Help With Your Student Loans Is the Latest Job Perk

By: Anneken Tappe · September 01, 2023 · Reading Time: 4 minutes

Attracting Workers

Getting a new job isn’t only about pay, for many it’s also about the benefits. Employees have gotten accustomed to workplace offerings like healthcare and 401(k) matching, as well as more “fun” perks like unlimited vacation days and discounts. Now companies are starting to offer a new, and perhaps more valuable, perk: student loan repayments.

Student loan payments are officially set to restart in October. For those preparing for the return of monthly payments, this new employer perk could change the shape of both budgets and careers.

Booming Benefit

The number of job listings containing keywords related to student loans repayment, education debt, student debt or similar terms have more than doubled since 2019, according to data from career community company Handshake .

Help with student loans is becoming a more popular benefit but it’s far from ubiquitous. Only 3% of active full-time job listings contained keywords above. That represents roughly 4,000 jobs across 2,500 different employers.

For companies looking to attract younger employees, this new benefit could prove useful. More than 7 million people ages 24 or younger have a collective $103.8 billion in student loan debt — roughly $15,000 per person.

Picking Your Perks

Student loan debt can be a significant obstacle, particularly for younger workers at the start of their careers. More than half of the Class of 2024 is expected to graduate with student loan debt to their name, but companies are offering help as a way to attract top talent.

The industries where you’re most likely to find student loan repayment as a benefit are healthcare, nonprofit, and government, law, and politics, according to Handshake’s data. Major employers that offer this benefit include Aetna (CVS), Abbott (ABT), Chegg (CHGG), Estée Lauder (EL), Fidelity (FIS), Alphabet (GOOGL), NVIDIA (NVDA), and Raytheon (RTX).

If you carry student loan debt, this perk may be worth keeping an eye on as you move through your career.

SoFi at Work offers an array of tools that can help your employees manage student loan repayment, including financial health assessment surveys, one-on-one financial counseling, an online student debt navigator, and student debt refinancing and repayment platforms.

Check it out

Products available from SoFi on the Dashboard may vary depending on your employer preferences.

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