Repaying student loans can be a herculean task as the average amount of loans continues to rise and many graduates are stuck with massive debt.
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The number of employers offering student loan repayment assistance is also increasing. This perk is helping companies attract employees and now 8 percent of companies offer the benefit, according to a 2019 survey by the Society for Human Resource Management (SHRM). That's double the same number from 2018.
Here is a list of 17 companies that provide money for their employees so they can pay down their student loans sooner.
Full-time employees at the insurance company receive up to $2,000 annually in matching funds with a $10,000-lifetime maximum while part-time employees obtain up to $1,000 in matching funds with a $5,000-lifetime maximum.
The company that researches allogeneic cells and tissues, partnered with Tuition.io, a student loan repayment platform provider, will pay an undisclosed percentage to the principal of the loan.
3. Anderson Global
The financial consulting company offers $100 a month for the first five years and then provides a lump sum of $6,000 for any employee who works at least 20 hours a week.
The education services company pays a maximum of $5,000 annually for entry-level to manager employees once they have been employees for two years and up to $3,000 for director and vice president-level employees.
The marketplace lending company provides $1,200 annually until the student loan is paid down.
6. Estee Lauder
The cosmetics company gives employees $100 a month with a maximum of $10,000.
7. Fidelity Investments
The retirement provider offers $2,000 annually with a maximum of $10,000.
8. First Republic
The bank and wealth management company pays $100 a month and increases annually with a maximum of $200 per month until the loan is paid off.
The concert and events company gives $100 a month with a maximum of $6,000.
10. Natixis Global Asset Management
The asset management company gives $1,000 annually with a maximum of $10,000 over 10 years.
11. New York Life
The insurance company offers $170 a month with a maximum of $10,200 over five years.
The chipmaker gives employees who graduated within the past three years $6,000 annually for a maximum of $30,000.
13. Penguin Random House
The publishing giant offers $100 a month for up to $9,000 over 7.5 years.
The fitness company provides $100 a month with no maximum amount of years.
The professional services company offers $100 a month for six years.
The personal finance lender offers $200 a month.
The insurance company allows employees to trade up to five unused vacation-day wages for their loans. The vacation-day wages are based on their hourly wages.