In an effort to attract loyal workers in the current job market, some employers have begun offering student loan debt assistance programs.
Recent research from the Employee Benefit Research Institute (EBRI) showed that about 17% of large companies currently offer benefits for student borrowers, while 31% plan to offer student loan assistance in the next two years.
Among the employers that offer student debt assistance, 30% of them offer student loan repayment benefits.
Keep reading to learn more about employer-sponsored student debt benefits, including a list of companies that will help you repay your student loans. If you don't have access to these types of programs, you could consider alternative student loan repayment options like refinancing. You can compare student loan refinancing rates on Credible for free without impacting your credit score.
Companies that offer student loan repayment programs
More than half (55%) of college graduates with student loan debt said they would consider looking for a job at a company that offers student debt forgiveness, according to a recent survey from ConsumerAffairs.
To attract and retain top talent, many large companies have pledged to help their workers repay student loans. Here are 10 employers, from book publishers to entertainment companies, that offer student loan repayment assistance programs, according to Credible:
- Carhartt: $50 per month with a $10,000 maximum limit (full-time and part-time employees)
- Carvana: $1,000 per year (full-time employees only)
- Estee Lauder: $100 per month with a $10,000 maximum limit
- Fidelity Investments: Up to $15,000 total for those who work 30 or more hours a week and $7,500 for those who work less than 30 hours a week
- Google: Up to $2,500 for full-time employees
- Honeywell: $150 per month with a $10,000 maximum limit
- Live Nation: Up to $100 per month with a $6,000 maximum limit
- Penguin Random House: $100 per month, $9,000 lifetime maximum (full-time workers only)
- SoFi: $200 per month with no annual cap or maximum limit
- Staples: $100 per month with $3,600 maximum limit
Additionally, workers who are employed by federal agencies like the Department of Defense or the VA may qualify for Federal Student Loan Repayment worth up to $10,000 annually with a $60,000 maximum lifetime contribution. To be eligible, U.S. government employees must sign an agreement to stay with the agency for at least 3 years.
Still, many student loan borrowers won't have access to these employer-specific debt repayment benefits. If your employer doesn't offer student loan relief, you could consider refinancing to a private student loan while interest rates are near record lows. You can begin the process by comparing offers across multiple lenders at once on Credible's online loan marketplace.
What to do if you can't get student loan relief
Although some large companies offer student loan debt assistance, nearly half (48%) of those surveyed by EBRI said they don't plan on offering these programs in the future. If you're struggling to repay your student loan debt but you don't have access to employer-sponsored benefits, there are a few alternative debt repayment strategies you could consider:
- Income-driven repayment plans (IDR). Federal student loan borrowers can limit their monthly student loan payments to 10-20% of their disposable income by enrolling in an IDR plan on the Federal Student Aid website.
- Economic hardship or unemployment deferment. You can apply for up to three years of forbearance on your federal student loans if you demonstrate financial need. Keep in mind that interest may accrue during deferment.
- Student loan refinancing. Refinancing to a private loan at a lower interest rate may help you pay off debt faster, reduce your monthly payments and save money over time. Use Credible's student loan calculator to decide if this strategy is right for your financial situation.
It's important to note that refinancing your federal loans into a private student loan will make you ineligible for select government benefits, such as administrative forbearance, IDR plans and federal student loan forgiveness programs. If you don't plan on utilizing these federal benefits — or if you already have private loans — then it may be worthwhile to refinance to a lower rate.
You can learn more about student loan refinancing by getting in touch with a knowledgeable loan officer at Credible.
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