[Issue 089] Companies that will help you pay off your student loans đź’°
I wish we could earn a dollar for every time someone says the phrase "student loan crisis." (Of course those dollars would go straight to my student loan debt.)
But the facts are pretty hard to ignore:
Student loan debt has risen from about 0.5 trillion to 1.5 trillion in the past 13 years.
Student loans are the second largest consumer debt category after mortgages.
The Class of 2016 owes $37,000 in student loans (on average), and the Class of 2017 owes nearly $40,000.
On one hand it's annoying that we keep having these conversations without any significant solutions; on the other I'm glad that we continue to make the conversation a priority - especially when it comes to the 2020 election.
Of course, you know my natural thought process was focused on how companies are handling the issue. What I learned is that companies are missing a HUGE opportunity to address a growing social issue all while securing the best and brightest talent.
While 86% of employees say they would commit to a company for five years if the employer helped pay back their student loans, only 4% of employers even offer any kind of student loan assistance.
Let me repeat. ONLY 4% of employers offer student loan assistance.
I mean, I wasn't expecting a super high number, but I expected more than that.
But let's talk about that 4%... (especially for those of you who might now be looking for a new job LOL)
In our research we found that the benefits vary widely, with some companies only offering the benefit to full-time employees and others extending it to part-time employees as well.
Here are a few examples we found:
Fidelity - $2,000 a year up to $10,000 towards repaying student loans.
Aetna - $2,000 a year up to $10,000 for full-time employees; part-time employees can receive $1,000 a year up to $5,000. Must have earned degree within 3 years of employment.
Penguin Random House - $1,000 a year up to $9,000 for full-time employees who have worked there for at least a year.
PwC - $1,200 a year up to $7,200.
Abbot - “If an employee contributes 2% of their paycheck to student loan repayment, Abbott will provide a 5% match to the employee's 401k retirement plan.”
Nvidia - $6,000 per year up to $30,000. Must have graduated within the last three years.
First Republic - $1,200 the first year of employment, $1,800 the second year and $2,400 from then on, without a cap. Employees who have borrowed for their children can also receive this benefit.
Chegg - $1,000 a year.
Live Nation - Offers $100 a month up to $6,000.
Staples - $1,200 per year up to $3,600 for full-time sales associates.
If you work for a company that is helping you pay down your student loans, let me know! I want to hear about them.
️❤️️,
Nikita
Sources: Shrm.org, Forbes, NPR
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This week's headlines were curated by ABL's intern, Lora.
“Young workers feel highly stressed as a result of the burden of student debt, and that debt clearly impacts their health and productivity in the workplace.”
- Kevin Fudge, director of consumer advocacy at American Student Assistance (ASA)