7 companies that help employees pay off student loan debt
According to the Society for Human Resource Management (SHRM), only about 3% of companies in the US offer to help employees chip away at student loans. Most of the employees currently receiving this benefit work in the public sector, such as nurses, teachers, and lawyers.
The limited number of companies offering this benefit may be in part because, unlike 401(k) contributions and tuition reimbursement (for employees who pursue degrees sponsored by their employer), student loan debt assistance is not currently tax-deductible. In fact, the amount gets taxed as income for the employee.
But a new study from personal finance site NerdWallet finds more companies in the private sector are contributing to student debt repayment for the first time. So companies that help tackle loans are rare ... but they exist.
While there isn't a comprehensive list available of every employer that includes assistance paying student loans in their benefits packages, here are seven who do or will begin in the next few months - from six-person startups to international corporations.