Abbott
The healthcare company Abbott has paved the way for a creative, effective way to help employees who are saddled with college debt continue their retirement savings. Like many companies, Abbott noticed that employees struggling to pay back loans can’t afford to contribute to 401(k) and other retirement savings. So, Abbott started its Freedom 2 Save program, which allows employees with student loans to divert the 2% minimum contribution they would need to contribute to their 401(k)s to receive Abbott’s 5% match to paying off student loans. This benefit led to the so-called Abbott rule. The IRS issued the company a private letter ruling allowing the unorthodox 401(k) match, which led other companies to adopt or consider the practice. Many other employers may rush to adopt this benefit, however, thanks to the SECURE 2.0 Act (passed in 2022). The Act permits employers to make matching contributions to retirement plans based on employees’ student loan payments and simplifies the process.Aetna
The health insurance giant began supporting employees with student debt back in 2016, making it an early adopter. Aetna matches student loan payments up to $2,000 with a lifetime maximum of $10,000. Aetna differs from many other employers offering this benefit in that the company includes part-time employees in the program, providing them with half the amount of payment relief that it gives to full-time employees.New York Life
Another company with one of the more established student loan payment benefits, New York Life pays up to $10,200 over five years for an eligible employee’s college debt. Importantly, the program also strongly encourages employees to use the student loan advice and online planning tools the company offers, including financial planning counseling, its student loan calculator, and information on how to qualify for a mortgage while carrying student debt and other education efforts.NVIDIA
Visual computing company NVIDIA may be one of the most generous employers offering student loan payment assistance, although only recent grads are eligible. Full- and part-time employees who have graduated within the past three years can receive up to $350 a month for a maximum total of $4,200 each year, with a lifetime maximum of $30,000. The company’s contributions are made directly to the employee’s loan servicer. NVIDIA also offers a robust suite of student loan coaching and tools at no cost to employees.PwC
Accounting and professional services firm PwC is also one of the first companies to offer student loan repayment. If you’re an associate or senior associate with the company, PwC will pay up to $1,200 per year towards your student loans. According to the company, their student loan paydown benefit can reduce student loan principal and interest obligations by as much as $10,000, and shorten loan payoff by up to three years.The Takeaway
Looking for ways to help your employees navigate the student loan landscape? SoFi at Work’s student loan education, refinancing, and repayment benefit platforms can offer the tools you need to support your employees and promote their overall financial wellness.Photo credit: iStock/Delmaine Donson
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