8 companies that help employees pay off their student loans
The enormity of the student debt crisis is staggering. The Federal Reserve has reported a record-breaking $1.7 trillion in federal and private student loan debt, which is currently held by more than 44 million Americans.
This burden has enormous repercussions. Recent graduates may experience a narrower sense of possibility; decisions like starting a family or buying a home can become overwhelming in the shadow of debt obligations. The challenge of saving for retirement while paying off student debt may also deter entrepreneurship and risk-taking, which are crucial economic drivers. Moreover, the stress and strain caused by economic insecurity can impact everything from well-being to productivity. Financial issues are commonly cited as a leading cause of stress; in one study, 80% of surveyed employers reported that an employee’s personal financial issues affect job performance.
We also know that education is a critical gateway to the digital economy. Yet, many families lack the resources to invest in that education for their children and maybe deterred by the prospect of burdensome debt. Through our efforts to recruit new graduates to PwC, we also hear frequently from university presidents about the surge in mental health issues on campuses due in part to economic insecurity — and now, of course, concerns about mental health and well-being have been greatly exacerbated by the pandemic. The student debt crisis intersects with well-being, the digital skills gap, growing income inequality, and racial disparities — and requires innovative solutions by policymakers, institutions of higher education, and employers.
Currently, 17% of employers offer student loan debt assistance, and another 31% plan to offer it, according to the Employee Benefit Research Institute’s 2021 Employer Financial Wellbeing Survey. About 70% of employers said employee engagement in the benefit has increased since 2020.
Here are eight companies that are helping employees pay down student loan debt and also offer work-from-home positions, according to FlexJobs. The average annual base salary is courtesy of Payscale unless otherwise noted in the job posting.
1. Abbott
Employees of this healthcare research company based in Abbott Park, Illinois, can divert the 2% minimum contribution they would normally have to make to their 401(k) plans to get the 5% match to instead pay off their student loans. The employee still gets the 5% contribution in their 401(k).
Current job listings include: senior business analyst (average annual base salary: $86,107) and senior regulatory affairs specialist (average annual base salary: $89,212.)
2. American Family Insurance
Qualifying this Madison, Wisconsin-based company employees who have graduated with an associate’s degree or above and have student loan debt receive a monthly contribution of $100 for loan repayment. The lifetime maximum is $10,000.
Current job listings include quality assurance manager-commercial (average annual base salary: $81,436) and sales talent acquisition specialist (average annual base salary: $57,507).
3. CommonBond
CommonBond, a New York-based online lender that provides student loans and student loan refinancing, provides up to $100 per month towards student loans for its employees with no lifetime cap.
Current job listings include: DevOps engineer (average annual base salary: $96,624) and compliance manager (average annual base salary: $79,307.)
4. Fidelity Investments
The Boston-based financial services company provides eligible employees a maximum of $2,000 a year and a lifetime maximum of $10,000 towards student loans.
Current job listings include: principal content strategist (average annual base salary: $62,350) and investment solutions representative (average annual base salary: $45,212/ year.)
5. New York Life
New York Life contributes $170 monthly, over five years, towards student loans in good standing. Employees can reduce their debt by up to $10,200 while enrolled.
Current job listings include: implementation manager (average annual base salary: $74,270) and senior associate – business analytics advisor (average annual base salary: $86,10.)
6. Nvidia
Eligible employees of the Santa Clara, California, a tech company can apply for student loan reimbursement of $6,000 each year, up to $30,000.
Current job listings include: senior system software engineer (average annual base salary: $119,618) and automotive visualization designer (average annual base salary: $82,642.)
7. Parallon
Parallon, headquartered in Nashville, Tennessee, is a division of HCA Healthcare, which provides $100 a month for student loans of eligible full-time employees and $50 a month for part-time workers. Undisclosed lifetime maximums apply.
Current job listings include coding quality reviewer specialist (average annual base salary: $57,312/ year) and coding resolution specialist (average annual base salary: $41,910.).
8. Weedmaps
Weedmaps, an Irvine, California-based tech company in the cannabis sector, pays up to $1,000 a year towards employee’s student loans.
Current job listings include: paralegal (average annual base salary: $49,255) and senior recruiter (average annual base salary: $74,761)
Sources:
- https://youtu.be/I6NAOYwgIJc
- https://hbr.org/2021/03/companies-can-and-should-help-employees-pay-student-loans
- https://www.cnbc.com/2021/09/28/8-companies-that-help-pay-off-student-loans-and-let-you-work-from-home.html
- https://www.flexjobs.com/blog/post/download-flexjobs-guide-find-a-remote-job-start-working-from-home/
- https://fortune.com/education/business/articles/2021/05/07/this-fintech-company-will-pay-off-student-loans-for-employees/
- https://us-east-2.console.aws.amazon.com/polly/home/SynthesizeSpeech