Big Changes to Public Service Loan Forgiveness Program
Even though the amount of student debt is increasing yearly, only 8% of employers have incorporated student loan benefits into their compensation package. After surveying our Snowball community, 90% of them stated that a student loan benefit would make an employer more attractive. We are expecting more employers to incorporate some sort of student loan relief since it is a huge determining factor when people make life choices.
If you are currently job hunting and student loan benefits are an important factor to you, consider applying to these companies:
Chegg has been an advocate for student loan relief for quite some time. Recently, they extended their student loan relief compensation:
Fidelity offers up to $10,000 in contributions for student loan repayment. The company claims it has helped its employees save a total of $38 million in student loans by shortening the time required to pay down loans, thereby cutting back on interest owed.
Aetna will match student loan payments for eligible employees who meet specific criteria and tuition reimbursements for programs and certifications.
Reimbursement for 100% of eligible expenses associated with the degree or job-related college courses, certificates, and certifications
Commonbond takes a more long-term approach by contributing a small monthly contribution. They will contribute $100 to your student loans every month until your student loans are completely paid off. A benefit of this is that regardless of your job title, amount of hours you work, or how long you’ve been at the company, every single employer will get this benefit.
AlloSource contributes a percentage to the principal of the employer’s loan monthly.
Just last year, Google announced that U.S.-based Google employees can receive up to $2,500 in student loan repayment. However, keep in mind that this benefit won’t apply to contractors or temps.
Hulu offers $1,200 annually in student loan repayment assistance to help employees pay down their student loan debt.
Similar to CommonBond, Live Nation gives employees $100 per month of student loan repayment assistance to eligible employees.
Nvidia gives payments of $500 directly to the student loan service provider every month. However, to help their employees make good financial decisions, they partnered with SoFi to help them refinance their student loans.
Even though they give the least amount of student loan benefit, they incorporated tuition reimbursements for employees that want to further their education.
SoFi conducted a survey to learn more about the benefits that employees want, and the company found that 90% of respondents would be more inclined to accept a position at a company if it helps with student loan repayment. They incorporated a reimbursement of $200 a month for employees with student loans.
Staples uses a meritocracy system when helping its employees pay off their student loans. They reward their top performers with $100 per month of student loan repayment help. However, employees must have at least one student loan in repayment, and the benefit is applied to the loan principal for up to 36 months.
Andersen Global provides up to $12,000 toward student loan repayment. It will contribute $100 a month for five years. At the end of that time period, the company will contribute a lump sum of $6,000.
First Republic initially offers $100 per month, but increases every year with a cap of $200 per month. They will continue making payments toward the loan until it’s paid in full.
Estee Lauder contributes $100 per month toward employees’ student loans, capping out at $10,000 in total student loan repayment.
Penguin Random House offers full-time employees who have been with the company for at least one year up to $1,200 per year toward their student loans. It’s good to keep in mind that it maxes out at 7 ½ years, which totals $9,000 in student loan reimbursement.
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