We regularly get requested by potential employers and brokers to clarify our Pupil Mortgage Help applications and pricing construction. On this article, we break down the kinds of applications provided and provides a real-world instance of firms can construction their Pupil Mortgage Help program for optimum worker engagement and return on funding.
Let’s start with what we do on the core of our providing. Peanut Butter makes it straightforward for employers to supply Pupil Mortgage Help by offering:
- Pupil Mortgage Sources: digital instruments to handle scholar debt. Workers obtain curated recommendation and personalised insights, entry to a refinancing market, debt counseling choices, monetary wellness instruments, and extra. Pupil Mortgage Sources is unbiased – when staff refinance, they obtain $200 again!
- Pupil Mortgage Reimbursement: administration for company-sponsored mortgage contributions. This consists of digital enrollment and mortgage verification, full with on-line and phone help in addition to ongoing fee administration.
- Program Assist: a safe on-line management panel to handle your program, and a devoted Peanut Butter Buyer Success Supervisor to assist implement greatest practices for program communications and plan design. This features a Pupil Debt Prevalence Evaluation, Plan Design Suggestion, and a Participation and ROI Estimate.
See extra about our providers right here.
When partnering with Peanut Butter, employers obtain company-wide entry to Pupil Mortgage Sources and Program Assist for a flat annual price. For instance, an organization with 5,000 staff qualifies for our Massive Employer pricing and may get began for simply $5,000 per 12 months!
Peanut Butter shoppers could start providing Pupil Mortgage Reimbursement at any time. The employer will decide which staff are eligible for compensation, some or all, and the way a lot they wish to contribute. Peanut Butter facilitates enrollment and administers the plan. The employer solely pays for Pupil Mortgage Reimbursement administration based mostly on the variety of individuals that enroll within the plan(s). Underneath our Massive Employer pricing, for instance, an organization with 5,000 staff will solely pay an extra $4.00 per participant per 30 days for the administration of its Pupil Mortgage Reimbursement plan(s).
Right here’s an instance of how this would possibly work in observe.
Think about that Crossroad Applied sciences, a fictional firm with 5,000 staff, is concerned with providing Pupil Mortgage Help to higher appeal to, retain, and have interaction college-educated expertise.
Crossroad Applied sciences designs the next Pupil Mortgage Help program:
- 5,000 full-time, part-time, and contract staff are eligible for Pupil Mortgage Sources in September.
- 4,000 full-time benefit-eligible staff are eligible for Pupil Mortgage Reimbursement the next January.
With a purpose to kick-off this system, Crossroad Applied sciences:
- Executes a shopper providers settlement previous to September.
- Provisions its firm account in September (15 minutes).
- Holds its Program Initiation name in September (45 minutes).
- Kicks-off enrollment in September (1 mouse-click).
Crossroad staff obtain the next:
- An e-mail invitation to affix the Pupil Mortgage Help program in September.
- The power for all staff to start utilizing Pupil Mortgage Sources instantly to take management of their loans.
- The choice for eligible staff to elect to take part in Pupil Mortgage Reimbursement and full their mortgage verification. They may obtain steering from Peanut Butter concerning the timing of their employer’s contributions.
Nice information – earlier than the tip of December, the corporate sees 1,000 staff, 25% of these eligible for Pupil Mortgage Reimbursement, enroll in this system!
Crossroad Applied sciences incurs the next prices:
- $5,000 annual price in September for Program Assist and company-wide entry to Pupil Mortgage Sources.
- $4,000 month-to-month administrative price in January for the administration of the Pupil Mortgage Reimbursement plan ($4.00 per participant per 30 days multiplied by 1,000 individuals)
- The month-to-month price of employer contributions in January for every of 1,000 individuals of the Pupil Mortgage Reimbursement plan.
Peanut Butter pricing is straightforward and easy. It permits an employer to get began with Pupil Mortgage Sources, then to obtain Program Assist to assist design an efficient Pupil Mortgage Reimbursement plan, and to launch Reimbursement when the corporate is prepared.
Employers could select to supply Pupil Mortgage Reimbursement to few as one or as many as all staff, and will provide one Reimbursement plan or a number of Reimbursement plans, however the firm solely pays a price for administration of Pupil Mortgage Reimbursement based mostly on precise participation throughout all Reimbursement plans.
Peanut Butter helps giant public firms in addition to small companies and has a pricing tier obtainable to make it reasonably priced to your firm to supply Pupil Mortgage Help.
|Employer Measurement||Whole Workers||Pupil Mortgage Sources & Program Assist||Pupil Mortgage Reimbursement|
|Small||As much as 49||$750 / 12 months||+$7.00 / participant / month|
|Rising||50 to 149||$1,250 / 12 months||+$6.00 / participant / month|
|Medium||150 to 999||$2,500 / 12 months||+$5.00 / participant / month|
|Massive||1,000 to 9,999||$5,000 / 12 months||+$4.00 / participant / month|
|Enterprise||10,000+||Contact us||Contact us|
Corporations of all sizes can have their Peanut Butter account provisioned fully throughout their Program Initiation name, and may kick-off enrollment in below an hour.
Because of this your organization can differentiate within the aggressive marketplace for expertise right now, offering staff with world-class sources to handle their scholar loans, and with out the necessity to add a single individual to your HR workforce to manage the brand new profit. To get began, contact a member of Peanut Butter’s Consumer Options workforce right now.