5 companies that will help you pay back your student loans
Get out from under your massive cloud of debt faster by getting a job with one of these firms.
Could student loan repayment be the next big thing in benefits? We’d certainly like to think so: With total student debt topping a trillion dollars in the US, education-related perks could be a surefire way for companies to attract job-seeking millennials.
While many companies will pay for you to get more education via tuition reimbursement programs--Starbucks and Bank of America included--loan repayment is still a very unusual perk. Only 3% of companies offer it as a benefit, according to one study by the Society for Human Resource Management, while 80% of workers surveyed in another study said they would like to work for a company that helps repay loans.
Your chances are getting better, though. Last Tuesday, one major employer--PricewaterhouseCoopers--made headlines by announcing that they would begin to help employees erase their debts. This is currently the biggest company to do so, and time will tell if it is a trendsetter. In the meantime, here are the details of the company's perks, along with those of four other companies offering loan assistance.
Who they are: Accounting firm and one of the Big Four auditors, with more than 195,400 employees. They’re the fifth-largest privately owned organization in the country, with 80% of the staff consisting of millennials.
What they’re offering: $1,200 in annual student loan assistance to workers at the two most junior levels.
Who they are: Financial services company based in Switzerland. Founded in 1856, it currently has 1.9 trillion assets under management worldwide.
What they’re offering: Workers get 0.25% knocked off their student loan interest rate when they refinance with SoFi, a lender working with the company.
Who they are: Not-for-profit health care organization based in Stuart, Florida. It consists of three hospitals, an emergency center, a MediCenter, and various outpatient clinics.
What they’re offering: Nurses are eligible to receive up to $2,000 a year, with a cap of $6,000. Pharmacists are eligible to receive twice that amount, for up to $12,000 in loan assistance.
Who they are: Online food ordering platform competing with sites like Seamless and Grubhub. It recently raised $10 million in financing and plans to process over $100 million in orders this year.
What they’re offering: Up to $1,000 a year in student debt repayment via a matching program.
Who they are: Texas health system with locations in Houston and surrounding areas. It consists of 13 hospitals and numerous other facilities, including 27 sports medicine and rehabilitation centers.
What they’re offering: Reimbursements for student loans offered on case-by-case basis.
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