These Employers Will Help Pay Off Your Student Loan Debt
After being put on hold because of the pandemic, federal student loan payments will resume in January 2022.
Student loan debt is a relatively new issue in the United States. Fifty years ago, student loan debt didn’t exist. Now, as of August, the total student loan debt in American is $1.7 trillion.
If you’re currently looking for a new job and still have student loan debt, there’s good news to share. Employers are now offering help to pay off student loans to attract prospective employees and retain current talent.
Being able to work remotely and ending drug testing are just some of the perks offered. Several companies are sweetening the offers by setting up student loan payment plans.
According to the Employee Benefit Research Institute’s 2021 Employer Financial Wellbeing Survey, 17% of employers offer student debt assistance, and another 31% plan to offer it in the coming months.
CNBC found eight such companies that offer student loan help and give employees the option to work from home. Here are a few:
- Abbott: The healthcare research company based in Abbott Park, Illinois, can divert the 2% minimum contribution they would typically have to make to their 401(k) plans to get the 5% match to pay off their student loans instead. The employee still receives the 5% contribution in their 401(k).
- New York Life: The company contributes $170 a month towards student loans in good standing.
- American Family Insurance: Employees who have graduated with an associate’s degree or above and have student loan debt receive a monthly contribution of $100 for loan repayment with a maximum lifetime amount of $10,000.
- Fidelity Investments: The financial services firm offers eligible employees a maximum of $2,000 a year and a lifetime maximum of $10,000 towards student loan repayment.
- Weedmaps: The Irvine, California-based tech company in the cannabis sector pays up to $1,000 a year towards employee’s student loans.
Read the complete list of companies on CNBC.