Getting a job can help you repay your student loans, but what if the hiring business was willing to split the cost with you?
Businesses around the world have begun offering excellent employee perks and benefits to entice top talent into staying for longer. Given that retention is more valuable than anything when it comes to human resources, businesses have gotten creative with ways to encourage employees to stick around.
With the rising issue of student loan debt in the US, some businesses have decided that helping employees nix that debt is worth their while, and we’ve collected some tech companies that do so in order to help you find a job.
What Is Student Loan Reimbursement?
According to the Federal Reserve, the cumulative student loan debt in the US sits at approximately $1.7 trillion. As you can imagine, this has a decidedly negative impact on the 43 million Americans saddled with these exorbitant sums, leading to all kinds of financial hardship.
Given the predatory interest rates of these loans, combined with stagnant wages over the last few decades, it has been nearly impossible for the average worker to make a sizable dent in their debt. That’s where student loan reimbursement can come in handy.
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These programs are offered by businesses that want to take care of the financial health of their employees. They offer some form of reimbursement or repayment in an effort to cut down on the financial burden of student loan debt on employees. It’s an increasingly popular employee perk, particularly with the Supreme Court shutting down President Biden’s plan to forgive student loan in 2023.
Tech companies offering some form of student loan reimbursement for employees:
Chegg
As an educational technology company, it’s understandable that Chegg would make an effort to alleviate the stress of student loan debt on its employees. In 2018, the company announced that it would launch an equity plan aimed at doing exactly that.
Even better, Chegg announced that the plan would provide funds based on your employment level. Entry level and manger employees are eligible for up to $5,000 per year, while higher ups are eligible for up to $3,000 per year. It’s worth noting, however, that you will have to work at Chegg for at least two years before you are eligible.
Amount: $3,000-5,000 per year
Google is considered one of the best companies in the world to work for, and that’s largely fueled by the fact that it offers quality perks and benefits to its employees. These include generous parental leave, while those who value the option of working from home will find plenty of remote jobs at Google this month.
In 2020, the big tech firm announced that it would be matching student loan payments of employees up to $2,500 per year. Unfortunately, if you’re a freelancer or a contractor with Google, you’re out of luck. The student loan reimbursement program at Google only applies to full-time employees, of which there are more than 100,000 across the US.
Amount: $2,500 per year
Hulu
There’s more to the popular streaming service than just binge watching your favorite shows. Since 2018, Hulu has been offering student loan repayment options for its employees, to the tune of $100 per month or $1,200 per year.
There are some caveats, though. You will have to work at Hulu for at least a year before you can take advantage of this employee perk. Additionally, the program has a cap of $6,000 total, so you’ll have to find another way to pay off the rest.
Amount: $1,200 per year
Kronos
As a human capital and work management company, Kronos is clearly committed to the wellbeing of employees at their business and beyond. In an effort to cut back on turnover, the company began offering student loan repayment for employees, as the rate of turnover is less than half for those having their debts paid off.
Kronos is on the lower end of the spectrum admittedly, offering only $500 per year to help manage payments. However, the company also offers reimbursement for undergraduate and graduate degree programs that are associated with the employee’s job.
Amount: $500 per year
Live Nation
Live Nation was the first entertainment companies to offer student loan repayment options for its employees, getting in on the trend all the way back in early 2017. Since then, the company has reportedly saved employees more than $4 million in student loan debts.
The Live Nation repayment options is somewhat generous, coming in at $100 per month or $1,200 per year. Additionally, the company does put a limit on total repayment options, with a cap at $6,000 in your lifetime. If only student loans had a similar rule.
Amount: $100 per month
NVIDIA
NVIDIA has had a great year, boasting lots of revenue thanks to the boom in AI technology across the business world. Fortunately, the company is passing that along to employees, offering one of the more generous student debt repayment options on the list at $500 per month or $6,000 per year.
Even better, NVIDIA keeps the lifetime cap on student loan repayment quite high, allowing employees to get as much as $30,000 repaid over the course of their employment. And with the eligibility waiting period being only three months, it’s safe to say NVIDIA doesn’t want its employees bothered by student debt.
Amount: $500 per month
Sofi
Sofi is an online bank and finance company that encourages other businesses to provide perks like student loan forgiveness to attract top talent. Luckily, the company doesn’t just talk the talk, it walks the walk, offering student loan repayment for its own employees as well.
Announced all the way back in 2016, Sofi offers up to $200 per month or $2,400 per year, to help employees pay back their student loans. And with the company helping curb student loan debt by more than $1 billion, it’s safe to say the company is on the side of the students.
Amount: $200 per month
