Peanut Butter supports new legislation that takes aim at student loan debt crisis

Today, Peanut Butter and 1871 will host Congressman Robert Dold (IL-10) as Dold introduces new legislation to the U.S. House of Representatives. The HELP (Higher Education Loan Payments) for Students and Parents Act is aimed at reducing the student loan burden on recent graduates, helping families pay for college and incentivize¬†employers to take a proactive role in fixing the United States’ student loan debt crisis.

Employers have an incredible opportunity to help solve the student debt crisis. One study found that over 1/3 of workers spend at least three hours of work per week thinking about or dealing with personal finances. Better financial health means less distraction, less absenteeism, fewer workplace accidents, fewer health claims, and lower risk of employee turnover.

Congressman Dold’s legislation can help reduce financial stress for millions of American workers and improve productivity at hundreds of thousands of employers.

The companies that choose to sponsor student loan repayment and college savings plans before legislation is passed, will see greater candidate preference and lower employee turnover costs. The top employers in technology, professional services and financial services are bringing these benefits to their industries and competing firms are likely to follow.

Dold’s legislation can spark leading employers in industries such as construction, engineering, education, wholesale and retail to introduce student loan and tuition savings assistance. These companies employ millions of people with some college, but without four-year degrees, who are at the highest risk of student loan default.

Peanut Butter helps companies effectively structure their student loan repayment plans, then provides software and support to securely enroll participants, manage payments and track the impact of company contributions toward student loans.

Nearly three quarters of college graduates are entering the workforce with, on average, more than $30,000 in student loan debt. Rep. Dold’s proposal helps unburden students and families from student loan debt, incentivizes companies that join in providing solutions and reduces the risk of student loan default for the federal government.

Andrew Bordewick, Peanut Butter Vice President of Business Development, will join Rep. Dold, provide commentary and be available to speak with the press.