Why offer your employees student loan assistance? Simple. To attract, retain, engage your employees, and tax benefits.
Attract and Retain Talent: Offering a student loan repayment benefit can help small employers attract and retain talented employees who are burdened by student loan debt. By offering this benefit, small employers can differentiate themselves from competitors and position themselves as employers who care about their employees’ financial well-being.
Cost-effective: Platforms, such as Get Peanut Butter, offer a cost-effective solution for small employers who want to offer a student loan repayment benefit without the high administrative costs associated with managing such a program. The platform is easy to use and integrates with existing payroll systems, making it a convenient and streamlined option for small employers.
Boost Employee Morale and Productivity: By helping employees pay off their student loans, small employers can improve employee morale and productivity. Employees who are less stressed about their financial situation are more likely to be motivated and productive at work.
Tax Benefits: Small employers can benefit from tax incentives for offering a student loan repayment benefit. Under the CARES Act, employers can contribute up to $5,250 annually, tax-free, towards their employees’ student loan payments.
Overall, small employers, who pay their employees’ student loans can improve employee retention, boost morale and productivity, and overall benefit from tax incentives, all while providing a valuable benefit that helps their employees manage their student loan debt.
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