With the average student debt borrower holding $31.4K in student loans, it’s no surprise that it’s a leading cause of financial stress for employees. The good news is that employers can help by offering one of Peanut Butter’s Student Loan Assistance programs. Below is a summary of each type of program we help our clients offer, with insights on participation and benefit impact.
- The most popular program offered by our clients, Student Loan Repayment helps employers contribute toward their employees’ student loans. Most commonly, companies will make all full-time employees eligible for the benefit, and offer modest but impactful contribution amounts like $50 or $100 per month.
- Also includes all features from Student Loan Resources and Student Loan Refinancing.
- Clients who offer Student Loan Repayment will typically see between 25% and 30% participation based on their monthly contribution.
- Our Repayment programs have been proven to help clients hire 13% faster, and retain talent 36% longer, while also improving gender and cultural diversity.
- Our entry-level of service, Student Loan Resources helps employers provide their employees with the tools they need to manage their student debt. Most commonly companies will extend Resources to all hands regardless of their employment status (ex: full-time, part-time, contractor, etc.).
- Also includes all features from Student Loan Refinancing.
- Clients who offer Student Loan Resources will typically see 7% to 9% participation within their program.
- Our Resources programs have been proven to support employee engagement, and help employers improve their employee value proposition. There’s been no proven results for ROI on key HR metrics like attracting and retaining talent.
- Our free solution, Student Loan Refinancing helps employers provide their employees with access to a refinancing marketplace with 20+ national and community lenders.
- Clients who offer Student Loan Refinancing will typically see no more than 2% participation within their programs.
- There has been no proven ROI on key HR metrics, or engagement for Student Loan Refinancing programs.
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