The peanut butter loan was established in 2015 by David Aronson. The CEO designs, implements, and administers the student loan assistance programs. They provide facilities and manage the debt for students. With the peanut butter loans, the debts are cleared easily, tenure is elongated, days to hire get reduced, increase diversity interactions, and engagement. Let’s check – What Is Peanut Butter Student Loan?
The peanut butter student loan is a program to assess the student’s debt and determine the loan assistance program in achieving their goals. Companies of all sizes look toward student loan repayment plans for their employees.
Student Loan Repayment Plan
It depends upon how many people you employ. If you employ 300 workers then the plans are –
Repayment plan
This contributes to employee student loans. It is a $2500/year base fee with an additional $5.0/month per participant.
The features include –
- $200 rebate for refinancing
If any employee chose a refinance through their platform, then they are entitled to receive a $200 rebate to put toward their loans. It is directly paid to the employees.
The employees can easily access the multiple lender options. The website will show short and long-term savings of refinancing.
- Digital enrollment
Through digital enrollment, employees can receive invitations and create an account online in minutes, once the program has been announced. Employees may watch explanations of a benefit, and timings of the payments and learn the responsibilities as a participant. A loan can get completely verified if it meets the qualification and criteria of the employees which confirms that the loan has a balance and it is a student loan.
- HR support
Employees have contact support through a toll-free U.S.-based help center. Employer control panel.
- Curated Advice & Insights
This action assists employees to identify through the tactics of money-saving. Loan payments can be optimized. The employees can target payments, set up a direct debit, receive guidance on loan services, and can be aware of their next steps. They can also have an access to the government programs
To be qualified, employees must take 120 consecutive monthly payments on federal student loans. The employees shall be working full time only in the public sector. The restructured loans will have an access to the potential restructuring options
Employees can redefine financial goals by debt counseling options with a curated portal of free services and preferred rates from paid advisors. They can establish emergency saving funds, save a down for the home payment and improve credit scores.
- Contribution tracking
This feature helps employees to track their monthly reminders and make contributions to their student loans. A monthly notification will be sent each month to notify them of their student loan. They may track the contributions, see the payment month, servicer, employer’s contribution for each month, and even total contributions.
Impact reporting and other benefits such as financial wellness tools, Contribution tracking, Refinancing marketplace, Communications toolkit, and Explanation of benefits
Resources Plan
It empowers employees to get responsible for their student debt. It is $2500/year as a base fee and includes a refinancing marketplace. It also provides a Loan management dashboard, Curated advice & insights, Financial wellness tools, Customer Success Manager, Impact reporting, Communications toolkit, and Employer control panel.
Refinancing Plan
It assists employees to refinance their student loans and is free of cost. It helps to refinance marketplace, HR Support, employer control panel, and financial wellness tools with communications toolkit. 300 out of 300 employees will be eligible for this plan.
The admin cost of repayment of 90 participants at $5 per participant per month. The annual budget would be $115, 900 per year. Employees can track their contributions on the dashboard and view the modelled-out repayment Scenarios. Through email and phone contact, they have employee support.
Employer Control Panel
The employer control panel provides a summary of the program. They may understand the program on the dashboard at once and observe how much money and time employees have potentially saved on their loans with the help. They can manage the program & receive up-to-date reporting. Employers can invite and suspend the employees too.
Employees can receive benchmarks by designing their plans with market insights. Beyond this in each plan, HR support is constantly available for help. The templates easily explain the program. An on-demand report is made to quantify your impact.
In Which Industries Are These Loans Available?
These loans get available in Education, Financial Services, Healthcare, Not for Profit, Technology, Professional Services, Transportation, Waste Management, Food & Beverage, Construction, Real estate, Oil & Gas, and more.
Conclusion
The peanut butter loan was established to reduce the student debt and determine the loan assistance program to achieve the goals. These loans are available in different industries such as education, real estate, oil & gas, technology, and more. A per-year base fee and some additional amount shall be paid by the participants.
Frequently Asked Questions
- Will the prices of the plans change?
The prices are subject to change. The prices which are displayed are valid for agreements signed for this calendar quarter.
- Are extra charges applied for the family members, and part-time employees to use the Resources?
No, each count represents an employee. It is better to include these members in the total employee count.
- The Peanut butter student loan supports which top firms?
They support NFP, HUB, Lockton, Assurance, USI, and Marsh & Mclennan agencies.
