Hi everyone. I'll soon be graduating with a BSME. I've accumulated alot of debt in student loans over the years and I was wandering how common it is for companies to agree to pay off those loans for engineers. I was never comfortable bringin up the subject during interviews but now that I'm getting offers I would like to bring it up but I need to know what to expect. Any advice on this matter would be appreciated.
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Company paying off student loans 16
- Thread starter redkardz
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Why would you think that any company should/would pay for your education that you selected and completed, prior to your hire date? What do you think your salary is for? Do you think that you are entitled to additional income compared to someone that worked their way through school and has no debt?
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Senselessticker
Electrical
I've never heard of an engineering company paying off anyone's student loans...
Try to remember: as a new grad, you are a liability / risk rather than a real asset to a company for at least a couple of years if not more... Once you learn the ropes a bit and the company decides you have become a valued asset, then they will probably give you a decent raise...
Try to remember: as a new grad, you are a liability / risk rather than a real asset to a company for at least a couple of years if not more... Once you learn the ropes a bit and the company decides you have become a valued asset, then they will probably give you a decent raise...
dcroasmu
Automotive
- Oct 11, 2005
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Sure, they'll pay it off. Every few weeks, they give you a check, then you send a big chunk of it off to the student loan people. Then you can spend the rest on living expenses, hobbies, and maybe even have a little left over for savings. They'll probably call it a salary.
In all seriousness, I've never heard of a company paying off student loans.
If you already work for a company and want to go back for a masters or something, there's a pretty decent chance they'll be willing to pay for some of it if they believe it will benefit the company. Make sure ask about that up front, though. I didn't, and now if I want to take any classes, I'm on my own. Or get a new job.
If you can find a company that will pay off student loans, let me know, it's not too late for me yet.
In all seriousness, I've never heard of a company paying off student loans.
If you already work for a company and want to go back for a masters or something, there's a pretty decent chance they'll be willing to pay for some of it if they believe it will benefit the company. Make sure ask about that up front, though. I didn't, and now if I want to take any classes, I'm on my own. Or get a new job.
If you can find a company that will pay off student loans, let me know, it's not too late for me yet.
livingston
Mechanical
As far as I know, the only thing even close to what you are suggesting is when the government forgives loans for some teachers and nurses in depressed areas. Engineers? ....not a chance. Companies only offer to cover your tuition for education gained while in their employ.
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When you write that you are uncomfortable brining it up in interviews, do you mean that you were uncomfortable, but brought it up anyway, or that you didn't bring it up?
If a recent grad asked me in an interview if we would pay off his student loans that resume would be burned.
If a recent grad asked me in an interview if we would pay off his student loans that resume would be burned.
- Thread starter
- #7
I've never brought it up during an interview, however, I ALWAYS ask if the company pays for continued education and almost all have said they pay up to a certain amount/year.
I'm asking you guys about student loans because this this is not completely uncommon in other industries. I had never heard of it in engineering but many other professionals advised me to ask the company offering me a job.
Although $60K/year sounds like a lot to a new grad at first, figuring in the $100K in student loans makes that number less attractive.
Employee retention is always a problem and in highly technical positions where it may take 4+ years of training to truely understand the work, I imagine this becomes even more of an issue. If a company said they would pay off my loans as long as I committed for a certain amount of years, I it could be a win-win situation for both parties.
If no one in the engineering field has ever heard of this before, like it appears so far, then I will just sign my offer and work my butt off.
I'm asking you guys about student loans because this this is not completely uncommon in other industries. I had never heard of it in engineering but many other professionals advised me to ask the company offering me a job.
Although $60K/year sounds like a lot to a new grad at first, figuring in the $100K in student loans makes that number less attractive.
Employee retention is always a problem and in highly technical positions where it may take 4+ years of training to truely understand the work, I imagine this becomes even more of an issue. If a company said they would pay off my loans as long as I committed for a certain amount of years, I it could be a win-win situation for both parties.
If no one in the engineering field has ever heard of this before, like it appears so far, then I will just sign my offer and work my butt off.
I have never heard of any company paying off engineers (or anybody else) student loans. My college roommate went on to medical school and got a loan that was partially forgiven if he worked at a small-town hospital for 5 years or something. I've heard of similar loans for teachers. I also saw a movie one time where a law firm paid off a top law students loans but I tend not to believe most of what I see in the movies.
As stated, if you want to continue your education AFTER you have a job, a lot of companies have a tuition reimbursement program where they will pay for some or all of your tuition. But don't even ask if they will pay off student loans.
As stated, if you want to continue your education AFTER you have a job, a lot of companies have a tuition reimbursement program where they will pay for some or all of your tuition. But don't even ask if they will pay off student loans.
