per month in repayment assistance and there is no cap on the amount of funds SoFi will provide to help staff members pay down their loans more quickly.
ChowNow is a commission-free tool that connects restaurants and customers. ChowNow facilitates direct customer orders from custom-built apps or directly from a restaurant’s Google profile, Facebook page, or website. The company makes it simple and easy for restaurants to get online where hungry customers can find them in seconds and place an order.
ChowNow matches up to $1,000 per year in employee student loan payments. Like many other companies on this list, ChowNow uses Tuition.io to manage its program. ChowNow originally began offering just $500 in matching funds but doubled the benefit because it proved helpful in attracting talented workers.
Kronos creates purpose-built workforce solutions to help companies enhance employee engagement. Workforce Dimensions by Kronos makes it easy to manage your entire workforce from any device. Companies that use Kronos can access one unified platform to manage talent, administer benefits, handle human resource tasks, and take care of payroll. The goal is to make managing talent simpler and faster while providing access to important compliance tools and embedded analytics.
Kronos offers employees up to $500 per year in assistance repaying student loans. It also helps staff members find ways to reduce student loan repayment costs through refinancing programs.
Fidelity is a leading investment company providing solutions for individuals, businesses, and charities. Fidelity offers financial planning and retirement solutions for individuals; helps companies build benefits programs; and offers brokerage and trading services to financial firms. Fidelity also facilitates charitable contributions through an independent public charity and has a Fidelity Labs division to explore emerging technologies that can help Fidelity customers.
Fidelity offers a Step Ahead Student Loan Assistance program that provides up to $10,000 in total repayment assistance to eligible employees. Employees are eligible for a maximum of $2,000 per year in financial assistance towards loan repayment and the benefit is paid monthly. Fidelity also offers online tools to staff members to make managing their student debt easier.
9. (my lucky number!) LendEDU
LendEDU is a financial education website and marketplace for financial products including private student loans, personal loans, home equity loans, and credit cards. Since 2014, LendEDU has worked to educate and empower site visitors to compare products and make smart decisions about improving their financial lives. Ample resources, including educational materials, calculators, and loan comparison tools all make accomplishing financial goals easier for site visitors.
In 2014, LendEDU announced it would pay $200 per month towards employee student loan balances to help staff members pay down their debt faster. This $2,400 per year benefit is available to all current and future LendEDU employees and is implemented in-house.
Staples is one of the leading office supply stores in the United States. Staples caters to individuals and businesses of all sizes and promises everyday low prices via mobile apps, retail stores, and direct sales. Whether you need custom business cards, office supplies, computers or office electronics, or even just paper or stationary, Staples has you covered.
Staples launched its student loan repayment program in 2016, although the benefit was initially available only to top-performers nominated by leadership and to new hires on Staples’ business-to-business sales team. Staples provides eligible employees with $100 monthly in funds towards student loan repayment for a total of three years. The maximum benefit available is $3,600.
11. Estee Lauder
Estee Lauder describes itself as the “global leader in prestige beauty.” It offers a full line of makeup, haircare, skincare, fragrances, and other beauty products. Estee Lauder products are sold in 150 countries and Estee Lauder actually has more than 25 different prestige brands to cater to the needs of different clientele. These products, together, are designed to help customers express their individual beauty.
Estee Lauder has worked with Tuition.io to provide student loan repayment benefits with as many as 46,000 employees potentially eligible. Employees must contribute at least 7% to student loan repayment, while Estee Lauder will match 100% of the first 3% and 40% on the next 4% of student loan repayments. Payments are distributed directly to employee loans in $100 increments each month.
12. Penguin Random House
Penguin Random House is a book publisher that publishes 15,000 print books and 70,000 digital books annually. Penguin Random House has more than 275 independent publishing imprints, each of which have their own editorial and creative goals. There are more than 100,000 Penguin Random House eBooks available worldwide, and the publisher publishes books across a wide variety of genres including both fiction and non-fiction.
