August 13, 2024

10 Companies & Jobs That Help Pay Off Student Loans

Entering the working world with a student loan hanging over your head is daunting. Rent, car payments, and credit card bills all add up. Before you know it, you might feel like you don’t have enough for loan repayments.

But don’t lose hope. Some employers offer student loan forgiveness programs to help you get out of debt. There are hundreds of jobs that pay off student loans — you just have to meet a few requirements.

What is student loan forgiveness?

Paying off student loans takes an average of 20 years, so it’s no wonder forgiveness programs have become necessary.

Luckily, the U.S. Department of Education offers a few different loan forgiveness programs. Some are for government workers, like the Public Service Loan Forgiveness Program (PSLF), and others, like the Income-Driven Repayment Program (IDR), are for anyone who needs to lower their monthly payments. These public programs help pay your loans or write them off after a certain amount of time.

But not everyone is eligible for these programs, and some application processes take a long time. Instead, you can get a job with an employer who offers an internal student loan relief program. There are all kinds of companies that pay off student loans, so knowing where to go can get you a leg up on your future.

10 Companies that help you pay student loans

There are hundreds, if not thousands, of companies that offer student loan repayment benefits, so this is a partial list. But if you’re looking for somewhere to apply, any of these organizations are a great start:

1. Ally Financial. This bank has a Student Loan Paydown Assistance program for employees. It also offers tuition reimbursement for up to $10,000 per year.

2. Andersen Global. Tax firm Andersen Global offers student loan repayment benefits through Gradifi. You can get $100 every month for your student loan for five years.

3. Carvana. Carvana gives its employees $1,000 per year for loan repayment. While it won’t cover all of your debt, this assistance can help.

4. Chegg. Chegg is an education-based company, so it’s no wonder it supports employees’ student loans. It has an Equity for Education Student Loan Payment Program and offers assistance for workers looking to go back to school.

5. Fidelity Investments. Fidelity’s robust Step Ahead Student Loan Assistance Program gives eligible staff up to $10,000 for their loans. In 2018, they’d helped 8,900 employees, and that number has only grown since then.

6. Google. Google’s program matches its employees’ student loan payments, up to $2,500 per person, per year.

7. Nvidia. When you work at AI company Nvidia, you can apply for a reimbursement of up to $350 per month. The catch is that you have to have graduated in the past three years to be eligible.

8. New York Life Insurance Company. New York Life works with a company called Vault Pay to give employees $170 toward their student loans every month.

9. Penguin Random House. This publishing company offers a student loan repayment program for eligible employees. Its website says that waiting periods apply, so you do have to work for the company for a while before earning this benefit.

10. SoFi. If you want to work in fintech, SoFi has your back. It gives staff $200 per month toward student loans, plus free financial classes to help you plan.

10 Jobs that offer student loan forgiveness

You don’t have to manage debt on your own. Keep your debt-to-income ratio down and find a job that helps you pay off your loans. Here are a few that commonly offer student loan forgiveness programs:

1. Federal employee

Federal government employees can access repayment assistance programs at many agencies. Examples include NASA, the Department of Energy, and the Department of Transportation.

2. Public service worker

Working full-time in the public service sector may give you access to repayment assistance programs and benefits. Examples are law enforcement and social workers, but it depends who actually employs you.

3. Lawyer

Those just entering the law field may be eligible for loan forgiveness programs through state programs and select employers.

4. Healthcare worker

Several loan forgiveness opportunities are available for those working in the medical field. You could become a:

Nurse
Doctor
Dentist
Pharmacist
Specialist
Technician

5. Military personnel

The various military branches will offer loan assistance and student debt repayment programs for those entering the force. Examples of jobs in this field include:

Soldier
Military police
Medical professional
Administrative worker
IT professional

The military also offers tuition assistance in the form of scholarships for service members, veterans, and their families to help you avoid taking on debt in the first place. Eligibility varies, depending on the branch of the military.

6. Automotive worker

Engineers and professionals working with automotive companies usually have access to loan forgiveness opportunities.

7. Teacher

Dozens of educator-specific programs give teachers federal student loan forgiveness opportunities. Federal programs vary depending on the subjects and grade levels you teach along with your education level.

8. Peace Corps volunteer

Volunteers for the Peace Corps can get exclusive loan forgiveness or deferment opportunities while deployed. Some are also eligible for partial cancellation and income-driven repayment. You just have to contact your loan provider and ask about opportunities for Peace Corps workers.

9. Non-profit worker

A few non-profit organizations offer loan assistance programs, too. Examples are grant writers, program directors, and special events coordinators for companies in this field.

10. Veterinarian

The U.S. Department of Agriculture and similar agencies offer student loan forgiveness for practicing veterinary professionals, especially in underserved areas. The Veterinary Medicine Loan Repayment Program (VMLRP) can give you up to $25,000 a year.

2 Student loan assistance programs from employers

Depending on the company and the career path you choose, employers offer two main forms of student loan payment assistance:

1. Repayment assistance and forgiveness programs

These programs are available in specific fields — mainly in public service, like medicine, education, or law. There are also some military loan forgiveness programs. But you do have to meet a set of criteria, which usually includes being a full-time employee and in the field for several years.

For example, to be eligible for the Teacher Loan Forgiveness (TLF) Program, you have to be a teacher for five complete and consecutive years and work at a school or agency that serves low-income students. Then, the program forgives up to $17,500 from certain types of loans.

2. Student loan repayment benefits

Many non-government companies offer student loan programs as a benefit for employees. In 2022, 7% had student loan repayment assistance. This might seem low, but that means some businesses are committed to helping their staff.

The terms vary, but like standard payment assistance programs, you have to commit to a service obligation to qualify. This usually involves working at the same place for at least a year or more. And different companies offer different benefits. Some match part of your monthly student loan payments, others may pay a set amount towards your loan, and a few may even pay off your loan through tuition reimbursement.

How to get your employer to cover student loans

You can still work at a company that doesn’t traditionally offer student loans. Take initiative and start the conversation yourself when discussing your compensation.

It never hurts to negotiate your terms and explain the situation — whether you want to keep your current job or get a new one. The worst they can say is “No.” But generally, it’s easier to talk about employer student loan repayment programs when you start a new job and are still negotiating your contract.

Here’s how to negotiate your employee benefits before and after accepting a job:

1. Research similar programs. What do comparable companies offer? Could you pursue better terms like a bigger payment towards your loan each month? You can use this information to explain your position and tell a potential employer that if they don’t give you the benefits you’re looking for, someone else might.

2. Make your interests known. It’s good to explain why loan assistance would benefit you, but you should also explain why it would benefit your employer. Debt can give you a lot of stress, and lessening the load could make you a better, more dedicated employee.

3. Consider a sign-on bonus. Even if the employer doesn’t want to help with your student loan debt payments, you can negotiate a sign-on bonus. Put this extra cash toward your loans.

4. Know that a denial isn’t the end. If the employer declines your initial negotiation, that doesn’t mean you can’t revisit the request in the future. Don’t dismiss a great employer because they won’t pay your debt. Work hard and ask again, or hold out for a better opportunity in a few years.

5. Talk to the right people. After accepting a job, negotiate future repayment opportunities, but you have to approach the right people. Your boss, HR, or even higher-ups might hear you out. Build solid relationships from the beginning.

6. Talk with your colleagues. There’s always strength in numbers, and chances are, your colleagues would also benefit from student loan assistance. Approaching your employer together could encourage them to look into the opportunity.

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Please note, the material collected in this post is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or services.