How Do I Pay Back Federal Student Loans?
The possibility of education in the United States on credit is of great interest. However, before agreeing to financial obligations, it is important to analyze not only the possibility of training itself, but also the prospects that open up for the student, as well as the real responsibility to the lender.
The attraction lies in the fact that many employers are interested in qualified staff who have got a good education. When hiring them, they are ready to provide their employees with partial assistance, which consists in paying off the federal student loan.
Such assistance can be of two types:
- a fixed contribution, regardless of how much the employee pays for the US student loan;
- an amount equal to the amount of the monthly loan payment.
An employee must meet a number of established requirements to get compensation for credit payments from an employer. The chances of getting help with paying for training in companies with similar options are higher for those employees who are in demand in their field and have been working for a long time. At the same time, the employer has the right to set limits on the amount of compensation and the duration of its validity.
As of 2018, only 4% of companies paid their employees benefits to return an American education loan. But, as statistics have shown, this is gradually becoming a widespread phenomenon. Every year more and more employers offer financial assistance in repaying federal student loans.
In addition to being interested in motivating and developing employees, this policy allows you to stand out favorably among other firms. The leaders in this area include many companies with “big” names:
- Estée Lauder (total reimbursement of contributions for the entire period of study can be up to $ 10,000, the minimum amount of support is $ 100 per month).
- Penguin Random House (publishing house offering $ 1,200 per year support, maximum compensation for all tuition is no more than $ 9,000).
- First Republic Bank (the amount of support may be different: $ 100 monthly for the first year of study, $ 150 – for the second year, $ 200 – for the third and subsequent, until the debt is fully paid off).
- CommonBond (suggested for a lifetime limit of no more than $ 1,200 per year or $ 100 monthly).
- Aetna (a medical corporation offering up to $ 10,000 in total to its student staff).
At the beginning of 2019, in America, a draft was submitted for discussion on the Legal participation of employers in the repayment of educational loans for their employees. In this case, the amount paid (up to $ 5,250) will not be taxed. This law will provide incentives for employers to hire specialists with credit obligations.