Smart organizations are considering Student Loan Assistance programs because they’re aware of the increasing student loan debt burden their employees face and they know it’s highly attractive for hiring and retaining talent with the right offering. If your company is considering this benefit, it’s important to know how traditional employer-sponsored Student Loan Assistance programs stack up against 529 Savings Plans.
Student loans can be hard to understand and often times borrowers can be unclear on the exact differences between various types of loans. However, it's extremely important that borrowers continue to seek out additional understanding in order to make the appropriate decisions. The same can be said for student loan benefits offered by employers. What seems like a "benefit" may have the opposite impact for employees and employers need to be acutely aware of what to look out for when evaluating vendors.
The moment you've been preparing for your whole life, er, year has finally arrived. It's basically the Olympics for Human Resources professionals. It requires preparation and dedication, it's not for the faint of heart. You're sure to encounter a few set backs or hiccups along the way, but ultimately you keep moving forward until the finish line is in sight. The moment I'm referring to is Open Enrollment, which for most companies has just happened or is happening at the very moment as you're hiding under a desk to read this article and restore your sanity.
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.
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.
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.
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.
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.
ProService Hawaii, the State’s number one Payroll and Benefits Administrator, offers Peanut Butter’s Student Loan Assistance to its employees.
Peanut Butter kicked off a new strategic partnership with LifeWorks today. LifeWorks will include Peanut Butter’s Student Loan Assistance in its Employee Assistance Program (EAP) – the world’s leading EAP that is at the core of the first total well-being platform.
By offering Peanut Butter’s Student Loan Assistance, LifeWorks is providing a robust financial well-being benefit to its employer customers. Through the LifeWorks Total Employee Well-being platform, employers will be able to seamlessly make student debt contributions for their people as an employee benefit and provide impactful resources to help employees manage their student loan debt.
Jon Harris, COO of LifeWorks, said that, “partnering with Peanut Butter gives LifeWorks an important new avenue to help employers keep their employees financially healthy with hands-on financial education, support and services. He continued, "As student debt becomes an increasingly critical issue for young workers, LifeWorks can help employers make their employees feel supported and guided by offering Student Loan Assistance using Peanut Butter’s seamless platform.”
Peanut Butter and LifeWorks are going to have a profound impact helping employers increase productivity and improve employee retention. Peanut Butter’s clients are champions in their employees’ efforts to be free from student debt, the top financial goal of Millennial workers. Get Started with Student Loan Assistance for your company today!
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