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Total student loan debt has reached nearly $1.75 trillion, affecting 46 million Americans. According to Student Loan Hero55% of the class of 2020 took out student loans and graduated with an average of $28,400 in student debt.
With student loan debt such an overarching problem, more companies are offering student loan repayment assistance to employees, and using that benefit as a recruiting tool to attract new talent. After all, when you’re $30,000 in debt, what’s the more attractive benefit — a free gym membership or getting significant help with your student loan debt?
In a 2020 survey, SoFi found that student loan repayment assistance was the second most requested financial wellness benefit — second only to a 401(k) retirement plan with a match.
And thanks to the CARES Act, any money your employer kicks in to help you pay down your student loans is not taxable. Whether payments are made to the employee or the lender, up to $5,250 in assistance is excluded from taxable income through 2025.
Here are more than a dozen notable employers whose benefits package can help you make your student loan payments.
14 Companies That Offer a Student Loan Repayment Benefit
Over the last decade, many notable companies have jumped on the student loan repayment assistance bandwagon. Here are some of the more notable ones.
1. Fidelity
The financial services giant pays up to $2,143 per year, and a $15,000 lifetime maximum, in student loan payments for regular employees who work at least 30 hours per week. Workers with 20 to 29 hours per week can receive up to $1,071 per year with a lifetime maximum of $7,500 toward their student loan debt.
In 2021, the company announced it was waiting its six-month waiting period after hire and making the employer student loan repayment benefit available from day one.
2. Live Nation
“With student loan debt at an all-time high, we’re proud to have been the first entertainment company in North America to offer…
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