As of Q4 2024, Americans owed more than $$1.777 trillion in student loans. As payments resume for millions after years of pandemic relief, employers are stepping up: the percentage of companies offering student loan repayment benefits has doubled since 2021, reaching 34% by the end of 2023.
An IFEBP (International Foundation of Employee Benefit Plans) survey finds that 92% of employers cite attracting future talent as a top reason for offering these programs, while 80% focus on retaining their current workforce. And with federal law allowing companies to provide up to $5,250 per year in tax-free student loan and tuition assistance through 2025, there’s never been a better time for employers—or employees—to take advantage.
Here are 10 standout employers that can help you chip away at your debt.
Nvidia
Nvidia offers eligible employees up to $500 per month in student loan repayment assistance, with an annual cap of $6,000 and a lifetime maximum of $30,000. The employee must be a full-time or part-time U.S. employee working at least 20 hours per week and must have graduated with a degree (not just a certificate) within the last three years. Interns, co-op students, and temporary employees are not eligible.
Eligible loans include most U.S. federal and private student loans, but not Parent PLUS loans or loans not in the employee’s name. Nvidia’s program stands out as one of the most generous in the U.S. job market and is particularly impactful for recent graduates, helping them reduce principal and interest more rapidly.
Aetna (CVS Health)
Aetna, a subsidiary of CVS Health, provides full-time employees with up to $2,000 per year in student loan repayment assistance, capped at a $10,000 lifetime maximum. Part-time employees are also eligible for up to $1,000 per year, with a $5,000 lifetime cap.
In addition to direct loan repayment, Aetna offers tuition reimbursement (up to $5,000 per year for education expenses) and student loan refinancing support. Employees and their families also have access to educational coaching, tuition discounts at partner institutions, and financial counseling.
Aetna’s student loan repayment participants have experienced a 45% faster promotion rate and an 8% higher retention rate, while tuition assistance participants saw a 27% faster promotion rate.
New York Life
New York Life offers employees up to $170 per month in student loan repayment assistance, with a lifetime cap of $10,200 over five years. Since launching the program, New York Life has contributed nearly $12.4 million toward employees’ student loans, with 2,460 employees enrolled as of 2023.
The benefit is part of a larger package that also includes counseling and resources for employees who have taken out loans for their children, demonstrating the company’s recognition of the intergenerational impact of student debt.
Ally Financial
This Financial services company provides Student Loan Repayment Assistance of $100 per month, up to a $10,000 lifetime maximum. It also offers tuition reimbursement of up to $10,000 per year for eligible education expenses. This supports employees who wish to further their education or pursue additional degrees and certifications.
There’s also a 529 college savings plan contribution of $100 per month, also with a $10,000 lifetime cap, to help employees save for their children’s or dependents’ future education costs.
Ally’s Chief Human Resources Officer, Kathie Patterson, says, “We’re trying to do everything we can to support them in those moments in life. That in itself creates a level of engagement.”
Estée Lauder
Estée Lauder Companies offers employees $100 monthly in student loan repayment assistance, up to a lifetime maximum of $10,000. This benefit is administered through a partnership with Tuition.io, which ensures monthly contributions are made directly to employees’ student loan servicers.
The program was designed to address the growing burden of student debt, particularly among millennials, who make up about 61% of Estée Lauder’s workforce and 65% of those enrolled in the benefit. In addition, the company offers tuition reimbursement for approved courses, but not as a standard benefit.
Peloton
Peloton offers employees $100 per month in student loan repayment assistance. The company has not disclosed a maximum lifetime benefit, suggesting the support may be open-ended for eligible employees.
More than 150 employees have participated, with the company contributing over $15,000 monthly toward student loan debt. Gradifi reports that such programs can reduce repayment time by up to 30% for participating employees.
Penguin Random House
Penguin Random House offers eligible full-time employees $100 per month in student loan repayment assistance, up to a lifetime maximum of $9,000. Employees become eligible after one year of service, and payments are made directly to the loan servicer through the Gradifi platform.
CEO Markus Dohle described the initiative as a means to “help ease the burden of student loan debt and economic obstacles for young publishing professionals.”
Penguin Random House was the first major book publisher to offer this type of benefit, setting a precedent in the industry and supporting talent retention and recruitment among creative professionals who often face high debt-to-income ratios.
PWC (PricewaterhouseCoopers)
PwC offers associate and senior associate-level employees up to $1,200 per year ($100/month) in student loan repayment assistance, with a maximum benefit of $10,000. Employees are eligible for this benefit for up to six years or until they are promoted to manager, whichever comes first.
Since its 2016 launch, the firm has paid over $40 million toward employees’ student loan debt, with more than 17,000 employees participating. The benefit is particularly popular among Black and Hispanic employees, groups that statistically face higher student loan debt burdens.
Carhartt
Carhartt provides monthly payments of $50 toward employees’ student loans, with a lifetime maximum of $10,000. Uniquely, this benefit extends to employees who have taken out loans for their children, such as Parent PLUS loans. This makes it accessible to both borrowers and their parents.
Additionally, Carhartt offers tuition reimbursement for employees pursuing education (but only in fields relevant to their careers at the company).
As of the program’s early rollout, Carhartt reported that participating employees collectively reduced 68 years of loan payments, demonstrating the real-world impact of steady, employer-sponsored contributions.
Carvana
Carvana offers full-time employees up to $1,000 per year to help pay down their student loan debt. More than 1,800 Carvana employees are eligible for this perk, which is designed to provide meaningful financial relief and help employees reduce their outstanding student loan balances more quickly.
Key Data, Trends, and Expert Insights
- Rapid Growth: The share of employers offering student loan repayment benefits jumped from 17% in 2021 to 34% by late 2023 and has more than tripled since 2019.
- Tax-Free Advantage: Through 2025, employers can contribute up to $5,250 per year per employee tax-free, thanks to the Consolidated Appropriations Act. A bipartisan bill aims to extend this benefit.
- Recruitment & Retention: Over 85% of employees say they’d stay at a company for five years if it helped pay their loans. More than three-quarters (77%) would be more likely to accept a job offer with this benefit.
- Employee Demand: 51% of employees believe their employers should help with student loan debt. Nearly all (91%) say their debt causes anxiety, impacting productivity and well-being.
Disclaimer – The Finance Key does not provide and does not intend to provide financial, investment, tax, or legal advice. Information contained in this article is for informational and educational purposes only. This list is solely the author’s opinion based on research and publicly available information. The inclusion of links to third-party content is not an endorsement by The Finance Key of such content or services. Please do your due diligence and use your discretion.
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