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.
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.
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.
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.
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.
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.