There’s a huge pool of debt for the average student, but here are eight employers that will help you pay it off.

The “companies that pay off student loans” are companies that will help you pay off your student loan debt. The list includes 8 employers.

8 employers that'll help you pay off student loans

Jobs that assist with the repayment of a part of student debts are becoming more popular, and for good reason. The typical student loan borrower owes roughly $37,000 in loans.

Companies that aid in the repayment of a part of student debts are few and few between, so you may have to do some digging to find student loan support as a perk. To assist you, here’s what you need to know about the benefits offered, the firms that provide them, and what you can do to attempt to bargain for them.

Employers may provide you with two sorts of student loan aid: Assistance with Repayment Programs in which your employer participates and repayment assistance perks that your company provides directly.

A handbook to military student debt relief is also available.

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Assistance with Repayment Programs

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You may be qualified for student loan aid via a federal or state-based program, depending on your chosen vocation. For people working in public service, there are many loan forgiveness programs available, including the Public Service Loan Forgiveness and Teacher Loan Forgiveness programs.

However, these programs often require you to commit to working for a specified number of years in a specific industry or field (such as medicine, law, or military duty), which may be difficult if you don’t love the job or wish to follow a new career path elsewhere.

However, if you complete your service requirement, you may be eligible for forgiveness of your whole student loan sum.

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Benefits of Repayment Assistance

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According to the Society for Human Resource Management, around 8% of companies in the United States provide student debt repayment aid as a perk. Employer-specific terms for a repayment aid benefit may exist. Some employers may give it in the form of a payment match, while others may just pay a monthly fixed amount toward an employee’s loan debt.

You may get less money through a repayment aid benefit than you would from a government repayment assistance program. However, you may not be required to fulfill a service requirement to qualify, and you may be able to negotiate the amount you get.

fizkes/istockphoto contributed this image.

Job Opportunities with Student Loan Forgiveness

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Borrowers may be required to achieve specific work criteria in order to qualify for some forms of debt forgiveness. Here are some careers that may qualify you for federal student debt forgiveness programs.

Depositphotos provided the image.

Employee of a Federal Agency

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To entice recruits, federal agencies may be authorized to provide student debt aid as a benefit. The employee must sign a three-year contract with the organization in order to be eligible for this student loan repayment help. The benefit may be worth up to $10,000 per year, but it cannot exceed $60,000 per individual. Furthermore, the benefit is restricted to federal student loans.

Depositphotos provided the image.com.

2. Public Sector Employee

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If you work for a qualified entity in the public sector, such as the government or a non-profit, you may be eligible for Public Service Loan Forgiveness (PSLF). Borrowers must make 120 qualifying payments while proving their employment with a qualified employer to be eligible for PSLF. Any leftover balance is forgiven after this time. PSFL is exclusively accessible to federal student loan holders.

If you have a Perkins loan and work in the public sector, you may be eligible for debt forgiveness.

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3. Medical Profession

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The Association of American Medical Colleges has a database of debt aid programs for physicians organized by state.

The National Health Service Corps Debt Repayment Program may also qualify medical professionals who work in underprivileged communities for loan forgiveness. Medical professionals who participate in this program must commit to working in a Health Professional Shortage Area for at least two years.

For medical professionals who are not seeking any debt forgiveness programs, refinancing medical school student loans may be an option to explore. While refinancing would remove loans from any government forgiveness programs, it may also enable debtors to get a better interest rate.

courtesy of istockphoto/digitalskillet.

4. Automotive Technicians

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The Specialty Equipment Market Association (SEMA) Loan Forgiveness Program may qualify professionals in the automotive sector for loan forgiveness. SEMA gave grants to 22 working professionals in 2021 to help them pay off educational debts.

Omar Osman / istockphoto contributed to this image.

5. Lawyer

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Lawyers may be eligible for PSLF as well. There are also lawyer-specific programs, such as the Department of Justice Attorney Student Loan Repayment Program or the John R. Justice (JRJ) Program, that help attorneys pay off student loan debt.

Depositphotos provided the image.

6. Educator

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Teacher student debt relief is possible. Teachers who work in special education, are highly trained, or teach in underprivileged regions may be eligible for the Teacher Loan Forgiveness Program. The amount of debt forgiveness is determined by the teacher’s field of study and might range from $17,500 to $5,000.

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7. Volunteer Peace Corps

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Volunteers in the Peace Corps may be able to postpone their debts or apply for PSLF.

