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With student debt rising, loan repayment assistance is becoming an increasingly popular employee benefit. The number of companies that pay off student loans doubled between 2018 and 2019, from 4% to 8%, according to the most recent data from the Society for Human Resource Management.
This benefit can help you , but program structures vary. Here’s what looks like at 12 companies:
Benefit details: Full-time employees: match up to $2,000 per year, with a $10,000 lifetime maximum. Part-time employees: match up to $1,000 per year, with a $5,000 lifetime maximum.
Industry: Marketplace lending
Benefit details: $1,200 per year, until the loan is paid off.
Industry: Skin care and makeup
Benefit details: $100 per month, with a lifetime maximum of $10,000.
Industry: Financial services
Benefit details: $2,000 per year, with a lifetime maximum of $10,000.
Industry: Events promotion
Benefit details: $100 per month, or $1,200 per year, with a lifetime maximum of $6,000.
Industry: Asset management
Benefit details: $1,000 annual benefit — up to $83.33 per month, for a lifetime maximum of $10,000 over 10 years.
Benefit details: $170 a month with a lifetime maximum of $10,200 over five years.
Benefit details: Recent graduates (within the last three years) can apply for reimbursement of $6,000 each year to help repay student loans, up to $30,000.
Benefit details: $100 per month, up to $9,000 for up to 7.5 years.
Benefit details: $50 per month, with no lifetime maximum.
Industry: Professional services
Benefit details: $100 per month, or $1,200 per year, for up to six years.
Industry: Office supply retail
Benefit details: $100 per month for 36 months.
If your company pays off student loans, using this benefit can and lead to you paying less interest overall.
For example, let's say your company offers to pay $100 toward your student loans monthly. If you owed $27,000 at an interest rate of 5%, you'd pay $286 a month, be debt-free in 10 years and pay $7,320 in interest. But with that extra $100 a month, you'd shave off over three years of payments and save $2,282 in interest.
Make sure you understand your employer's program before you enroll. For example, your company may require you to be employed for a set number of years before you're eligible, or it may offer to match your existing payments — which means you might want to to maximize this benefit.