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Insights and best practices on Student Loan Assistance
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Are employees’ spouses or family members able to participate in a Student Loan Repayment program?
When meeting with potential clients and partners, one of the common questions we get on program best practices surrounds spouse and family member participation. To answer this question, no, an employee must be listed as the primary borrower on the student loan in...
Keeping Retirement Plans and Student Loan Assistance separate create the best outcome for employers and their teams
It has now been close to a year since the Secure Act 2.0 was approved and options were added for employers to tie their retirement plans to other programs like Student Loan Assistance. In our experience, this hasn’t been taken up as a common approach for employers....
Is the SAVE Student Loan Repayment plan making a difference for your employees?
Nationwide, many individuals are utilizing the SAVE plan to lower monthly payments on their student loans and in their minds putting themselves in a better position financially. The SAVE plan is income-driven and payments are altered by each unique person’s earnings....
Private Letter Ruling Adds Unnecessary Complexity to Student Loan Assistance
In a recent statement from the IRS, an unnamed employer received access through a private letter ruling to defer 401k matching dollars to student loans through a Section 127 plan tax-free. Similar to the private letter ruling Abbott Labs received in 2018 to count...
![Supreme Court rebuffs Biden administration plea to restore multibillion-dollar student debt plan [AP News]](https://www.getpeanutbutter.com/wp-content/uploads/2016/02/jumpstory-download20200601-204924-1080x675.png)
Supreme Court rebuffs Biden administration plea to restore multibillion-dollar student debt plan [AP News]
White House attempts to relieve portions of student debt the US workforce faces have continued to get struck down by the Supreme Court. Alluding to the consistent verdict that no widespread forgiveness is coming for borrowers. In a recent post from AP News, another...
Tax-Free Student Loan Repayment, Here to Stay
First through the CARES Act in 2020, then the Consolidated Appropriations Act of 2021, and now through an in progress bipartisan bill in 2024. Tax-free Student Loan Assistance is once again making a statement to remain an option for employers looking to stand out in...
Peanut Butter Insights: Do Employers Typically Cap Their Total Student Loan Contributions?
In our discussions with potential clients, employers commonly ask about lifetime maximum caps on their student loan contributions for employees. Hoping to draw comparisons to other benefits. In this post, we’ll describe the best practices surrounding this concept. In...
How long does it take to set-up a Student Loan Assistance Program?
When considering Student Loan Assistance as a new benefits offering, employers commonly ask about program setup time. It’s important to understand the legwork required to get things off the ground. When it comes to Peanut Butter programs, the quickness surrounding...
Peanut Butter Feature to Know: What do employees agree to do as program participants?
When considering Student Loan Assistance, many employers are curious about what employees agree to as benefit participants. Along with their responsibilities in the program. Employees that elect to participate in a student loan repayment program with Peanut Butter...
Combating Student Debts’ Impact on the U.S. Economy
As more and more college graduates enter the workforce, the ever growing total in student debt the U.S. population faces continues to increase. Combined with that also pairs the fact that wages aren’t keeping up with this debt, and the inflation our country is faced...