These companies offer student loan repayment benefits

Many companies offer employees money to pay down their student loans. (iStock)

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. 

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 16 companies that provide money for their employees so they can pay down their student loans sooner.

1. Aetna

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.

2. AlloSource

The company that researches allogeneic cells and tissues, partnered with, 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.

4. Chegg

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.

5. Estee Lauder

The cosmetics company gives employees $100 a month with a maximum of $10,000.

6. Fidelity Investments

The retirement provider offers $2,000 annually with a maximum of $10,000.

7. 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.

8. LiveNation

The concert and events company gives $100 a month with a maximum of $6,000.

9. Natixis Global Asset Management

The asset management company gives $1,000 annually with a maximum of $10,000 over 10 years.

10. New York Life

The insurance company offers $170 a month with a maximum of $10,200 over five years.

11. Nvidia

The chipmaker gives employees who graduated within the past three years $6,000 annually for a maximum of $30,000.

12. Penguin Random House

The publishing giant offers $100 a month for up to $9,000 over 7.5 years.

13. Peloton

The fitness company provides $100 a month with no maximum amount of years. 

14. PricewaterhouseCoopers

The professional services company offers $100 a month for six years.

15. SoFi

The personal finance lender offers $200 a month.  

16. Unum

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.