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If you are experiencing your student loan debt, your employer could be a valuable resource. Workplaces are increasingly offering education loan repayments like a benefit to attract and retain employees.
According towards the Society for Hr Management, 8% of employers offered student loan repayment assistance in 2022, up from just 4% in 2022. With a wave of workers leaving their jobs during the “big resignation,” employers may well be more likely to add desirable benefits for example education loan repayments as a way of attracting top talent.
Thanks towards the Consolidated Appropriations Act passed in 2022, there's another benefit to offering student loans: employers could make tax-exempt student loan contributions of up to Five dollars,250 until 2025. With this particular incentive financial, more employers may consider adding student loan repayment help their benefit packages.
If you're looking for a new employer, listed here are 13 firms that repay student loans to their employees.
1. The Allied Financial
Under the Ally's Total Rewards program, employees will get education loan repayment aid of up to One hundred dollars per month, up to a maximum of $ 10,000. According to the company, about 19% of their employees have taken benefit of the advantage up to now, receiving $ 1.95 million in aid coupled with their student loans.
The Carvana car buying platform joined forces with Gradifi in 2022 to offer education loan assistance to its employees. Employees will get as much as One dollar,000 per year to pay off their student loan debt. To be eligible for this program, you must be working for the company full-time.
Carhartt is a clothing retailer that sells clothing and accessories for males, women and children. In 2022, she launched a student loan repayment program for workers. As area of the program, Carhartt will contribute Fifty dollars monthly towards employee loans, up to a maximum of Ten dollars,000.
The education loan repayment plan, managed by Tuition.io, can be obtained for part-time and full-time employees.
Chegg is definitely an educational technology site that sells and rents textbooks, provides tutoring services, while offering career advice and resources. In 2022, it launched its Equity for Education program, which introduced new student loan repayment benefits. Since its inception, the program has paid down One million dollars in employee student debt.
Chegg's education loan program has two sections:
- Cash. Employees receive One dollar,000 per year for student loan repayment.
- Stock actions. Chegg sets aside a swimming pool of shares, that they sells on behalf of the worker. The after-tax total is transferred to Tuition.io, the third-party company that manages a student loan repayment program. Through the shares, entry-level and managerial employees can get as much as $ 5,000 per year in student loan assistance, in addition to the One dollar,000 cash benefit.
5. Estée Lauder
Estée Lauder may be the parent company of major cosmetics and beauty brands such as Clinique, MAC and Smashbox. In 2022, Estée Lauder announced extended benefits because of its employees, together with a education loan contribution program.
With this benefit, employees can receive as much as One hundred dollars per month for his or her student education loans, up to a more Ten dollars,000.
6. Fidelity Investments
Fidelity Investments will introduce education loan assistance in December 2022. Under this new program, employees can get as much as $ 15,000 in student loan contributions using their employer. According towards the company, it'll generate more than $ 38 million in education loan savings for Fidelity Investment employees.
As one of the largest technology companies on the planet, Google employs more than 100,000 people. It launched a brand new student loan enter in 2022 for U.S. employees. As thing about this benefit, Google will match up to Two dollars,500 in student loan debt per year per employee.
Through a partnership with Tuition.io, streaming company Hulu is offering employees up to One hundred dollars monthly for his or her student loans, up to and including maximum of $ 6,000. Workers must have been employed by Hulu for at least annually and actively paying their minimum student loan add up to be eligible.
9. Lockheed Martin
Lockheed Martin, a global security and aerospace company, has launched an early-career initiative to attract recent graduates. As part of this program, he operates Purchase Me, that provides hired students a monthly cash bonus of $ 200 for 5 years, up to and including more $ 9,000. You may use the money to pay off student education loans or save for other purposes.
Peloton, the producer of home fitness equipment, partnered with Gradifi in 2022 to launch its student loan assistance program. Platoon gives eligible employees as much as $ 100 monthly to pay off their loans.
PwC (also referred to as PricewaterhouseCoopers) is a professional services firm. Through its education loan repayment program, participating associates or senior associates will get up to One dollar,200 each year, for up to six years, to repay their loans.
SoFi, a leading financial technology company, offers its employees as much as $ 200 per month in education loan repayment assistance. As an added benefit, employees can also take free finance courses to assist them to manage their debt and pursue their set goals.
Terminix is a pest management company that are operating in 47 states. Its employees can take advantage of its student loan repayment program and get as much as Fifty dollars per month for his or her loans, without any lifetime maximum.
To be eligible, employees must be full-time workers earning less than $ 150,000 and debt can't be in arrears of a student loan.
Pay off your student loans
There are lots of companies that help their employees repay their student education loans. If your employer doesn't yet offer this selection, speak to your recruiting department or manager about adding it as being a new benefit. This can be a cost effective way to help employees get out of debt sooner, and it is a beautiful perk for potential hires.