Mention private companies that help with student loans and the first thing that probably comes to mind is Amazon, on its mega 2015 deal with Wells Fargo to discount student loan interests from the 3rd largest private lender at the time. Wells Fargo student customers who were also Amazon Prime subscribers and would see their interest lowered by 0.5%, in exchange for a $49 yearly subscription to Amazon Prime. The half-percentage point would also be added to a 0.25% rate reduction on interest for students who set up automatic monthly payments to their Wells Fargo loan accounts.
The deal between Amazon and Wells Fargo might have signified the huge appetite for private loans, but the collapse might have had more significance, showing how demanding it might be for private companies to take on the challenge of addressing student debt. Even by lowering interest by 0.5%, the challenge of mutating APRs and variable interest would still not have been addressed.
Can’t Keep Away From School Loans Companies?
Student loans company repayment usually takes a very heavy toll on debtors and loans that turn into delinquency can severely hurt your credit rating. The number one rule of borrowing from any private lender is BORROW ONLY WHAT YOU NEED.
Top 10 Reviews offers a list of the top companies offering student loans based on a few important factors.
Loan types cover such inputs as loan limits, consolidation, long-term lengths offered and the variety of rates.
Repayment covers factors such as Cosigner Release Period, Forbearance and Grace Periods.
Loan Terms covers Combined Rate Reductions and Loan Calculator. Help and Support covers facts like Phone, Email and Live Chat.
In the next segment, see the top jobs that pay student loans in one form or another and what they are doing about the debt crisis.
H2: Jobs That Pay Off Student Loans-You’ll Love This Top 6
The vast majority of jobs offering debt support are in the public sector and include groups such as teachers, nurses, lawyers and of course those working in the disciplined forces. There are some private sector jobs that help pay off student loans, but the probable reason for the small number of companies doing this is the fact that student debt assistance is currently not tax deductible. The amount is in fact taxed as income. While jobs that pay back student loans in their entirety are not very common and in fact doubtfully exists, a list does exist, and it does offer some level of assistance to its workers.
It contains names like:
Top of the list of companies that pay student loans according to Business Insider, Chegg specializes in online educational services like tutoring, textbook rentals, scholarships and other services that high school and college kids need is also helping those within its own ranks. The partnership with Tuition.io brings forth a much-needed form of private reimbursement for students who are struggling with a deadweight of college debt.
Another name on the top of companies that pay student loans. Through their Step Ahead Student Loan Assistance Program (SLAP) which provides an annual commitment of $2000 for a maximum period of 5 years to the loan debt for eligible employees. The company offers two types of assistance: SLAP and a Tuition Reimbursement Program, with a total possible reimbursement of $10,000.
The company whose key driver is technology also makes it to the list of jobs that pay off your student loans. CommonBond says that half of its employees have already taken advantage of this offer with almost $1200 a year to cater for their student debt.
Another name to make it to the list of jobs that help pay off student loans is LendEdu. The small lender has 6 full-time employees and offers them $200 a month toward student loan debt, though this takes away from some of the possible benefits that these employees would be deriving.
Natixis Global Asset Management
Another name on this list of employers paying student loans is Natixis. The asset management company with a global workforce of 3000 employees is one of the few contributing to Federal Perkins and Stafford loans. Employees who have been with the company for more than five years will benefit from the program, which may, however, keep away some of the best talent. A Public Relations official says that the company thrives on the motivation of such as commitment.
Pricewaterhouse Coopers (PwC)
One of the biggest global consulting firms and the big names to make it to this list of jobs that will pay off student loans is PwC. It offers the Student Loan Paydown (SLP) that contributes $100 a month towards employees loan debt for a period up to 6 years or when the employee joins management, whichever comes first.
The Global Talent Leadership says the amount could inflate to $10,000 over the 6-year period and could take care of about 2 to 3 years of loan debt.
What You Should Infer About Companies That Pay Off Student Loans
Most of these companies, while their intentions are good, aim to attract top talent and are willing to pay for such an exchange. You’ll seldom find companies that offer loans to employees to pay off their student debt. This is true because debt is something that companies are willing to go into especially because of tight fiscal rules on internal lending.
An optimal condition would be companies pay off student loans in exchange for certain benefits from the government. However, with a ballooning debt burden which enslaves the workforce, you shouldn’t ask yourself too much about why the government would not let their $1.3 Trillion go so easily.