During the heart of the Covid-19 pandemic, board rooms and executive suites around the country were filled with uncertainty. However, even with troubling times and a holiday on required federal student loan payments, many employers still chose to offer Student Loan Assistance to attract and retain great workers. In a recent article from American Inno, Peanut Butter CEO David Aronson reflected on the pandemic-related federal loan holiday that occurred between 2020 and 2023, saying, “We didn’t see employers move away from the benefit, [in fact] employers recognized that the payment pause wasn’t forever. It would come to an end.” This fall, the mentioned payment holiday end date has become a reality.
Since 2020, employers in general, have not heard much about student loans because of the pandemic-related measures halting the need for payments. But, in just a few short weeks, the pressure that student loans apply to America’s workforce will return as 45 federal student loan borrowers are forced to resume monthly payments. With President Biden’s debt forgiveness plan also having been struck down by the Supreme Court in June, tens of millions of borrowers were looking for relief that never came.
These factors present a golden opportunity for employers to help college-educated workers while improving their bottom line. Peanut Butter has supported clients with Student Loan Repayment programs since its inception in 2015, and while many continued to offer the benefit during the pandemic, now is a unique chance for employers to stand out in the market for talent, by helping with student debt. Typically, employers offer $50 per month Student Loan Repayment toward participating employees’ loans, along with Student Loan Resources to equip their teammembers with the tools they need to manage their student debt. To kick-start a Student Loan Assistance program for your company, visit our pick-a-plan page at https://www.getpeanutbutter.com/pricing/.