Why Offer a Student Loan Assistance Benefit?

The original version of this post was written by Kyleen Englestad and published on Marsh and McLennan Agency's blog. You can read the original post here

According to the U.S. Census Bureau, only a third of employees who have access to a retirement program are actively using it to save for their future. Many either don’t see the benefit at this stage in their lives or they simply can’t afford to contribute until they have paid off their student debt.

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Diversity and Inclusion Leaders Can't Ignore Student Loans

Did you know, companies that are diverse boast 19% more revenue than those that are not? It's true, according to a recent BCG study. This finding could be part of the reason one in three human resources leaders stated that improving diversity would be a main focus throughout 2018. To do so, many top firms, from technology to higher education, have made a place on the leadership team for someone who focuses on this area of the business. 

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The Benefit That Won't Burden Your HR Team

With 2019 right around the corner, your orginization may be thinking you missed the boat on adding some new benefits to next year's offering. While that may be the case for other benefits, it doesn't have to be the case for Student Loan Assistance. Peanut Butter has streamlined the process, so you can begin offering it today (it's true - which is one of the reasons we have a 5-star rating on G2 Crowd)!

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Plug and Play Selects Startups for Final Accelerator Batch of the Year

Oct 15, 2018 8:23:51 PM / by Corinne Thomas posted in Press Room

The original version of this post was published on Technews Report and can be found here

Global accelerator program Plug and Play announced last week it has selected 158 startups to participate in its Winter 2018 batches. According to Plug and Play, the selected startups will take part in one of the following programs: Energy & Sustainability, Enterprise 2.0, Health, Insurtech, Internet of Things, Mobility, Real Estate, or Travel & Hospitality.

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One Benefit Will Make Millennials Stay At Your Company 36% Longer

The original version of this post was written by Melanie Curtin and published on Inc.com. You can see the original version here

It used to be that when you went to college, you were relatively certain you'd be able to repay your student loans within a decade--or even less.

A recent survey, however, showed that 60 percent of Millennials (those now 19-35) don't think they'll be able to pay off their loans until they're in their 40s.

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NEW: IRS Ruling on Tax-Advantaged Student Loan Repayments

In August, the IRS issued a groundbreaking ruling that could affect the tax treatment of employers’ student loan repayment contributions. We can help you understand what the ruling means, how to explain it to your stakeholders, and how companies can act on it to offer a differentiated benefit before their competitors do.

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A Winning Tool in the War for Talent

Hiring is hard. While this has always been the case, it is ringing true now more than ever. As the unemployment rate nears its lowest point in 50 years, the number of people leaving their jobs continues to go up. Workers feel confident that if (read: when) they leave their current company, they'll be able to find better pay and/or a better position elsewhere. This has not only made it increasingly difficult for employers to retain high-performing employees, but it's also create additional competition in getting top talent to accept offers. 

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Peanut Butter CEO Preparing to Present at LIMRA Conference

Aug 15, 2018 8:40:43 PM / by Corinne Thomas posted in Student Loan Repayment

Limraa worldwide research, consulting, and professional development organization that helps more than 600 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness, will be hosting its annual Group and Worksite Benefits Conference from September 11-13, 2018 at the Mohegan Sun in Uncasville, CT. On the second day of the conference, our CEO, David Aronson, is presenting alongside our partner Aflac, who will be represented by Jon Hethcox, Partner Relationship Manager.

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In Some Cases Convenience Comes at a Cost

Aug 15, 2018 8:07:08 PM / by Corinne Thomas posted in Winning Together, Decisions, Insights

An earlier version of this post was originally published on the Peanut Butter blog on May 9, 2017 by David Aronson. You can view the original post here

Making payments towards employees student loans via payroll deduction: is it a convenience or does it come with a cost? As several vendors have begun requiring employees to make their minimum monthly student loan payment via payroll deduction as a requirement of Student Loan Assistance Programs, companies may look at this as an added perk that will help employees. What some fail to understand, however, is that they may actually be putting employees at a disadvantage if they choose to administer their program this way.

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Student Loans Impacting Retirement in More Ways Than One

Aug 15, 2018 7:46:00 PM / by Corinne Thomas posted in Financial Wellbeing, Financial Planning

It's no secret that student loans are causing many to delay saving for retirement. As students need to take out more and more to pay for college, the challenge in paying their loans back continues to grow. However, it is not just the recent graduates whose retirement plans are impacted by student debt. Recent studies show that some parents are continuing to work past the age of retirement to help pay off their student loans. Keep reading to learn more about the impact student loans have on the older generation. 

