15 Companies That Help Pay Off Student Loan Debt

• Some employers offer up to $5,250 in student loan assistance each year tax-free, meaning it doesn’t increase your taxable income.

• Many companies cap student loan assistance at a lifetime maximum, but some provide monthly contributions with no cap—check with HR for specific limits.

• Employer contributions can accelerate debt reduction, especially when combined with strategies like focusing on high-interest loans.

With student loan debt at an all-time high, more companies are stepping up to help employees pay off their loans.

Thanks to recent changes—like the SECURE Act 2.0, which allows companies to match student loan payments as 401(k) contributions, and a tax write-off for employers—it’s now easier for businesses to support employees with student debt.

Here are some companies leading the way in 2024:

• Google: Matches up to $2,500 per year.

• Nvidia: Offers up to $500/month for recent grads.

• Fidelity Investments: Up to $15,000 in lifetime benefits.

• Hulu, Aetna, and Live Nation: Each provides substantial loan repayment support.

In this guide, we’ll cover what these companies offer and how you can make the most of these benefits—whether you’re a new graduate, a job-seeker, or curious about your current perks.

Related: Secure Act 2.0 Student Loans Match

1. Google

• Who they are: Google, a global leader in technology, offers various employee benefits aimed at personal finance and debt reduction.

• Offer: Matches up to $2,500 per year for full-time employees’ student loan payments.

• How to Get It: Check eligibility requirements with HR and apply through Google’s employee benefits portal.

• Why It’s Great: It’s simple, effective, and helps chip away at your student loan balance year after year.

2. Nvidia

• Who they are: Nvidia, a technology company at the forefront of AI and graphics, is committed to supporting recent graduates.

• Offer: They’ll pay up to $500 per month for recent graduates, adding up to a possible lifetime benefit of $30,000.

• How to Get It: If you’re a recent grad, talk to HR to see if you qualify and get started.

• Why It’s Great: It’s a powerful way for new grads to get ahead on their loans, especially if you have private loans to tackle.

3. Aetna (CVS Health)

• Who they are: Aetna, a leading healthcare employer under CVS Health, supports both full-time and part-time employees.

• Offer: Full-time employees get $2,000 per year (lifetime max $10,000), while part-timers receive $1,000 per year (max $5,000). Aetna also offers a tuition reimbursement program.

• How to Get It: Confirm eligibility through Aetna’s benefits portal based on employment status.

• Why It’s Great: It’s flexible enough to fit different work schedules, making it a standout benefit in the healthcare sector.

4. New York Life

• Who they are: New York Life is a major player in the financial services industry, providing employees with support for managing student debt.

• Offer: Up to $170 per month, with a lifetime maximum of $10,200.

• How to Get It: Available to full-time employees; contact HR to enroll.

• Why It’s Great: New York Life’s steady monthly payments help employees manage both federal and private student loans.

5. Hulu

• Who they are: Hulu, a prominent streaming platform, provides competitive employee benefits.

• Offer: $1,200 per year in student loan repayment assistance.

• How to Get It: Reach out to Hulu’s HR team to verify eligibility and enroll.

• Why It’s Great: A straightforward annual boost, this benefit is easy to plan around for consistent debt repayment.

6. Live Nation

• Who they are: Live Nation, a leader in live entertainment, values financial wellness for employees.

• Offer: $100 per month, with a $6,000 lifetime maximum.

• How to Get It: Eligible employees can enroll to receive monthly support for debt repayment.

• Why It’s Great: Live Nation’s reliable monthly payments are well-suited to those balancing both work and loan obligations.

7. Fidelity Investments

• Who they are: A top financial services company, Fidelity Investments offers one of the most generous student loan repayment programs.

• Offer: Up to $15,000 in lifetime student loan repayment assistance.

• How to Get It: Enroll through Fidelity’s HR portal.

• Why It’s Great: This high lifetime cap provides a substantial incentive to tackle outstanding student loan debt.

8. SoFi

• Who they are: A financial tech company and lender, SoFi specializes in personal finance solutions, including student loan refinancing.

• Offer: $200 per month with no lifetime maximum.

• How to Get It: Check with HR to sign up for monthly payments.

• Why It’s Great: SoFi’s unlimited support is valuable for employees with larger student loan balances.

9. First Republic Bank

• Who they are: First Republic Bank, a financial services institution, rewards employee loyalty with increased loan repayment benefits over time.

• Offer: Starts at $100 per month, rising to $200.

• How to Get It: Enroll through HR and watch benefits increase with tenure.

• Why It’s Great: This program is ideal for employees planning long-term career paths in financial services.

10. Chegg

• Who they are: Chegg, an education technology company, supports employees by providing repayment assistance that complements tuition assistance.

• Offer: Up to $5,000 per year for eligible positions.

• How to Get It: Confirm with HR and apply based on job level.

• Why It’s Great: Chegg’s high annual maximum is designed for younger employees focused on debt repayment.

11. Estée Lauder

• Who they are: A leader in the beauty industry, Estée Lauder offers a strong financial wellness package.

• Offer: $100 per month, with a $10,000 lifetime maximum.

• How to Get It: Contact HR to enroll.

• Why It’s Great: This monthly benefit supports employees’ financial stability by helping manage both private and federal student loans.

12. Carvana

• Who they are: Carvana, an online car retailer, emphasizes employee financial well-being.

• Offer: $1,000 per year for full-time employees.

• How to Get It: Apply through Carvana’s benefits portal.

• Why It’s Great: A simple annual contribution that aids in long-term debt reduction.

13. Peloton

• Who they are: A fitness technology company, Peloton provides steady support for debt repayment.

