The U.S. government has been grappling with proposals aimed at canceling student loan debt, but because it’s a complicated and controversial issue, the process has been moving along in fits and starts. In the meantime, those 43 million people are still looking for solutions to this financial burden. If student debt is weighing heavily on your mind, not to mention your day-to-day lifestyle, it may be time to search for an employer that is willing to help you pay off some of that debt. The good news? A growing number of employers have stepped up. “I definitely see the trend of ‘student loans as a benefit’ increasing,” says Will Geiger, CEO and co-founder of Scholarships360.org, a platform that helps students find money to pay for college. “The reason is a combination of rising student loan debt among college graduates and a more competitive labor market.” Additionally, thanks to the CARES act, employers can make tax-deductible contributions to an employee’s student loans of up to $5,250 per year under an educational assistance program, says Geiger. “This has been extended to 2025, so between rising student loan debt, the competitive labor market, and the CARES act, the environment is right for this trend to take off,” adds Geiger. With data from FlexJobs (which dedicated an entire post to this issue) and Scholarships360, here’s a closer look at the growing crop of companies that have committed to helping their employees address student loan repayment. Aetna also provides loan repayment and financial advising programs for its employees. Through the program, Andersen Global offers full-time employees $100 per month for 60 months to help with student loan payments. The company also gives a $6,000 lump-sum payment at the end of five years. This makes for a total contribution of $12,000 toward student debt. What’s more, the new Equity for Education funding is in addition to the $1,000 per year that Chegg employees with student debt already receive. The generous program covers federal Perkins loans, private loans, subsidized and unsubsidized Stafford loans, grad plus loans, and more. Employees must be full-time and have worked with the company for one year in order to qualify. PricewaterhouseCoopers provides up to $1,200 annually toward employees’ student loans. The lifetime maximum contribution is $10,000. Job opportunities at Medix range from recruiter openings to sales positions and corporate opportunities. The Irvine, California-based company pays up to $1,000 a year towards employees’ student loans.
