Student loan debt is one of the financial problems the U.S has and will continue to have for many years to come. In 2016, the U.S. recognized the student loan debt to have reached $1.3 trillion in total for 40 million borrowers. With the student loan debt increasing each year, companies are proposing student loan payment plans for top talents to start their adult lives on stronger financial footing. Companies are offering education assistance to attract and recruit hard-working millennials. The assistance consists of education reimbursements, discounted tuition, etc.
The following companies offer education assistance for student-employees to pay their way through college:
- Aetna – Matches full-time employee’s student loan payments up to $2,000 a year, with a total cap of $10,000. Part-time employees receive $1,000 a year, with a cap of $5,000
- AllSource – Offers employees a monthly contribution toward student loans.
- Alternatives ABA, Inc. – The organization offers its employees a monthly contribution toward their student loans.
- Andersen Tax – The company provides any regular, full-time employee $100 per month for 60 months with a $6,000 lump-sum trailer at the end of the five-year period, or a total of $12,000, toward their student loan debt.
- Apple – Depending on your position, you might be eligible to qualify for around $5,000 toward your education.
- AT&T – Offers tuition reimbursement to full-time employees. For an undergraduate degree, AT&T is willing to pay one sum of $20,000 and for a graduate degree $25,000.
- Bellco Credit Union – A Denver-based credit union, Bellco works with student loan repayment program facilitator Gradifi to provide its employees’ loan contributions that let them pay their student loans off more quickly.
- Best Buy – Offers up to $3,500 for undergraduate courses and $5,250 for graduate classes.
- Blach Construction — a commercial builder and construction manager in California. The company has been providing a student loan repayment program to its employees since 2017.
- Carhartt – Provides student loan repayment benefits to eligible full- and part-time employees. Staffers receive $50 per month toward their student loans, with a lifetime maximum of $10,000.
- Carvana – Offers its employees up to $1,000 a year to pay off their student loans.
- ChowNow – Along with a 401(k) plan and unlimited cold brew coffee, the company provides up to $1,000 a year toward student loans for their employees.
- Chegg – Offers up to $1,000 annually to help their full-time and part-time employees pay for their student loan debt.
- Chevron – Offers tuition reimbursement for up to 75% of employees’ educational pursuits.
- Chipotle – Offers up to $5,250 each year for educational assistance to both part and full-time employees.
- The City of Memphis – Not a company, but The City provides up to $50 per month toward the principal on their employees’ student loan balances.
- Coupa Software – As part of their loan repayment program, employees receive monthly contributions to help pay down the principal of their student loans. The benefit also extends to Parent PLUS loans and applies to the student loans of employees’ spouses and domestic partners.
- Disney – Offers education reimbursement to most full-time employees covering some or all education costs, depending on where the employee goes to school.
- Estee Lauder – Provides employees with up to $10,000 in contributions to their student loan repayments. Eligible employees receive $100 a month to pay down their loans.
- Hulu – Provides employees up to $1200 a year to repay their student loan debt.
- Kronos – The company provides $500 per year until the employee’s loans are paid off.
- Live Nation Entertainment – For those who’ve been with the company for more than six months, the firm matches employee contributions — up to $100 per month, with a cap of $6,000 in total.
- Penguin Random House – Offers up to $1200 a year to full-time employees that have been with the company for at least a year. The benefit caps at $9,000.
- Smuckers – Offers up to 75% for reimbursement on tuition for “approved external training and educational pursuits”.
- SoFi – Provides up to $200 a month toward student loan payments.
- Staples – Helps full-time employees repay their student loans with up to $3,600.
- Starbucks – Offers discounted tuition for employees who attend Arizona State University for their first two years, then free tuition for the remaining two years. The expenses, however, have to be deemed eligible by the company.
- UPS – Offers tuition assistance program since 1999 to their full-time and part-time employees.
- U.S. Government – U.S. Government employees may be eligible for student loan repayment assistance through the Federal Student Loan Repayment Program.
Here’s another list of other companies that also provide educational assistance to their employees:
- Ann Taylor
- Anthem Blue Cross and Blue Shield
- Applied Materials
- Bank of America
- Barnes and Noble
- Best Buy
- Capital One
- Fiat Chrysler Automobiles
- Home Depot
- John Deere
- Johnson & Johnson
- Lane Bryant
- Lockheed Martin
- Proctor and Gamble
- Starbucks via ASU Online
- Verizon Wireless
- Wells Fargo
Why are companies willing to invest in their employees’ futures?
Millennials often want to work for companies that foster and encourage their professional development. They’re looking for companies that will push them beyond their comfort zone while also offering essential benefits. As hiring becomes more and more competitive, companies understand that offering a student debt repayment program is a brilliant way to appeal to talented millennials. Keep in mind that each individual company has its own requirements in regards to who is eligible for these benefits.
Banks, Jessica. “These 10 Companies Will Help Pay Your Tuition If You Work For Them.” More.com, More.com, 19 Apr. 2017, www.more.com/money/finances/these-10-companies-will-help-pay-your-tuition-if-you-work-them. Web. 6 June 2018
“Why Your Company Should Consider a Student Loan Repayment Plan.” Talent Acquisition & Career Services | The Whether Report, 5 Apr. 2016, blog.thewhether.com/educators/why-your-company-should-consider-a-student-loan-repayment-plan/. Web. 6 June 2018
“33 Companies That Can Save You From College Debt.” Unbound, getunbound.org/blog/33-companies-that-can-save-you-from-college-debt. Thurs. 7 June 2018