Millions of Americans Could Soon Face an Additional $393 Monthly Payment

A key covid relief measure that affects the finances of millions of Americans is about to expire, creating financial uncertainty at at time when the economy is slowing and interest rates are on the rise. 

The pause in student loan debt repayments is set to end after August, leaving millions of Americans who owe student loan payments anxious and worried. 

The average student loan payment is $393 a month, according to Federal Reserve data. Some 45 million Americans owe a collective $1.7 trillion (with a “t”) in student loan debt.

The temporary pause in repayments helped Americans pay for necessities and stay afloat during the economic downturn and steep layoffs caused by the pandemic. 

The current average federal student loan debt in the United States is $37,113. The average student loan debt-to-income ratio for a new graduate is 54.6%

The resumption of student loan debt repayments is weighing heavily on graduates’ minds as they attempt the  difficult transition to a full-time job post-degree. Inflation reached its highest level in 40 years in June and those having to pay back their student loans do not have the financial security or excess money to fall back on.

But there are some straws to grasp for.

President Biden is considering whether to extend the pause on payments. The moratorium on payments has been extended several times already. In addition he is considering outright forgiveness of some student loan debt. He has not yet made a decision on student loan debt forgiveness, but the Department of Education has a protocol in place if he does. 

One possibility reportedly under consideration would be $10,000 forgiven per student loan borrower’s with incomes up to $125,000 per year. This wouldn’t knock out the average federal student loan debt but would surely make a sizable dent.

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For those still in or applying to college, there are jobs that will help you pay for your college degree by helping to reimburse you for your tuition. 

And now, Flexjobs has identified companies that will provide student loan assistance and hire for remote jobs. These companies offer a monthly payment to people who are repaying their student loans. Some of these companies give a yearly contribution to paying off student loans or a 401k. The payments can be anywhere from $50 to several thousand with a cap on the benefit.

Eight Employers That Will Help Pay Off Your Debt

1. Abbott  (ABT) – Get Abbott Laboratories Report is a healthcare research company headquartered in Chicago, Illinois. The company employs more than 73,000 people. There are options for remote and hybrid work.

2. Aetna  (AET)  is a healthcare insurance company and employs more than 50,000 people with options for remote and hybrid work.

3. Google  (GOOGL) – Get Alphabet Inc. Report is a tech organization which is most known for its search engine but also owns YouTube and Chrome.

4. Live Nation  (LYV) – Get Live Nation Entertainment Inc. Report is a Fortune 500 entertainment company and is the producer of some of the world’s largest concerts.

5. Peloton  (PTON) – Get Peloton Interactive Inc. Report is a fitness product that has its niche in the home fitness market as a stationary bike. The company is based in New York, New York.

6. SoFi Social Finance  (SOFI) – Get SoFi Technologies Inc. Report is a financial technology company that focuses on refinancing and loans and life insurance. There are options for remote and hybrid work.

7. The Hartford  (HIG) – Get Hartford Financial Services Group Inc. (The) Report is one of the largest investment and insurance companies. It is based in Hartford, Connecticut and has options for remote and hybrid work.

8. Weedmaps  (MAPS) – Get WM Technology Inc. Report offers information on cannabis products and delivery options and education on cannabis and the legalization of it.

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