Many companies seeking ways to recruit the best and brightest graduates have started to offer education reimbursement (loan repayment assistance programs, or LRAPs) as a means of sweetening the deal. This comes in addition to standard benefits like health insurance, vacation days, 401K matching contributions, and stock or stock options, just for example. This is great news for anyone that has to work during college or has accrued significant student loan debt.
Naturally, you want to explore all your options when it comes to finding the best job. A number of factors will come into play when making a decision, including the reputation of the company, the job title, the job requirements, and opportunities for advancement.
However, there’s no getting around the fact that any job is a contract, one in which you agree to work in exchange for pay, so the salary and benefits package are bound to play a major role in your decision. For this reason, you may want to look into companies that are known for providing the best student loan repayment benefits and some that offer assistance in lowering your payments like this one. Here are a few you should know about.
The IRS restricts tax-free tuition reimbursement benefits to $5,250 per year, after which employees have to start paying taxes as though the reimbursement was compensation. Believe it or not, this McDonald’s subsidiary offers the maximum in tax-free education reimbursement, paying for tuition, fees, and books up to the IRS limit.
This benefit is offered not only to salaried, but also hourly workers. You simply have to work at the company for a consecutive year in order to become eligible for education reimbursement benefits. This is incredible for a job that also offers flexible hours for students.
Bank of America
It’s only natural that a financial institution would want knowledgeable and skilled employees, but Bank of America puts their money where their mouth is, so to speak, with their Life Management Benefits program that helps employees to pay for education. Employees can receive up to $5,250 each year (the IRS tax-free limit) so long as they are enrolled in a degree program (undergrad or graduate) related to their career at Bank of America.
The mobile phone service giant not only offers the best coverage for cell service, but also some of the best tuition reimbursement benefits. Full-time employees could receive up to $8,000 per year toward undergrad and graduate degrees, continuing education courses, and certificate programs, while part-time employees may be eligible for up to $4,000 per year.
Long known for their education reimbursement program, PwC does something that many companies do not – they offer money toward student loan debt. Whereas many education reimbursement programs apply only to employees currently enrolled in classes, PwC will help to pay off prior student loan debt, up to $1,200 per year, up to a total of $10,000.
PwC recruits an estimated 11,000 graduates from college campuses each year as associates or senior associates, and this benefit helps them to pay down their student loan debt faster and rewards employees who remain with the company for several years.