24 Companies That Pay Off Student Loan Debt (as an Employee Job Perk)
If you're on the hunt for a new position and you're struggling with student loan debt, start your search with a company offering to help you pay off your student loans. Rather it's an online educational resource and marketplace that helps borrowers compare and learn about loan options, including those for private student loans, student loan refinancing, personal loans, mortgages, and credit cards. Its student loan assistance program repays the lesser of $500 per month or the total required monthly payment on the employee's student loans, up to a maximum of $6,000 per year and a lifetime maximum of $30,000. Nvidia offers customized student loan refinancing through its relationship with SoFi, which could help you pay off your loans even faster if you qualify for a lower interest rate than what your federal student loans will be after the payment suspension ends. Their Student Loan Paydown benefit pays up to $1,200 per year through its partnership with Gradifi toward participating associates' and senior associates' student loans, up to a lifetime maximum of $10,000. Is Employer Student Loan Repayment Taxable? Thanks to a tax break introduced in the Coronavirus Aid, Relief, and Economic Security Act and later extended through Dec. 31, 2025, you don't have to pay taxes on up to $5,250 in annual employer student loan repayment assistance. Do All Student Loans Qualify? Typically employer repayment assistance works for all student loans, both federal and private, because your employer is giving you cash - not a forgiveness benefit - that is applied directly toward your loan.