Key Points
- Student loan repayment assistance (SLRA) programs are employee benefit programs that can help repay your student loan debt.
- Employers may contribute up to $5,250 per employee per year toward student loan repayment tax-free.
- It's estimated up to 14% of employers offer SLRA programs for their employees.
If you’re carrying student debt, you may not realize that your employer could be helping you pay it down. Many companies now offer student loan repayment assistance (SLRA) as part of their benefits package and understanding how it works can make a big difference in your debt payoff strategy.
A growing trend in the last few years has been for employers to offer student loan repayment assistance to employees as a benefit. Unlike tuition reimbursement (which has been around for years), student loan repayment assistance is a relatively new concept, but one that is gaining traction.
According to the Society For Human Resource Management, about 14% of companies offered some type of assistance program to help employees pay down their student debt (up from 4% in 2019). But one thing is for sure, that number is growing.
Given the fact that roughly 43 million people have student loans, and that the U.S. Workforce is roughly 144 million people, that means almost 1 in 3 workers has student loans. For employers, helping their employees get out of student loan debt just makes sense. That's why some are even offering student loan 401k matching too.
But let's dive into student loan repayment assistance programs specifically.
Would you like to save this?
We'll email this article to you, so you can come back to it later!
What Is Student Loan Repayment Assistance?
Student loan repayment assistance is an employer benefit that is exactly what it sounds like: your employer will pay off (a portion) of your student loan debt.
Every plan is structured a little differently, but there are a few key themes:
- Amounts vary from as low as $500 to $10,000 (maybe even more), and some employers even offer these amounts annually
- Payments are sometimes made directly to the lender (so it's not like a signing bonus and you may not get the cash yourself, but you might)
There are also more creative programs, such as making additional 401(k) contributions for those paying off student loans or allowing employees to cash out PTO days and sending the money to student loan issuers.
It's important to note that up to $5,250 of student loan repayment assistance is tax-free.That makes this a very appealing benefit!
These Companies Offer Student Loan Repayment Assistance
We are going to continue to strive to update this list of companies. It's difficult because it's not always easy to find who is offering repayment assistance programs.
If you know of an additional program, please share it with us in the comments so we can include it in this list.
Here are the companies that offer student loan repayment assistance, and the amount they disclose to offer:
Company Name | Amount | Notes |
|---|---|---|
Adidas | $1,200/yr | Paid as $100/mo |
Aetna | $2,000/yr | Matching contribution of $2,000/yr, up to $10,000 (half for part-time employees) |
Ally Financial | $1,200/yr | Paid as $100/mo up to $10,000 |
American Family Insurance | $1,200/yr | Paid as $100/mo, up to $10,000 |
Andersen Global | $1,200/yr | Paid as $100/mo for 5 years, then a lump $6,000 at the 5 year mark. Must work 20 hours per week or more. |
Carhartt | $600/yr | Paid as $50 per month, $6,000 lifetime cap |
Carvana | $1,000/ yr | Cell |
Chegg | $1,000/yr | No limit on years |
ChowNow | $500/yr | Operates as a matching contribution |
Connelly Partners | $1,200/yr | Paid as $100/mo, with a 5 year cap of $5,000 and bonus $1,000 in year 6 |
CVP | $1,200/yr | Paid as $100 directly to the loan servicer. Must work 30 hours per week. |
Estee Lauder | $1,200/yr | Paid as $100/mo, up to $10,000. Must work for 1 year to be eligible |
Fidelity | $2,000/yr | $2,000/yr for up to 5 years |
First Republic Bank | $2,400/yr | Starts at $100 a month for the first year of employment, $150 a month for the second year, and $200 year three and beyond. No cap. |
Freddie Mac | $1,800/yr | $9,000 lifetime max |
The Goddard School | $1,200/yr | 20% of your student loan payment, up to $100/mo. No cap. |
$2,500 | Paid as a match to employee payments, no cap reported | |
Gradifi | $3,000/yr | Paid as $250/mo up to $10,000 |
Honeywell | $1,800/yr | Paid as $150/mo, up to $10,000 |
Hulu | $1,200/yr | Paid as $100/mo, $6,000 lifetime max |
Kronos | $500/yr | |
LendEDU | $2,400/yr | Paid as $200/mo, with no cap |
Live Nation | $1,200/yr | $6,000 lifetime max |