Penguin Random House provides $1,200 in annual assistance to employees repaying student loans. Only full-time employees are eligible and they must have worked at the company for at least one year. The maximum Penguin Random House will pay is $9,000. The publisher used Gradifi to administer this benefit to eligible employees.
Unum is an insurance firm that provides disability insurance, life insurance, accident insurance, critical illness insurance, dental benefits, and vision benefits. Unum provides workplace benefits for more than 36 million people worldwide and an estimated 193,000 companies in the U.S. and U.K. offer benefits provided by Unum. In fact, as many as one in three companies on the Fortune 500 list have Unum benefits available to their workers.
Unum’s student loan repayment benefits program works differently than others on this list. Unum allows employees to trade up to five days of unused paid time off in exchange for the company making a payment on their student loans. Employees can make this trade through the company’s Student Debt Relief Program, which is managed by Fidelity. At Unum, full-time employees receive 28 days of paid time off during their first year with the company and can earn more over time.
14. CSAA Insurance Group
CSAA Insurance Group is headquartered in Walnut Creek, CA but also has offices in Arizona, Nevada, Colorado, Oklahoma, Delaware, and New Jersey. It aims to provide home and auto insurance that’s as reliable as AAA’s Emergency Road Service while also offering discounts to members that reward their loyalty to AAA. The insurance group has had an A or better rating from AM Best for the past 90 years and it prides itself on an easy claims process.
CSAA gives both full and part-time employees the option to utilize up to 4% of employer-matched retirement benefits to repay student loans instead of save for the future. CSAA provides a total of 6% of employer-matched funds to worker’s retirement plans. However, after workers have contributed at least 2% of their salaries to their 401(k) plan, they can choose to direct some or all of the remaining 4% match to student loan repayment instead of 401(k) contributions.
15. Banfield Pet Hospital
Banfield Pet Hospital began with just one veterinary practice in 1955 but has since expanded dramatically. Banfield Pet Hospitals are now available in locations throughout the country where state-of-the-art veterinary medicine is available. Banfield not only runs a network of hospitals where pets can receive preventative care, emergency services, or surgical interventions, but it also offers Optimum Wellness Plans to help ensure that care is affordable and furry family members are able to get the help they need to stay healthy.
Banfield’s student debt relief program is available to full-time eligible doctors. It includes a low-interest refinancing option; a contribution of up to $150 per month paid by Banfield on qualifying student loans; and a one-time $2,500 payment for each qualifying Banfield student program the doctor participates in prior to graduation.
Student Loan Benefits are Invaluable at Helping With Loan Repayment
When employers match repaid funds or otherwise provide assistance with student loan repayment, this additional help can accelerate the repayment process. Even small extra payments can significantly reduce the time it takes to repay loans and the total interest paid. Employers also benefit because workers with less debt experience less stress – and the benefit helps companies to attract talented and well-educated young professionals.
What if Your Employer Doesn’t Offer Student Loan Repayment Help?
Unfortunately, not all companies provide their workers with any assistance towards tackling their educational debt burden. If your company doesn’t, you can try talking to HR about whether this could be added as an employee benefit. You can also look into other options that help make repayment more affordable including:
- Student loan refinancing: Refinancing can allow you to reduce your interest rate, lowering both monthly payments and total repayment cost. Just be aware, refinancing federal loans would require you to give up access to important borrower benefits so make sure you won’t need those benefits before refinancing federal loans. Consumers with higher interest private student loans stand to save the most from refinancing.
- Loan forgiveness: If you work in a qualifying public service job, you could be eligible for Public Service Loan Forgiveness. Loan forgiveness programs allow loans to be forgiven after you’ve made 120 on-time payments on an income-driven repayment plan.
Exploring all of the different options to tackle student loan debt is important, so be sure to consider different solutions that can help you to make loan repayment cheaper and easier for you.Follow me on social media