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Insights and best practices on Student Loan Assistance
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Peanut Butter @ Google Demo Day
Peanut Butter was one of just 13 companies to participate in Google's annual Demo Day, an event that brings a diverse group of startups to Silicon Valley to showcase their technology and meet investors and mentors. Peanut Butter was hand-picked by Google based on our...
Peanut Butter, a perk that sticks with employees and might spread via Chicago Sun Times
This article was written by Neil Steinberg and originally appeared in the Chicago Sun Times Rise Interactive, a Chicago-based digital marketing firm, was quizzing its employees two years ago, making sure they were happy with their perks. "We were doing our end-of-year...
Peanut Butter & Medix featured on CBS
Peanut Butter was featured on CBS 2 Chicago as a "hidden treasue" among employee benefits. Hear from CEO David Aronson and client employee Emily Sloan from Medix in this CBS News segment. Check out the full video here.
Should my program have a benefits holding period or be available to employees from the day they start?
For most employers, there is no need to implement a holding period. Student Loan Assistance is a strong recruiting tool and the impact is maximized if newly hired employees start receiving employer contributions from day one. There are of course exceptions to the...
How exactly are taxes treated for student loan repayment?
Good news: employer-sponsored student loan repayment contributions are tax deductible. An easy way to think of student loan repayment is to consider it like compensation. That means employers can deduct their contributions as a business expense like they do with...
Should we process employee payments via payroll?
While this may seem like a value-add service to some, the reality is that your employees don't need this, it creates unnecessary complexity for your program and in some cases may introduce financial liability. Though technically possible, we advise employers to not...
Should my student loan assistance program have a clawback provision?
Clawback provisions are common with tuition reimbursement, so this question comes up a lot. Because of some key differences in how we administer student loan repayment, there is usually not a need to have this type of provision attached to your program. Employer...
Congress can help bring student debt assistance to small business employees & lower income workers
National student Loan debt is $1.4 trillion with an 11.2 percent 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...
Will employees that don’t have student loans be angry if we offer student loan assistance?
This is a common question. The short answer - No. Here's what we have learned after working with hundreds of employers. Employees recognize that not all benefits apply to all people. For example, younger workers commonly do not opt into employer health plans because...
Leading states are considering tax benefits for employers who participate in student debt assistance
Midwestern states of Illinois, Wisconsin, South Dakota, Iowa, Michigan and 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...