Companies that pay off student loans in 2024

We have compiled a list of companies that pay off student loans for their employees in 2024, but before the list here are some key points to note about student loans in the US.

Key Points

• The outstanding federal loan balance is $1.602 trillion and accounts for 92.8% of all student loan debt.
• 43.2 million borrowers have federal student loan debt. 
• The average federal student loan debt balance is $37,088, while the total average balance (including private loan debt) may be as high as $39,981.
• Student loan debt in the United States totals $1.727 trillion

Employers That Pay Off Student Loans

1. The U.S. Government

Jobs that offer assistance with student loan repayment are not limited to private companies. Government employees in the United States may also be eligible for such assistance through the Federal Student Loan Repayment program. The specifics of this program vary depending on the agency where the employee works. Generally, employees can receive up to $10,000 per year and a maximum of $60,000 over their lifetime towards repaying their student loans. It’s important to note that this program only applies to federal student loans.

In addition to this repayment assistance, government employees may also have the opportunity to qualify for Public Service Loan Forgiveness (PSLF) for their federal student loans. PSLF allows for the forgiveness of the remaining balance on direct loans after the employee has made 120 consecutive payments while working for a qualifying employer. However, it’s important to be aware that meeting the criteria and requirements for PSLF can be challenging. Therefore, it is crucial to thoroughly understand the qualifications needed to participate in the program.

Aetna

Aetna is an employer that pays student loans, and it also offers a tuition reimbursement program. Aetna will match student loan payments for eligible employees who meet specific criteria. For more information about Aetna’s student loan repayment program, contact the company directly.

As for its tuition assistance program, Aetna pays 100% of eligible expenses for degrees or job-related school courses. For full-time employees, Aetna will pay up to $5,000 a year toward a degree, and up to $2,500 for job-related courses and certificates.

For part-time employees working 20 to 39 hours a week, Aetna offers up to $2,500 for courses that are part of a degree program and $2,500 for career-related courses.

Andersen Global

Andersen Global, a financial consulting firm catering to individuals and businesses, has teamed up with Gradifi, a student loan repayment platform, to offer student loan repayment assistance to its employees. Eligibility for this benefit is extended to all employees who work a minimum of 20 hours per week and have completed at least one month of service with the company.

Under this program, Andersen Global will provide a maximum of $12,000 towards student loan repayment. This amount will be disbursed as $100 per month over a span of five years. Upon completion of the five-year period, the company will make a one-time contribution of $6,000.

Ally Financial

Ally Financial has introduced programs aimed at assisting its workforce in financing their education, which encompasses a provision of up to $100 per month for the repayment of student loans. This advantageous scheme is subject to a maximum limit of $10,000 throughout an individual’s lifetime.

Chegg

Chegg provides employer student loan repayment assistance, which is accessible for individuals enrolled in two-year or four-year programs, irrespective of graduation status. The company offers up to $5,000 per year for entry-level to manager-level staff, and up to $3,000 for director- and vice president-level employees. Additionally, Chegg offers a non-taxed reimbursement of $5,250 for employees seeking further education.

CommonBond

 They offer up to $100 per month toward its employees’ student loans. This benefit is available to any employee, regardless of job title or the amount of time spent at the company. Employees will continue to get student loan repayment assistance until their loans have been paid in full.

Connelly Partners

The company will put up to $100 per month toward its employees’ student loan payments.

New employees receive a $1,000 signing bonus that can be put toward student loans. Once employees hit their five-year anniversary with Connelly Partners, they will receive another $1,000 bonus toward their loans.

Fidelity Investments

Fidelity Investments helps its employees pay off student loan debt, and it also offers tuition reimbursement to employees. Fidelity offers up to $15,000 in contributions for student loan repayment. The company claims it has helped its employees save a total of $38 million in student loans by shortening the time required to pay down loans. The full $15,000 is available for full-time employees, while those working 20-29 hours per week can receive $89 per month, with a lifetime cap of $7,500.

 Estée Lauder

 A global beauty product company, has joined the list of companies that pay off student loans. In 2018, the company announced that it would contribute $100 per month toward employees’ student loans, capping out at $10,000 in total student loan repayment.

First Republic Bank

First Republic Bank offers banking and wealth management services and has branches in only seven states. But if you live in an area where the company has a presence and work for the company for at least 20 hours a week, you could get student loan repayment assistance starting at $100 per month. For employees interested in student loan repayment, First Republic initially offers $100 per month. This amount increases every year that employees take advantage of this benefit, with a cap of $200 per month. First Republic will continue making payments toward the loan until it’s paid in full.

Google

Google matches employees’ student loan payments up to $2,500 every year. That comes out to roughly $208 per month. The benefit is only available for full-time employees, so contractors and temporary workers are ineligible.

Hulu

Hulu offers $1,200 annually to help employees pay down their student loan debt. To get more information about Hulu’s student loan repayment assistance program, reach out to Hulu directly.

Kronos

The company is another employer offering student loan repayment and tuition reimbursement. In order to be eligible for tuition reimbursement, Kronos must approve the courses.

Live Nation

Since 2017, the employer has offered $100 per month of student loan repayment assistance to eligible employees, with a lifetime maximum benefit of $6,000. Live Nation claims to have provided its employees with more than $4 million in student loan assistance.

Nvidia

The companies program reimburses the lesser of $500 per month, or the total required monthly payment on student loans if it’s less than $500. That comes to a maximum total of $6,000 in student loan repayment assistance per year, with a lifetime maximum of $30,000. Payments are made directly to the student loan servicer.

 SoFi

The company helps to pay off student loans for their employees, offering $200 a month in loan reimbursement.

PricewaterhouseCoopers (PwC)

In 2024, employees can receive up to $1,200 per year toward student loans, or $100 a month; PwC will ultimately contribute up to a total of $10,000. According to PwC, employees who take advantage of this perk can save up to three years on the life of their student loans.

Bottom Line

Many companies offer to repay student loans, and the list is growing. However, that benefit should only be part of the reason you choose to work for an employer. Ask prospective employers regarding their current student loan repayment program. If unsure about a company’s program offerings, feel free to inquire about it during the interview phase.