MiketheEngineer
Structural
Like dcroasmu said - they give you a salary and then you send some if it to the loan company every month. If you don't - they will go to your employer and take it ANYWAY!!
That is not good!!
That is not good!!
oneintheeye
Structural
I have heard of it being considered in UK as a way of keeping civil engineering graduates in engineering rather than go into more lucrative jobs. dont know if any company actually done it. Get a job offer, do interview at another company and ask for it. Win win for you then.
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oneintheeye
Structural
cpmpany car is a benefit in addition to salary why is that different?
- Thread starter
- #13
For everyone that's said, or is thinking of saying; yeah, it's called a salery, I suggest socializing more. Loan repayment happens. I asked here because this forum is specific to engineers. Thank you for trying to stress how little companies care about emplyees these days.
On a more serious note...
Perhaps some day you will be an employer. Is it fair to you to compensate an employee simply based on his needs? Who is to be the judge of that? In that case, those with the least need will get hired first!
Respectfully, as a new graduate, it is doubtful you have distinguished yourself to the point of such extraordinary reward. (I'm not saying you won't in the future.)
p.s. I've socialized enough to meet and marry a lovely, wonderful woman and have 2.7 kids. I've also earned enough to pay off both our student loans from my salary. We are now enjoying the fruits of sound fiscal decisions and debt-free living.
Perhaps some day you will be an employer. Is it fair to you to compensate an employee simply based on his needs? Who is to be the judge of that? In that case, those with the least need will get hired first!
Respectfully, as a new graduate, it is doubtful you have distinguished yourself to the point of such extraordinary reward. (I'm not saying you won't in the future.)
p.s. I've socialized enough to meet and marry a lovely, wonderful woman and have 2.7 kids. I've also earned enough to pay off both our student loans from my salary. We are now enjoying the fruits of sound fiscal decisions and debt-free living.
mechengdude
Mechanical
I have never heard of a company paying for an Engineering students school costs that was incurred before they were hired. Maybe it happens in some places. Most places I've been have some sort of tuiton assistance program.
If you want some sort of "pay-off plan" maybe you could request a signing bonus. I have received those before and they can in some cases be viewed as more favaroble by the company as they are a one time payout to you.
If you want some sort of "pay-off plan" maybe you could request a signing bonus. I have received those before and they can in some cases be viewed as more favaroble by the company as they are a one time payout to you.
It's all a matter of supply and demand. If companies get really really desparate to hire engineers and can't find any to hire, they may offer all sorts of incentives to get engineers to join their company, including paying off student loans. However, as long as there is an adequate supply of new engineering graduates to choose from, it won't happen.
Redkardz,
I am sorry if I mistook you, but your tone seems rude to people trying to help.
Have you actually been told by a company they will pay your education? What are the terms of the repayment?
I am sure if you are not in need of a job, and had a lot of time you may be able to find a place which will negotiate.
However, most HR departments know student loans can be up-to $150K. Now, the company is already accepting losses on an entry level person assuming they will pick things up fast and pay for themselves before the change jobs. The HR of companies knows engineering as an industry where the odds of a person leaving within a couple years are VERY high. Making a company policy to pay off a student loan upfront just does not make any sense.
You may be able to negotiate a situation where they would pay for your monthly bill or something. But, OO yes there will be strings. I have heard of a couple people where I work doing such things here, but in the contract there will be something to the extent of, if you quit or are fired for something really bad, you will have to pay us back for the last year. (or something which really would make your life miserable if you wanted to change jobs)
Good luck.
I am sorry if I mistook you, but your tone seems rude to people trying to help.
Have you actually been told by a company they will pay your education? What are the terms of the repayment?
I am sure if you are not in need of a job, and had a lot of time you may be able to find a place which will negotiate.
However, most HR departments know student loans can be up-to $150K. Now, the company is already accepting losses on an entry level person assuming they will pick things up fast and pay for themselves before the change jobs. The HR of companies knows engineering as an industry where the odds of a person leaving within a couple years are VERY high. Making a company policy to pay off a student loan upfront just does not make any sense.
You may be able to negotiate a situation where they would pay for your monthly bill or something. But, OO yes there will be strings. I have heard of a couple people where I work doing such things here, but in the contract there will be something to the extent of, if you quit or are fired for something really bad, you will have to pay us back for the last year. (or something which really would make your life miserable if you wanted to change jobs)
Good luck.
oneintheeye
Structural
i have to agree with redkarz it does happen in other professions and is being talked about in engineering. Goes to show I suppose how little engineers are respected and comparitively poorly paid. Surley if a company wants the better candidates in a field where there are limited available people they be willing to stump up. Unfortunatly they don't.
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