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Veterinary surgeon

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The Veterinary Medicine Loan Repayment Program of the United States Department of Agriculture may eligible veterinarians who practice in underserved regions for up to $25,000 in school loan repayment help.

Depositphotos provided the image.

There are eight major companies that pay back student loans.

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Hundreds of major and small businesses offer student debt repayment employment, but it’s not always simple to figure out which ones do. Here are some well-known firms that reimburse student debts to get you started.

KatarzynaBialasiewicz contributed this image.

Abbott Laboratories, Inc.

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The company’s Freedom 2 Save program functions a bit differently than other Benefits of Repayment Assistance in that it combines efforts to pay off student loan debt and save for retirement.

Full- and part-time workers who are eligible for the company’s 401(k) plan and contribute 2% of their wage toward student debt repayment will get a 5 percent salary contribution to their 401(k) account. Employee contributions to 401(k) plans aren’t needed.

Abbott provided the image.

2. Chegg

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The education company’s full-time workers get a yearly contribution to their student loan installments.

Chegg provided the image.

3. Estee Lauder Cosmetics

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Employees at the cosmetics firm get $100 per month in student debt aid, up to a total of $10,000.

Estee Lauder provided this image.

4. Trustworthiness

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You may be eligible for up to $15,000 in student loan repayment assistance if you work for an investment brokerage business.

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5. Nvidia

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Nvidia will match your student loan payments dollar for dollar up to $500 per month if you graduated within the previous three years. The total lifetime limit is $30,000.

Nvidia provided the image.

Penguin Random House, no. 6

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Employees who have worked for the publication for at least a year are eligible for up to $1,200 in annual student loan repayment aid, for a total of $9,000 over seven and a half years.

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PricewaterhouseCoopers (PwC)

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You may get $1,200 in student loan installments each year as a participating associate or senior associate.

pwC provided the image.

8. SoFi

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As a SoFi employee, you’ll get $200 in monthly student debt repayment aid.

Image courtesy of SoFi.

Negotiating a Repayment Benefit for Student Loans

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If you’re searching for work, look for organizations that provide student debt repayment as an employee perk. If you are unable to locate one, you may be able to include the benefit into your overall compensation. Here are some suggestions.

Depositphotos provided the image.com.

Conducting Research

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Payscale and Glassdoor are two resources that may help you get an idea of the compensation and perks offered by different organizations. Examine what the organization you’re interested in normally provides, as well as what a comparable job elsewhere may offer.

If anything, this approach will help you figure out how much you’re worth. It will, however, provide you with a baseline against which you may bargain for student loan repayment advantages and other components of your remuneration.

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Making Your Passions Known

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Making it clear to a prospective employer why student debt payments is essential to you may help set the tone for the whole discussion.

Employers might take into account a variety of different elements in determining your overall remuneration, in addition to your income. Knowing what matters to you the most might help them develop a more appealing offer.

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Instead of monthly payments, request a signing bonus.

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While a signing bonus isn’t intended to be used as a student debt repayment advantage, it may be. Making a lump-sum payment toward your student loans might really help you get ahead on your repayment schedule.

How to Negotiate Your Signing Bonus (Recommended) 

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Requesting the Right to Reconsider the Request in the Future

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If you can’t convince a prospective employer to help you with your student loans, that’s not the end of the road. You might request a meeting to discuss your salary in six months or a year.

During that period, you may be able to persuade your boss that the investment is worthwhile. Alternatively, you may have sown the seed for your firm to provide all workers a student debt payback perk.

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Prioritizing Student Loan Repayment

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Whether or whether you are able to discover employment that pay off student debts, you may still make it a goal to pay off your debt as soon as feasible. A student debt repayment aid benefit may assist you in meeting that objective, but it won’t be enough.

As a result, you should think about alternative ways to save money, such as refinancing your student loans. While refinancing may be advantageous for some borrowers, it is not for everyone. Refinancing federal student loans will make them ineligible for government programs and perks including PSLF and income-driven repayment plans.

If you meet the requirements, you may be able to lower your interest rate or monthly payment. You might save money throughout the life of your loan if you get a lower interest rate.

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The Conclusion

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The number of businesses that provide student loan repayment help as part of their employee benefits package is increasing. Some occupations may also provide the borrower with the option to petition for student debt forgiveness. There are programs for medical professionals, teachers, and individuals who work in government or non-profit organizations, for example.

More information:

This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.

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The “FedEx Student Loan Forgiveness” is a program that will help you pay off your student loans. It’s 8 employers that’ll help you pay off your student loans. Reference: fedex student loan forgiveness.

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