Federal student loan payments, most of which were paused during the pandemic, are set to resume in September.
And yet, 93% borrowers say they are not financially prepared to restart payments, according to a survey by the Student Debt Crisis Center and Savi. With no break in sight for rising prices, many Americans are simply stretched too thin, other studies show.
The Biden administration is currently deciding how to proceed with student loan forgiveness, and there are signs that the repayment pause may be extended yet again. But in the meantime, more employers are offering to help.
About 8% of employers offered student loan debt assistance in 2021 but 33% were considering adding it, according to the most recent data from Willis Towers Watson, a compensation consulting firm.
“There’s a lot of interest across the board,” said Lydia Jilek, Willis Towers Watson’s senior director for voluntary benefits. “A greater swath of the population has student loan debt than many people think.”
“It continues to be a benefit of significant interest and value for employees as well as employers,” she added.
Remote-friendly companies offering student loan help
Meanwhile, many Americans also want to continue working remotely instead of going back to the office, at least some of the time. A Prudential survey found that financial stability, job benefits and a better work/life balance are top priorities going forward.
To that end, FlexJobs identified 30 companies — now hiring — that offer student loan repayment assistance as well as the ability to work-from-home.
Many of the employers on the list will provide a monthly payment towards student loans, while others make yearly contributions. The payments range from $50 to several thousands, usually with a maximum lifetime benefit, and may depend on full-time or part-time status, according to FlexJobs.
- American Family Insurance
- Atticus Law
- BAM Communications
- CommonBond, Inc.
- Fidelity Investments
- HCA Healthcare
- Homesite Insurance
- Live Nation
- Main Street Bank
- New York Life
- Pure Insurance
- Real Chemistry
- SoFi – Social Finance
- The Hartford