Student Debt? These Companies Can Help Repay Your Student Loans
Everybody knows that college is expensive. What many people do not realize is that some companies will help repay your student loans. If you are looking for a little financial help with your student loan payments, working for one of these employers can be a great place to start.
Find Help as a Student
Did you know some companies will help repay your student loans as a high school student?
Every high school student preparing for college needs to consider the following two options:
Military ROTC Scholarships
If you want to serve our country, each branch of the armed forces issues military ROTC scholarships. It’s possible to get award a 4-year college scholarship that pays tuition and provides a monthly stipend. If you don’t earn one as a high school senior, college ROTC departments also award 3-year and 2-year scholarships as well.
Another option is getting accepted into a U.S. Service Academy like the U.S. Military Academy at West Point (Army), the U.S. Air Force Academy, U.S. Naval Academy (Navy and Marines), U.S. Coast Guard Academy, and the U.S. Merchant Marine Academy. Being accepted into a service academy is a prestigious honor and all your expenses will be paid.
In exchange for a ROTC scholarship or attending a service academy, you will have to serve for several years in your respective military branch. If not, you can be required to repay the remaining scholarship balance.
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Some colleges also partner with local companies to create a college co-op program. These co-ops are similar to paid internships where you earn an hourly wage while working at the company as a student, and, your hours worked can also count for academic credit.
There are several colleges across the country that offer co-ops. One of the oldest college co-op programs is from the University of Cincinnati that partners with over 600 companies in 21 states to let college students explore future career options.
Each co-op program is different. Some might only be for a few semesters while other programs last your entire college career. Ask your potential school (or current school) if they have a co-op program.
Not only do these programs help you pay for college without borrowing money, they let you explore future career options and potentially secure your first job with an employer too. You may decide you don’t like a particular career path and still have time to switch majors without having to attend for an additional semester or find a career not applicable to your major after graduation.
Companies That Offer Student Loan Repayment Assistance
If you are about to graduate and getting ready to apply for job interviews, give these companies a look.
In recent years, tuition reimbursement has become a popular benefit to help employers keep Millennials from switching to other employers.
As one of the leading computer graphics chip producers in the world, Nvidia will give you up to $500 per month in tuition assistance. The only requirement is that you work at least 20 hours per week and have graduated within the past three years.
Nvidia will also reimburse you up to $5,250 a year for continuing education. They also offer internships and co-op programs for college students.
PwC will reimburse you up to $1,200 per year in student loan benefits for up to 10 years. That means $10,000 in student loans can be reimbursed by PwC. This benefit is available to all associates and senior associates regardless of when you graduated as long as you have student loan debt.
As one of the leading peer-lending platforms, SoFi will contribute up to $200 per month for your existing student loans. For continuing education, they will pay up to $5,250 per year for approved programs.
In addition to helping you repay your student loans, Sofi can also be a good option when you need to refinance your student loans.
This health insurance provider offers $2,000 per year for up to $10,000 in student loan repayment benefits. Even part-time employees can receive partial repayment benefits. To qualify, you need to apply for the benefits within three years of graduation.
Fidelity will reimburse up to $2,000 per year and $10,000 cumulative for your student loans. In addition to getting help with your student loans, you also get to work for one of the largest investment brokerages in the world.
Perhaps you purchased textbooks from Chegg during your college years. They will reimburse you up to $1,000 per year in monthly student loan payments.
Government Agencies and Non-Profits
While the tuition assistance isn’t immediate, your remaining federal student loan balance will be forgiven after 10 years of on-time payments. By working for a government agency or qualified non-profits, the Public Service Loan Forgiveness option can be more beneficial than these other company policies because you can literally have more than $10,000 in student loans forgiven.
While you have to wait 10 years to receive the benefits, it can be well worth the wait if you have a high student loan balance and earn a small salary.
Companies from every industry will help repay your student loans. While this is just a partial list, many more companies offer tuition assistance benefits. To help you with your job search, you should consider checking out the top 100 workplaces for millennials to discover more companies that offer similar benefits and are also great places to launch your career.
Disclosure: The information provided by The Financial Genie is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs. The Financial Genie does not make any guarantee or other promise as to any results that may be obtained from using our content. No one should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence. Additionally, some of the organizations with products on our site may pay us a referral fee or affiliate commission when you click to apply for those products.