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If you have student loan debt, you may be able to get help paying it down through your employer — or find one that does.
More than 44 million Americans are weighed down by student debt, owing a collective $1.7 trillion.
Now as the “Great Resignation” gains steam and workers look for new jobs, employers are trying to find ways to attract and retain talent. Working remotely and offering help with those loans are some of the perks. (See a list below of companies with these benefits that are hiring now.)
Federal student loan payments, most of which were paused during the pandemic, are set to resume in January.
“It is important for employers to meet employees where they are and find benefits that will be meaningful and provide value to them,” said Toni Frana, a Destin, Florida-based career coach with FlexJobs.
Currently, 17% of employers offer student loan debt assistance and another 31% plan to offer it, according to the Employee Benefit Research Institute's 2021 Employer Financial Wellbeing Survey.
About 70% of employers said employee engagement in the benefit has increased since 2020.
Meanwhile, many Americans want to continue working remotely instead of going back to the office. A Prudential survey this spring found a whopping 87% want the ability to continue to work from home.
Here are eight companies that are helping employees pay down student loan debt and also offer work-from-home positions, according to FlexJobs. The average annual base salary is courtesy of Payscale, unless otherwise noted in the job posting.
Employees of this health-care research company based in Abbott Park, Illinois, can divert the 2% minimum contribution they would normally have to make to their 401(k) plans to get the 5% match to instead pay off their student loans. The employee still gets the 5% contribution in their 401(k).
Current job listings include: senior business analyst (average annual base salary: $86,107) and senior regulatory affairs specialist (average annual base salary: $89,212.)
2. American Family Insurance
Qualifying employees of this Madison, Wisconsin-based company who have graduated with an associate's degree or above and have student loan debt receive a monthly contribution of $100 for loan repayment. The lifetime maximum is $10,000.
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Current job listings include: quality assurance manager-commercial (average annual base salary: $81,436) and sales talent acquisition specialist (average annual base salary: $57,507).
CommonBond, a St. Paul, Minnesota-based online lender that provides student loans and student-loan refinancing, provides up to $100 per month towards student loans, with no lifetime cap, for its employees.
Current job listings include: DevOps engineer (average annual base salary: $96,624) and compliance manager (average annual base salary: $79,307.)
4. Fidelity Investments
The Boston-based financial services company provides eligible employees a maximum of $2,000 a year and a lifetime maximum of $10,000 towards student loans.
Current job listings include: principal content strategist (average annual base salary: $62,350) and investment solutions representative (average annual base salary: $45,212/ year.)
5. New York Life
New York Life contributes $170 monthly, over five years, towards student loans in good standing. Employees can reduce their debt by up to $10,200 while enrolled.
Current job listings include: implementation manager (average annual base salary: $74,270) and senior associate – business analytics advisor (average annual base salary: $86,10.)
Eligible employees of the Santa Clara, California, tech company can apply for student loan reimbursement of $6,000 each year, up to $30,000.
Current job listings include: senior system software engineer (average annual base salary: $119,618) and automotive visualization designer (average annual base salary: $82,642.)
Parallon, headquartered in Nashville, Tennessee, is a division of HCA Healthcare, which provides $100 a month for student loans of eligible full-time employees and $50 a month for part-time workers. Undisclosed lifetime maximums apply.
Current job listings include: coding quality reviewer specialist (average annual base salary: $57,312/ year) and coding resolution specialist (average annual base salary: $41,910.).
Weedmaps, an Irvine, California-based tech company in the cannabis sector, pays up to $1,000 a year towards employee's student loans.
Current job listings include: paralegal (average annual base salary: $49,255) and senior recruiter (average annual base salary: $74,761)
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