Lockheed Martin | $1,800/yr | Paid as $150/mo, $9,000 lifetime max |
Martin Health Systems | $2,000/yr | |
Natixis Global Asset Management | $1,000/yr | Paid as $83.33/mo, up to $10,000 |
New York Life | $2,040/yr | Paid as $170/mo, up to 5 years |
Nvidia | $4,200/yr | Paid as $350/mo, up to $30,000 |
Peleton | $1,200/yr | Paid as $100 a month |
Penguin Random House | $1,200/yr | Paid as $100/mo, $9,000 lifetime max |
PowerTex | $1,200/yr | Paid as $100/mo for up to 6 years |
Price Waterhouse Coopers (PwC) | $1,200/yr | Paid as $100/mo, up to $10,000 |
Staples | $1,200/yr | Paid as $100/mo, up to $3,600 |
SoFi | $2,400/yr | Paid as $200/mo |
Terminix | $600/yr | Paid as $50/mo, no lifetime max. Must earn under $150,000 annually |
Tuition.io | $1,200/yr | Paid as $100/mo |
U.S. Government | $10,000/yr | Up to $10,000/yr for a maximum of $60,000. Each department (DOJ, State, VA, SEC, DOD) maintains specific individual requirements |
Western Union | $600/yr | Paid as $50/mo |
Some companies have partnered with lenders to offer special discounted interest rates on refinancing. We didn't include those as part of this because refinancing a student loan is not for everyone.
Student Loan Repayment Assistance vs. Tuition Reimbursement
Before student loan repayment assistance, there were (and still are) tuition reimbursement programs. These are programs that employers offer that provide reimbursement for employees who are going to school.
Typically, for these programs, the employee has to be an employee before starting school, has to pay for the program/class out of pocket, and the employer will reimburse all or part of the tuition paid.
These programs are beneficial for employees who need continuing education to advance, want to go back to school, employ many younger-adults who may be considering school for the first time, or employ many non-traditional students.
However, for employees who took the "traditional" path of graduating high school, going to college, and then entered the workforce, tuition reimbursement plans miss the mark. I think many companies don't realize that they may actually be frustrating employees because they can see this program exists, but are sitting with their loans and can't take advantage of it.
Hopefully more employers follow the companies below into offering student loan repayment assistance to their employees.
Conclusion
Employer student loan repayment assistance has emerged from a niche perk to a meaningful component of employee benefits.
If an employer offers it, the opportunity is worth acting on — and if not, asking for it is justified. With careful evaluation and strategic use, SLRA can help you reduce debt, save interest, and gain financial freedom faster.
FAQs
What is student loan repayment assistance and how does it differ from tuition reimbursement?
Repayment assistance helps employees pay existing student loans, while tuition reimbursement covers costs for ongoing education.
Are employer contributions for student loan repayment considered taxable income for employees?
Tax treatment depends on current federal rules, but certain employer contributions may qualify for temporary tax-free treatment.
Which companies currently offer student loan repayment assistance programs to their employees?
Various large employers across technology, finance, and healthcare industries have implemented repayment assistance benefits.
How can I encourage my employer to implement a student loan repayment assistance program?
Employees can present research on retention benefits, tax advantages, and workforce demand supporting repayment assistance programs.
Editor: Clint Proctor Reviewed by: Ashley Barnett
Robert Farrington is the founder of The College Investor and is widely recognized as one of the nation’s leading voices on student loan debt and saving for college. He holds an MBA from UC San Diego Rady School of Management and has spent over 15 years researching, writing, and advising on student loans, 529 plans, financial aid programs, and saving and investing for young professionals.
Robert has been featured in the The New York Times, The Wall Street Journal, The Washington Post, NBC News, and Forbes, where he has been a regular personal finance contributor for over a decade. His work combines both professional expertise and personal experience – he successfully navigated his own student loan repayment journey and has helped thousands of readers do the same.
He is committed to making the intersection of personal finance and education transparent and accessible. You can learn more about Robert on the About Page or on his personal site RobertFarrington.com.