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Make the Most of Your Student Loan Assistance Program

As we covered in our last post, Peanut Butter makes it extremely simple for employers to begin helping employees manage their student debt by offering Student Loan Resources. When companies provide access to Student Loan Resources, employees are able begin taking charge of their student loans immediately. However, when companies are ready to accelerate their impact, they can begin offering Student Loan Repayment with a few clicks of a button through their Peanut Butter Dashboard.

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Don't Delay Helping Employees Manage Student Debt

Did you know that 70% of people with student loans don't know if they can pay less? Now they will. Peanut Butter has created a way to make offering Student Loan Assistance even easier, so that employers can begin making a difference for employees now. Our platform allows companies to start offering Student Loan Resources in under 15 minutes, with no on-going administration. 

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How Many of Your Employees Have Student Loans?

With 44 million Americans holding student debt, it's pretty easy to see that those affected by this is widespread. However, when considering whether to offer Student Loan Assistance most employers first question is often "How many of MY employees have student debt"? While it can seem difficult to determine, there are several different ways to go about finding the answer to that question and in this post we'll cover two different approaches. 

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Peanut Butter CEO to speak at Members Development Company Owners Meeting

Jul 27, 2018 3:12:04 PM / by Corinne Thomas posted in Financial Wellbeing, Student Loan Debt

In February, Members Development Company (MDC), a network of some of the nation's largest credit unions working together on meaningful research and development projects, presented some key research around the student loan crisis during their Winter Owners Meeting.

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Credit Unions Have a Unique Opportunity to Address the Student Loan Crisis

Jul 27, 2018 2:06:04 PM / by Corinne Thomas posted in Student Loan Repayment, Insights

The original version of this post was published on the Members Development Company (MDC) blog by Sarah Lietz, Vice President of Owner Engagement at MDC. You can view the original post here

As more Americans flock to colleges and universities against a backdrop of rising tuition costs, it is increasingly clear that we are in the midst of a student loan crisis. The proliferation of high-cost student loans outpaces both inflation and wage growth, and delinquency rates are now higher than ever before, surpassing all other mainstream credit products. In total, there is $1.45 trillion in student loan debt in the U.S., and it grows by $2,700 every second. Over 44 million Americans currently hold student loan debt.

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The Next Generation of Workers Want New Benefits

Jul 26, 2018 1:44:24 PM / by Corinne Thomas posted in Differentiation, Retaining Talent, Recruiting

With Millennial workers now making up the vast majority of the workforce and the post-millenial generation beginning to make an entrance, there's no surprise that half of employees are unsatisfied with benefits provided to them by their employers. Companies have tried to add additional perks, such as trendy office spaces or Friday happy hours, to round out their benefits package and satisfy the younger members of their organizations. 

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The Chicago Tribune Highlights Student Loan Assistance

Peanut Butter client, Rise Interactive, spoke recently with Alexia Elejalde-Ruiz of the Chicago Tribune about why they decided to  launch a Student Loan Assistance program. Read what Nicole Skaluba, Rise's Director of Employee Services, had to say in an excerpt from the article below or view the original version of the article here

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Medix CEO Shares the 6 Things You Need to Think About to Make New Grad Hires Successful

Jun 28, 2018 9:36:49 AM / by Corinne Thomas posted in Recruiting, Insights

The original version of this post was published on Purposeful CEO by Andrew Limouris, CEO at Medix. You can view the original post here

School is ending for the class of 2018, and employers across the nation are getting ready to welcome them into the workforce. For some of these new grads, this is when their parents take a first step back and let them stand on their own two feet.

As these new grads’ employer, not only are you responsible for helping them start successful careers; you’re oftentimes helping them start their independent lives. This is a huge privilege and responsibility! To help smooth the transition for these new professionals, consider these six things:

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Calabrio Uses Student Loan Repayment Program to Positively Impact Employees

The following post was originally published on Calabrio's blog by Debbie WIlliams, Calabrio's Human Resources Director. You can view the original article here.

As a contact center technology provider where Voice of the Employee (VoE) importance is ever increasing, employee engagement and satisfaction are core focuses for Calabrio’s product strategy and development efforts. This focus on the employee, however, permeates everything we at Calabrio do. That’s why we strive to continually seek out and put in place innovative programs that positively impact, motivate and bring great work-life balance to our own employees.

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What is Financial Wellness and Why It's Important to Your Employees

Jun 26, 2018 5:17:08 PM / by Carolyn Kick posted in Financial Planning, Retaining Talent

The following is a guess post from Carolyn Kick, Marketing Manager at Launchways.

 

In today’s changing workforce, employers are reconsidering how they approach employee benefits. In the efforts to attract and retain top talent, companies are aiming to create more appealing benefits programs. They’re considering new, more comprehensive approaches to benefits. Even more importantly, they’re thinking about the make-up of their workforce and which benefits their employees value most.

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