Why Your Company Should Offer Student Loan Repayment

Americans hold nearly $1.75 trillion in student debt.

In today’s workforce, employers are reconsidering how they approach employee benefits. In the efforts to attract and retain top talent, companies are aiming to create more appealing benefit programs. They’re considering new, and more comprehensive approaches. Even more importantly, they’re thinking about the make-up of their workforce and which benefits their employees value most.

Millennials now make up the largest portion of the U.S. workforce and have unique challenges. They are looking for certain benefits from their employer. One of the concerns at top-of-mind of many millennial employees is financial wellness. With the average student debt borrower holding $31.4K in student loans, it’s no surprise that student debt is a leading cause of financial stress. 

Student Loan Repayment can help eliminate this stress and leave a lasting impact on your workforce.

Key tips to consider:

  • Offer a modest amount: 70% of Peanut Butter’s clients that offer Student Loan Repayment contribute $50 a month, while another 20% offer $100 per month. 
  • Give employees skin in the game: Employees will continue to make their minimum monthly payment on their loans, and the company will contribute above and beyond that amount to help them get out of debt faster. 
  • Keep communications simple: Not only does Peanut Butter provide a full communications toolkit for all clients, but also handles the enrollment process so there’s no need for employers to create their own marketing materials. The message is simple, the company is willing to help and signing up takes just a few minutes. 

Peanut Butter clients that offer Student Loan Repayment have seen the proven results of attracting talent 13% faster, retaining talent 36% longer, while also improving gender and cultural diversity. To get started with one of our programs, click here.