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Updated on Monday, April 18, 2016
Companies looking to attract talented employees have long been offering attractive benefits packages, including health insurance, vacation days, a 401(k) with an employer match, and sometimes even stock options or equity in the company. Recently, however, a new item is starting to appear on some of these lists: student loan repayment. A small but growing list of private companies is now offering to pay back a portion of employees’ federal student loans, in addition to the more traditional benefits.
A 2015 research report produced by the Society of Human Resource Management revealed that only 3% of companies (among the 450 surveyed) currently offer employees assistance with student loan repayment. However, this number may likely increase in the coming months and years as more companies begin to recognize that highly competent, educated employees often have a substantial amount of student debt.
If you’re dealing with student loans and in the process of considering a job transition or getting ready to graduate from college, then you might want to put these nine companies on your radar:
1. Fidelity Investments
The financial services corporation is offering to pay up to $2,000 per year towards student loans, up to a maximum of $10,000 over five years, for any employee who has worked there for at least six months.
Starting in July 2016, the professional services network will contribute up to $1,200 per year towards the student loans of eligible employees, for up to six years.
3. Natixis Global Asset Management
Natixis will contribute a lump sum of $5,000 towards repayment of Federal Stafford or Perkins loans for full-time employees who have been with the company for five years, followed by an additional $1,000 each year for up to five years, for a total of up to $10,000.
Employees of the technology company who graduated within the past three years may be eligible for student loan repayment of up to $6,000 each year, for a total of up to $30,000.
The student loan education and refinancing company will contribute $200 per month, or up to $2,400 per year, towards employees’ outstanding student debt.
This marketplace lender will contribute up to $100 per month, or $1,200 a year, towards employees’ student loans, for as long as the employee continues to be employed at CommonBond.
This marketplace lender will contribute $200 per month towards student debt repayment for eligible employees.
The social education platform is rolling out a plan to contribute $1,000 per year towards an employee’s student loan repayment, for as long as the employee is employed by Chegg.
The restaurant marketing company will put $1,000 per year towards student debt repayment for employees who have recently graduated.
Not working for a company offering student loan payments as a perk? Then refinancing your loans to a lower interest rate or going on an income-driven repayment plans for federal loans may ease your student loan burden.