Illinois Congressman Danny Davis visited Peanut Butter to learn about our efforts to help employers offer Student Loan Assistance.
Momentum continues to build in Congress for legislation that can help millions of workers with student debt and their employers.
National student Loan debt is $1.4 trillion with an 11.2% delinquency rate. Studies show that the American dream is delayed for many young workers relative to previous generations because of student debt – home purchasing is delayed; retirement savings is delayed; and quality of life is impacted.
Midwest states Illinois, Wisconsin, South Dakota, Iowa, Michigan & Minnesota are all among the top half of states in the country with high student-loan indebtedness according to a study published in 2016 by WalletHub. One Minnesota State Senator Jeffrey Miller recognized how much recent college grads are struggling, noting: “[Policy leaders are] always looking for ways to make higher education more affordable, but we should also work to help the folks who have already been through college and are struggling to pay back their student loans.”
Federal legislators are working with Peanut Butter to develop and advance legislation that provide incentives to employers that assist workers with student debt.
There are few things on which the political parties agree these days, which leaves struggling the 44 million americans holding $1.4 Trillion in student loan debt. It was therefore a rare moment of bipartisanship last month when Republican Rodney Davis of Illinois and Democrat Scott Peters of California joined together in the U.S. Capitol to introduce the Employer Participation in Student Loan Assistance Act, which creates tax advantages for employer participation in student debt assistance.
Peanut Butter CEO David Aronson joined U.S. Reps. Rodney Davis (R-Ill.) and Scott Peters (D-Calif.) at a press conference to announce their bill, H.R. 795, the Employer Participation in Student Loan Assistance Act, to help address rising student debt. The proposed legislation engages private employers and encourages them to offer a tax-free benefit to put toward an employee’s student loan debt, similar to the existing tax benefit for tuition assistance.