5 employers who will help pay your student loans

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Companies Helping Employees Pay Down Their Student Loans


The student loan debt crisis is having a real impact on individuals and the economy in general. As a result, some lawmakers want to encourage employers to help their workers pay down their student loan debt. One proposal, for example, would grant businesses and workers a tax break.

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(Photo Credit: Tax Credits/Flickr)

But, some employers are beating lawmakers to the punch, offering workers assistance in paying down their student loans, in the hopes of hiring and retaining top talent. Student loan payment benefits are growing in popularity with employers as well as employees, and it's not hard to understand why. Let's take a closer look at a few employers that are already on board.

1. The federal government.

The Federal Student Loan Repayment Program has been helping federal employees pay down their student loans for years. In 2014, over 8,000 workers were provided with student loan repayment benefits totaling more than $58 million.

2. Fidelity.

Fidelity recently announced that they will give up to $2,000 annually toward the principal of their employees' student loans, up to $10,000 total.

3. PricewaterhouseCoopers.

PwC offers employees a host of benefits for employees, including a Student Loan Paydown program.

4. Natixis Global Asset Management.

This past December, Natixis launched a student loan repayment benefit of their own. Full-time employees who have been with the company for five years or more are eligible to $10,000 toward their student loan debt.

5. Chegg.

The education company Chegg announced their college loan reduction plan for employees last April. In partnership with Tuition.io, a personal-finance management site for student borrowers, this plan allows full-time employees some assistance paying down their loans.

Companies both large and small are capable of offering benefits aimed at assisting employees with their student loans. These programs might be the hottest employee benefit going today, so organizations would be wise to consider it – as would workers, when it comes time to target prospective employers.

For more on student loans and how they affect graduates throughout their careers, check out PayScale's College ROI Report, particularly the section on student loan repayment.

Related: The student loan debt crisis

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5 employers who will help pay your student loans
NEW YORK, NY - NOVEMBER 13: Students hold placards as they stage a demonstration at the Hunter College, which is a part of New York City University, to protest ballooning student loan debt for higher education and rally for tuition-free public colleges in New York on November 13, 2015. (Photo by Cem Ozdel/Anadolu Agency/Getty Images)
NEW YORK, NY - NOVEMBER 13: Students hold placards as they stage a demonstration at the Hunter College, which is a part of New York City University, to protest ballooning student loan debt for higher education and rally for tuition-free public colleges in New York on November 13, 2015. (Photo by Cem Ozdel/Anadolu Agency/Getty Images)
LOS ANGELES, CA - SEPTEMBER 22: Students protest the rising costs of student loans for higher education on Hollywood Boulevard on September 22, 2012 in the Hollywood section of Los Angeles, California. Citing bank bailouts, the protesters called for student debt cancelations. (Photo by David McNew/Getty Images)
LOS ANGELES, CA - SEPTEMBER 22: A woman holds a placard on Hollywood Boulevard while protesting the rising costs of student loans for higher education on September 22, 2012 in the Hollywood section of Los Angeles, California. Citing bank bailouts, the protesters called for student debt cancelations. (Photo by David McNew/Getty Images)
NEW YORK, NY - NOVEMBER 13: Students hold placards as they stage a demonstration at the Hunter College, which is a part of New York City University, to protest ballooning student loan debt for higher education and rally for tuition-free public colleges in New York on November 13, 2015. (Photo by Cem Ozdel/Anadolu Agency/Getty Images)
LOS ANGELES, CA - SEPTEMBER 22: Students protest the rising costs of student loans for higher education on Hollywood Boulevard on September 22, 2012 in the Hollywood section of Los Angeles, California. Citing bank bailouts, the protesters called for student debt cancelations. (Photo by David McNew/Getty Images)
NEW YORK, NY - NOVEMBER 13: Students hold placards as they stage a demonstration at the Hunter College, which is a part of New York City University, to protest ballooning student loan debt for higher education and rally for tuition-free public colleges in New York on November 13, 2015. (Photo by Cem Ozdel/Anadolu Agency/Getty Images)
NEW YORK, NY - NOVEMBER 13: Students stage a demonstration at the Hunter College, which is a part of New York City University, to protest ballooning student loan debt for higher education and rally for tuition-free public colleges in New York on November 13, 2015. (Photo by Cem Ozdel/Anadolu Agency/Getty Images)
LOS ANGELES, CA - SEPTEMBER 22: Students protest the rising costs of student loans for higher education on Hollywood Boulevard on September 22, 2012 in the Hollywood section of Los Angeles, California. Citing bank bailouts, the protesters called for student debt cancelations. (Photo by David McNew/Getty Images)
LOS ANGELES, CA - SEPTEMBER 22: Students protest the rising costs of student loans for higher education on Hollywood Boulevard on September 22, 2012 in the Hollywood section of Los Angeles, California. Citing bank bailouts, the protesters called for student debt cancelations. (Photo by David McNew/Getty Images)
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