Student Loan Forgiveness Benefits: 3 Companies That Help Employees Pay Debt

Student loan forgiveness benefits are becoming a popular perk as companies compete to attract and retain top talent. With millions of Americans still carrying student debt, employers are stepping in with creative programs that ease financial burdens and make their companies more appealing in a competitive job market.

Here are three forward-thinking companies that now offer student loan assistance programs to eligible employees.

Fidelity Investments: Helping Employees Pay Off Student Loans

Fidelity Investments, a leader in the financial services industry, now offers student loan assistance as part of its employee benefits package. This program pays up to $10,000 over five years toward eligible employees’ student loan debt.

This benefit is especially helpful for young professionals who typically:

  • Earn lower salaries than more senior colleagues
  • Carry more student loan debt
  • Struggle with high monthly payments

For example, an employee with a $200 monthly payment could see that reduced to around $33/month with Fidelity’s support. After five years, most employees may be promoted or earning more, making it easier to resume full payments.

Aetna: Matching Contributions for Student Loan Payments

Aetna, one of the largest health insurance providers in the U.S., also provides student loan forgiveness benefits to eligible employees. Like Fidelity, Aetna contributes up to $10,000 over five years—but it uses a matching model.

Here’s how it works:

  • Employees pay a portion of their student loan (e.g., $100/month)
  • Aetna matches that amount with an equal contribution

This structure encourages employees to stay engaged in their debt repayment while receiving substantial support from their employer. Even though it requires a higher personal payment than Fidelity’s plan, it still makes a significant dent in student loan balances.

Carvana: Innovation in Auto Sales and Debt Relief

Carvana is known for its car vending machine concept and home delivery options, but it’s also making waves with employee benefits. Carvana offers eligible team members up to $1,000 per year in student loan assistance.

While the total lifetime benefit hasn’t been disclosed, this program stands out as a meaningful way for a growing tech-forward company to support its workforce.

Even a $1,000 annual benefit can:

  • Shorten the repayment timeline
  • Reduce long-term interest costs
  • Ease monthly financial stress

Why Student Loan Forgiveness Benefits Matter

These programs reflect a growing trend in modern HR strategies. With the average student loan balance nearing $40,000, these benefits can:

  • Improve employee satisfaction and loyalty
  • Attract financially savvy talent
  • Offer tax-deductible perks for employers

They also align with broader financial wellness initiatives, showing that companies care about their employees’ futures.

Need Help Understanding Government Student Loan Forgiveness?

While some companies offer student loan support, the government also forgives student debt under certain conditions. Programs like Public Service Loan Forgiveness (PSLF), Income-Driven Repayment Forgiveness, and Teacher Loan Forgiveness may apply.

At Hope Credit, we specialize in helping borrowers explore all their options. Whether you’re unsure how to qualify or need help applying, contact us today to speak with a student loan forgiveness expert.