Paying off student loans can feel like a big job. That is where donors that pay off student loans come into action. This is especially true when you finish college owing around $30,000.
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Some donors know this and want to help their employees. About 17 percent of employers already give their workers money to pay off their student loans.
Due to this even more are thinking about doing the same. Here are a few of the best donors that help with student loans.
In this article, we will take a look at donors that pay off student loans. Let’s get started.
Key Takeaways
- You can get help paying off your student loans from some employers!
- Many companies offer programs to help with student loans.
- Some employers give you money each month to put towards your loans.
- Others will match the amount of money you pay towards your loans, up to a certain amount.
- There are usually requirements. This includes working there for a certain amount of time or being full-time.
13 Donors That Pay Off Student Loans
If you are struggling with your student loan debt, many big donors that pay off student loans offer programs no matter how much you owe. These programs can give you a lot of relief, sometimes even thousands of dollars. Let’s take a look at some of these donors and how their programs work.
| Donors | Program | Description |
| Andersen Global | Student Loan Assistance Program | $100/month for 5 years, then $6,000 bonus (total $12,000) |
| Chegg | Tuition Reimbursement Program | Up to $5,000/year for employees starting out or in management positions, $3,000/year for higher positions (no total limit) |
| Aetna | Tuition Assistance Program | Matching employee contributions towards student loans, up to $2,000/year and $10,000 total |
| Fidelity Investments | Student Loan Repayment Assistance Program | Up to $15,000 for full-time employees, $89/month for part-time employees (up to $7,500 total) |
| Ally Financial | Student Loan Repayment Assistance Program | $100/month towards student loans (up to $10,000 total) |
| Carvana | Student Loan Assistance Program | Up to $1,000/year towards student loans |
| CommonBond | Student Loan Repayment Benefit | $100/month towards student loans until paid off |
| First Republic Bank | Student Loan Assistance Program | $100/month, increasing to $200/month, until paid off |
| Student Loan Assistance Program | Matches employee contributions towards student loans, up to $2,500/year (no limit) | |
| New York Life | Student Loan Assistance Program | $170/month for up to 5 years (total $10,200) |
| SoFi | Student Loan Repayment Benefit | Up to $200/month towards student loans |
| Hulu | Student Loan Repayment Benefit | $100/month towards student loans (up to $6,000 total) |
| Live Nation | Student Loan Assistance Program | $100/month for up to 5 years (total $6,000) |
1. Andersen Global
Andersen Global is a company that helps with taxes and advice. It offers help with repaying student loans. If you have been working there for one month and at least 20 hours each week, you can get assistance.
They will give you $100 every month for five years. After that, they will also give you a big payment of $6,000. This makes it a total of $12,000. This big payment is a great reason for employees to stay with the company for at least five years.
2. Chegg
Chegg is a company that helps students with textbooks and tutoring. It has a program to help its employees with their student loans. If you are starting out or in a management position, you can get up to $5,000 each year.
If you are in a higher position, the most you can get per year is $3,000. Unlike many other programs, there is no total limit to how much you can receive. You just need to have been working at Chegg for at least two years.
3. Aetna
Aetna is a healthcare company that helps its employees with school expenses in two ways.
First, if you are studying, they offer tuition assistance. Second, if you have student loans, they match the money you put towards paying them off.
This means they give you the same amount of money you pay, up to $2,000 each year and up to $10,000 in total.
4. Fidelity Investments
Fidelity Investments is a financial company that helps its employees with their student loans. If you work full-time, you can get up to $15,000 in assistance. For those working 20-29 hours a week, you can get $89 each month, with a limit of $7,500 over time.
They do not say how they give out the money if it is a little bit each month or all at once. But they do say that you can start getting help with your loans as soon as you start working there.
5. Ally Financial
Ally Financial is a money company that helps its workers with schooling. If you have student loans, they give you $100 each month to help pay them off.
But, there is a limit to how much they will give you. This accounts for a total of $10,000 over time.
6. Carvana
Carvana, an online car seller, joined with Gradifi in 2018. They decided to help their full-time workers with their student loans. You can get up to $1,000 each year to help pay off your student debt.
7. CommonBond
CommonBond is a company that deals with student loans. It helps its employees with their student debt.
They started offering up to $100 each month for student loan repayment in 2015.
This benefit keeps going until your student loans are all paid off. There are no special requirements to qualify for it.
8. First Republic Bank
First Republic Bank is a bank that is in seven states. It helps its employees with student loans. If you work at least 20 hours a week, you could start getting assistance with your student loans.
They give you $100 each month, and that goes up every year until it reaches $200 monthly. They keep giving you this money until your student loans are all paid off. This help is part of a deal they made with Gradifi.
9. Google
Google helps its full-time workers with their student loans. They match the payments you make, up to $2,500 every year. This means they give you about $208 each month to help pay off your student loans.
Unfortunately, if you are a contractor or a temporary worker, you cannot get this benefit. There is no limit to how much help you can get. They will keep matching your payments until all your student loans are paid off.
10. New York Life
New York Life is a finance company that helps its employees with student loans.
If you work for New York Life Insurance Company, NYL Investors, New York Life Investment Management, or Index IQ, and you have student loans in good shape, you could qualify.
They team up with Vault to give you $170 each month for up to five years. It adds up to $10,200 altogether.
11. SoFi
SoFi is an online bank and finance company. It began helping its employees pay off their student loans in 2016.
If you work there, you could get up to $200 each month towards your student loans.
SoFi also offers different financial services to help you manage your debt and improve your financial situation.
12. Hulu
Hulu is a streaming service that gives its employees money to help pay off their student loans. They offer $1,200 every year, which is like $100 each month.
This money goes toward paying down the main amount of your loans, up to $6,000 total. To get this help, you need to have worked at Hulu for at least one year.
13. Live Nation
Live Nation is a company that puts on concerts and events. They have been helping their employees with student loans since 2017.
Every month, you could get $100 from them to pay off your student loans. You can get this help for up to five years, and it adds up to $6,000 in total.
Frequently Asked Questions
1. Who pays off a student loan?
When you have a student loan, how much you pay each month, if you are paid monthly, depends on how much you earn. If you earn more, you pay back more. But if your earnings drop below a certain level, you don’t have to pay anything back.
2. Can you use crowdfunding to pay off debt?
When you face unexpected money problems, crowdfunding can help you quickly deal with your debt. With GoFundMe, you can ask your friends and family for help to get back on track and clear your debts.
3. Does Google pay off student loans?
Google started a student loan repayment program in September 2020. If you work for Google in the U.S., you can get up to $2,500 to help pay off your student loans.
4. How can I pay off my student loan interest?
You have the option to pay your loans early or pay more than what’s due each month. By paying a bit extra every month, you can lower the interest and the overall loan cost. Talk to your loan servicer about these choices.
Conclusion
In the United States, there are many donors that pay off student loans. Every year more are joining in. But that should not be the only reason you pick where to work.
You should check with your current employer to see if they have any loan repayment programs. If they don’t, take your time before switching jobs just for that reason.
When you are looking for new jobs, ask about their repayment programs during the interview. You should not shy away from asking.
If your employer does not offer help with student loans, there are other things you can opt for such as refinancing to pay them back easier.
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