In a recent post from CNN Business, tax-free student loan assistance was highlighted as a high impact solution for combatting the return of federal student loan payments for borrowers nationwide in October. The article eludes to the fact that only 8% of employers offer Student Loan Repayment today, and this presents a significant opportunity for these groups to stand out in the market.
Student Loan Assistance programs with Peanut Butter have driven results on key HR metrics, as the benefit has helped clients attract talent 13% faster, retain talent 36% longer, and improve gender / cultural diversity. Plus, our team is built with industry experts that can provide best practices and insights on how the benefit can be offered tax-free. Along with sample Section 127 plan documentation to do so.
With only 1 out of every 10 employers contributing toward their employees’ student debt today, a modest invest in the benefit can go along way. That means a company’s Student Loan Repayment program can help it stand out versus 9 of it’s competitors.
Read the original article: https://www.cnn.com/2023/08/29/success/tax-free-money-to-pay-down-student-loans-employers/index.html