In order to attract loyal workers in today’s job market, some employers have started offering student loan assistance programs.
Recent research from the Employee Benefits Research Institute (EBRI) showed that about 17% of large companies currently offer benefits to student borrowers, while 31% plan to offer student loan assistance within the next two years.
Among employers who offer student debt relief, 30% offer student loan repayment benefits.
Keep reading to learn more about employer-sponsored student debt benefits, including a list of companies that will help pay off your student loans. If you don’t have access to these types of programs, you may want to consider other student loan repayment options like refinancing. You can compare student loan refinance rates on Credible for free without affecting your credit score.
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Companies that offer student loan repayment programs
More than half (55%) of college graduates with student loan debt said they would consider seeking employment with a company that offers student debt forgiveness, according to a recent study of Consumption.
To attract and retain top talent, many large companies have pledged to help their employees repay their 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 maximum limit of $10,000 (full-time and part-time employees)
- carvana: $1,000 per year (full-time employees only)
- Estee Lauder: $100 per month with a maximum limit of $10,000
- Loyalty investments: Up to $15,000 in total for those who work 30 hours or more per week and $7,500 for those who work less than 30 hours per week
- Google: Up to $2,500 for full-time employees
- Honeywell: $150 per month with a maximum limit of $10,000
- Living Nation: Up to $100 per month with a maximum limit of $6,000
- Random penguin house: $100 per month, lifetime maximum of $9,000 (full-time workers only)
- SoFi: $200 per month with no annual cap or maximum limit
- Staples: $100 per month with a maximum limit of $3,600
Additionally, workers who are employed by federal agencies like the Department of Defense or the VA may be eligible for Federal student loan repayment worth up to $10,000 per year with a maximum lifetime contribution of $60,000. To be eligible, US government employees must sign an agreement to stay with the agency for at least 3 years.
Yet many student borrowers will not have access to these employer-specific debt repayment benefits. If your employer does not offer student loan relief, you may consider refinancing a private student loan when interest rates are near their lowest levels. You can start the process by comparing offers from multiple lenders at once on Credible’s online loan marketplace.
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What to do if you can’t get student loan relief
Although some large companies offer student loan assistance, nearly half (48%) of those surveyed by EBRI said they have no plans to offer these programs in the future. If you’re struggling to repay your student loan, but don’t have access to employer-sponsored benefits, there are a few alternative debt repayment strategies you might consider:
- Income-based 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 difficulties or postponement of unemployment. You can ask for up to three years of abstention on your federal student loans if you demonstrate financial need. Keep in mind that interest may accrue during deferral.
- Student loan refinancing. Refinancing a private loan at a lower interest rate can help you pay off debt faster, lower 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 is important to note that refinancing your federal loans into a private student loan will make you ineligible for certain government benefits, such as administrative forbearance, IDR plans, and federal student loan forgiveness programs. If you don’t plan to use those federal benefits — or if you already have private loans — it may be worth refinancing at a lower rate.
You can learn more about student loan refinancing by contacting a knowledgeable loan officer at Credible.
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