Selecting the right vendor for any benefit is a crucial component of a program’s success. During our time supporting group transitions from other Student Loan Assistance administrators, we’ve learned four key reasons on why employers are choosing to make the switch.
- Ease of Use & Set-Up: Peanut Butter client’s can have their program set-up in under an hour, being left a few clicks away from sending employee invites. Allowing transitions from other providers to be efficient and seamless. The same goes for employees, with their enrollment taking just a few minutes to complete once invites are sent.
- Loan Verification & Direct Contributions: Any time a Peanut Butter client offers Student Loan Repayment, employees loans are verified during enrollment to confirm they are indeed a student loan, have a balance, and are in the employees’ name. Nearly 95% of these verifications happen instantly for participating users. Once verification is complete, all future employer sponsored contributions are sent straight to the employees’ loan servicers ensuring the money doesn’t land in their pockets, but right toward their outstanding loan balance.
- Tax Knowledge & Documentation: Under IRS code section 127, employer’s can contribute toward their employees’ student loans tax-free. All Peanut Butter clients receive insights about compliance surrounding this legislation, along with a sample plan document to support their tax-free program.
- Quality of Support: Peanut Butter client administrators for all groups are supported by a dedicated Customer Success Manager, providing assistance on all things benefit administration and plan design. Their employees’ can also access help from our support team by email and phone both during and after enrollment.
If your company is considering a new vendor for it’s Student Loan Assistance benefit, our team is ready to support you. In one hour, your program can be just a few mouse clicks away from getting kicked-off. Visit our pick-a-plan page to get started —-> https://www.getpeanutbutter.com/pricing/