Recently there has been an increase in the number of companies offering student loan debt forgiveness benefits. A lot of people have some level of student loan debt left over from college. Many businesses have recognized that student loans play a role in a job candidate’s decision-making process. The economy is also improving and there are more jobs available than there were 10 years ago. As a result, many employers have had to become more competitive in the ways in which they attract quality employees. Student loan forgiveness benefits are just one of the ways businesses are thinking outside the box these days. Here is a list of a few companies that are currently offer these types of benefits.

FIDELITY INVESTMENTS

Fidelity Investments is a company that offers financial management for mutual funds, stocks and bonds to name a few of the services they offer. They’ve been around for a long time and are one of the main players in the financial services industry. Fidelity Investments currently offers student loan benefits that can pay up to $10,000 over 5 years for eligible employees. We think this program could be the most beneficial for young workers. Generally, younger employees don’t make as much money as senior employees. They also usually have more student loan debt than senior employees. For example, if an employee with a $200/mo. loan payment decided to participate in this program, that employee could potentially reduce their payment to a little over $33/mo. Since the program can run for 5 years, this could help young employees pay their loan payments more easily even if their not making a ton of money during the first few years of their career. After the 5 years is over, many employees will probably have been promoted and will probably be making more money than when they started their careers. By then it will probably be easier to go back to making the normal $200/mo. loan payment.

AETNA

Aetna is one of the largest health insurance companies in the United States. Many Aetna employees seem to enjoy working for the company. Similar to Fidelity Investments, Aetna also offers a student loan program that pays up to $10,000 over 5 years. The difference between the program Aetna offers and the one Fidelity offers is that Aetna’s program is a matching program and Fidelity’s is not. If our hypothetical ’employee’ in the previous example were to enroll in Aetna’s program, then they would potentially have to make a $100/mo. loan payment in order to have Aetna make a $100/mo. matching contribution (unlike in Fidelity’s program where they would potentially just have to pay a little over a $33/mo. to cover their monthly loan payment). Either way we still think Aetna’s program is awesome!

CARVANA

This company is one of the most innovative car dealerships we’ve seen. The thing that makes Carvana stand out is that they essentially created a ‘car vending machine’ where customers can look over car details (online or at the Carvana dealership) and then have the car ‘dispensed’ from the ‘car vendi machine.’ Carvana offers car delivery as well. Besides the cool factor of working at Carvana, the company also offers a student loan benefit program to eligible employees. Their program pays up to $1,000/yr. toward eligible employees student loans. It’s not clear if Carvana has a maximum limit on the total amount they pay out toward each eligible employee’s student loans, but so far this program looks to be an excellent one!

LOOKING FOR ANSWERS ON HOW THE GOVERNMENT FORGIVES STUDENT LOAN DEBT?

The government can forgive student loan debt under the right circumstances. If you’re looking for help with your student loan or have question about how the industry works we would be happy to talk with you. At Hope Credit we’re experts at student loan debt forgiveness. Learn more by contacting us now!

Sources:

Talajkowski, Andy. (2018, August 10). 12 Companies Offering Student Loan Forgiveness Hiring Now. Retrieved from https://www.glassdoor.com/blog/companies-student-loan-forgiveness/

“Helping to Ease the Pressures of Student Debt.” Fidelity Investments, www.fidelity.com/about-fidelity/who-we-serve/easing-the-pressures-of-student-debt.