Peanut Butter

Facilitates benefit that reduces employee student loan debt.

1 follower

Facilitates benefit that reduces employee student loan debt.

1 follower

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Launch tags:Web App•Tech

Launch Team

It's not clear to me how this works -- is it just a system that helps with payments by automating them from the paycheck or is there actually a part of this that encourages the employer to put money toward their employee's student loan?

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11yr ago

Peanut Butter

Maker

@bryanpostelnek thanks for askin'! We only handle employer-sponsored contributions toward student loans. Company decides to help employee get out of debt, then we verify the employee's loan, facilitate payments, and provide reporting.

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11yr ago

Peanut Butter

Maker

Hi, I’m Dave, CEO of Peanut Butter. We built Peanut Butter to give employers an opportunity to share in one of the biggest accomplishments many people have during the early part of their career – paying off their student loans. Our software + service makes it easy and secure for employers to offer student loan repayment as a benefit. When companies support employees in getting out of debt, we believe more employees will stick around, and tell their friends they work someplace cool. You may be interested to check out our Millennial Benefit Preferences study that asked college students and working professionals which employee benefits would motivate them. We worked with a student group from DePaul University to conduct the study, and recently presented the study at Purdue. Excited to be on Product Hunt and looking forward to talking with you.

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11yr ago

Peanut Butter

Maker

@melissamonteee Thanks, Melissa! I was introduced to a Masters student through 1871 Chicago, then she pulled in a group. We found that student loan repayment resonates quite a bit with students and they were pretty excited to work on it.

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10yr ago

Poparazzi

Pricing tiers need some work. Once you get to around 700 employees, it's cheaper to pretend to have 1000 than 700.

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11yr ago

Peanut Butter

Maker

@isaiahjturner thanks. That's what we're trying to get away from and your comment tells me we can explain it better. Tiers are structured like tax brackets so you always pay $10/mo. for the first 100 enrolled employees, then the company is billed $8/mo. for enrolled employee #101 through #1000. We want to make pricing predictable for employers, recognizing that higher volume should yield a lower unit price. By billing on enrolled employees, we can avoid pretending.

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11yr ago

Hunter

From PB's "About Us" page - "Peanut Butter℠ helps companies provide a unique student loan benefit to attract and retain Millennial employees. By facilitating modest contributions to employee student loans we help employers reduce turnover and hiring costs, differentiate their employee value proposition, and aid in the solution to America’s $1.2T student debt problem." Follow them on Twitter: @peanutbutterget

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11yr ago

Really interesting concept! Is this integrated with any payroll systems?

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11yr ago

Peanut Butter

Maker

@jctoe03 it uses a 1x/mo. census file. There is limited data involved, and census files are commonly used for similar HR data by mid-market and large enterprise HR depts.

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11yr ago

Love the concept. Curious what the key differentiators are vs http://tuition.io ?

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11yr ago

Peanut Butter

Maker

@stevecaldwell thanks, Steve. Haven't used their product, but it's a nice site. Peanut Butter was built and is operated by people from HR Outsourcing / HR Tech with support, security, and controls that HR depts count on.

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11yr ago