• Offer: $100 per month with no specified maximum.

• How to Get It: Confirm eligibility and enroll through HR.

• Why It’s Great: Peloton’s no-cap benefit is ideal for employees looking to reduce their total student loan balance.

14. Abbott Laboratories

• Who they are: Abbott, a healthcare and medical device leader, offers a financial wellness program that includes student loan benefits.

• Offer: Matches employee contributions up to a set limit.

• How to Get It: Confirm eligibility and enroll through Abbott’s HR system.

• Why It’s Great: Abbott’s matching program supports on-time payments, accelerating debt repayment.

15. Penguin Random House

• Who they are: A major publisher, Penguin Random House provides steady loan repayment support for employees.

• Offer: $100 per month, up to a $9,000 lifetime maximum.

• How to Get It: Enroll through the benefits portal.

• Why It’s Great: This monthly support helps employees achieve manageable loan payments over time.

Balancing student loan payments with saving for retirement can be a challenge, but due to the SECURE Act 2.0, companies can now help with both. This law enables employers to match employees’ student loan payments with contributions to their 401(k), 403(b), or similar retirement accounts.

Several major companies are leading the way with innovative programs.

For example, Abbott’s Freedom 2 Save program lets employees who put at least 2% of their salary toward student loans receive a 5% contribution to their retirement account.

Verizon’s Secure Your Future program offers up to a 6% retirement match when employees make student loan payments, and Chipotle provides up to a 4% match, targeting its largely Gen Z workforce.

These programs empower employees to reduce debt while building retirement savings, which is a huge boost for overall financial wellness.

For those with high student loan balances, these dual benefits offer a way to achieve both short-term debt reduction and long-term financial growth without choosing one over the other.

In these programs, employers contribute directly to an employee’s student loans, helping reduce the balance over time. Contributions may be structured as monthly payments, annual lump sums, or based on other qualifying criteria.

• Typical Requirements: Eligibility often requires full-time employment, and some companies set tenure requirements. The benefit amount can vary significantly by company, with caps on monthly or lifetime contributions.

• Why It Matters: This type of assistance can make a meaningful difference in the total loan amount and repayment timeline, making it a valuable perk for employees burdened by student debt.

Related: Student Loan Repayment Options

Qualifying for employer-provided student loan repayment assistance typically depends on your employment status and tenure with the company.

Most companies require you to be a full-time employee and may also set a minimum length of employment, such as three to six months before you’re eligible. But, some organizations extend this benefit to part-time employees, it’s less common and usually comes with stricter conditions.

How to Verify: Check with your HR department for specific eligibility requirements, as each company sets its own rules. Be prepared to provide loan documentation to verify your student debt.

No, you don’t have to pay federal income tax on employer-provided student loan assistance—up to $5,250 per year. Due to recent legislation, this amount is tax-free for employees.

But, if your employer provides assistance beyond $5,250, the extra may be treated as taxable income.

Benefits for Employers: Companies can also receive a tax write-off on contributions, making this a win-win for both employers and employees.

Related: Tax Implications of Settling Student Loan Debt

Student loan repayment assistance is especially valuable if you have significant debt, as it helps reduce both the balance and long-term interest.

In some cases, it may be more advantageous than other perks, like a small salary increase or non-matching retirement contributions.

Considerations: Based on your financial priorities, weigh this benefit against other perks, such as 401(k) matching or health insurance coverage. For borrowers, especially those with high-interest loans, this benefit can be a strong motivator in choosing or staying with a company.

Employer-provided student loan repayment benefits are a valuable perk that can help you tackle debt while supporting your long-term financial wellness. Here’s how to make the most of them—and what to consider if they aren’t available.

• Strategic Payments: Apply employer contributions toward high-interest loans first to reduce your total debt and save on interest. Combined with on-time payments, even modest employer support can accelerate your path to debt freedom.

• Income-Driven Plans: If you’re on an Income-driven repayment (IDR) plan, employer contributions can chip away at your balance without impacting your monthly budget, potentially reducing your balance over time while you work toward eventual IDR forgiveness.

• Retirement Matching Benefits: If your employer offers a 401(k) match for student loan payments under the SECURE 2.0 Act, you can pay down debt and build retirement savings at the same time—enhancing both immediate and long-term financial wellness.

If your employer doesn’t provide student loan repayment assistance, plenty of other options can help you tackle your debt and lighten the load. Here are a few alternatives worth exploring:

• Public Service Loan Forgiveness: If you work in a government or nonprofit job, you could qualify for federal loan forgiveness after making 10 years of qualifying payments. Learn more about How PSLF Works.

• IDR Forgiveness: With income-driven plans, any remaining loan balance is forgiven after 20-25 years of payments, which is ideal for those with limited discretionary income. Related: IBR Loan Forgiveness

• Borrower Defense: If your school misled you, Borrower Defense can offer loan forgiveness in certain cases. Learn more about the Eligibility of Borrower Defense.

Student loan repayment doesn’t have to be confusing or stressful. If you’re feeling uncertain about your options, we’re here to help. From choosing forgiveness programs to optimizing repayment plans, our team of student loan experts is ready to guide you.

We provide tailored advice to fit your financial goals and help you take control of your student loans with confidence.

Start turning your student loan challenges into opportunities. Book a consultation with us today, and let’s work together on a clear, actionable plan to reduce debt and build your financial future.

Related reading:

• Legitimate Student Loan Forgiveness Companies & Programs

• What to Know About Paying Off Your Student Loans

• Ready to Pay Off Student Loans in a Lump Sum? Here’s How

• Can You Get a Discount for Paying Student Loans In Full?

• Can You Negotiate a Student Loan Payoff? Yes