1871 Member Companies Now Able to Offer Student Loan Repayment as Benefit to Employees; Announcement Follows Launch of 1871 Health and Benefits Exchange
CHICAGO (FEBRUARY 17, 2016) – 1871 joined its member company Peanut Butter today to announce a new student loan repayment benefit that will be available to all 1871 companies, as well as alumni members who have graduated from the space but maintain membership. Through a special arrangement, member companies will be able to use Peanut Butter’s platform to offer a student loan repayment program as a benefit to their employees. This announcement follows the launch of the 1871 Health and Employee Benefits exchange late last year, which made 1871 the first incubator in the world to offer a private health exchange to its members.
“Peanut Butter is a straightforward tool for companies large and small, as well as a powerful resource for employers to recruit and retain top talent,” said 1871 CEO Howard A. Tullman. “Adding this student loan repayment benefit to our robust set of resources further distinguishes 1871 and its member companies as they develop their businesses and make new hires.”
Peanut Butter’s technology helps organizations make regular, secure contributions to their employees’ student loan debt and track the impact of those payments. The company provides support for employee enrollment, loan verification, and the coordination of payments to student loan servicers.
“1871 is helping alumni and member companies equip themselves with the employee value propositions that will attract the creative forces of top developers, designers, digital marketers, and account executives,” said Peanut Butter CEO David Aronson. “Paying off student debt is often one of the most meaningful accomplishments in the early part of one’s career. Companies that adopt student loan repayment are sending a clear message that they care about the financial well-being of employees and are working to establish a culture of shared achievement.”
While more than 25% of the U.S. workforce currently holds student debt, that figure is estimated to be close to 50% in the technology industry, in which most employees hold at least one degree and many workers are in their 20s or 30s.
“Student loans are a major consideration for many millennials who are being considered for hire by entrepreneurs", said Kaitlin Reimann, 1871 member and co-founder/CEO of uBack, a free mobile app designed to seamlessly connect donors to nonprofits and allow them to give in seconds. “As a company focused on the millennial workforce, I see Peanut Butter as an incredible benefit to help millennials support their financial well-being and help companies attract the best talent. It's exciting 1871 and Peanut Butter have made it possible.”
In addition to student loan repayment, 1871 also offers its members plans for health insurance, dental insurance, vision insurance, identity theft protection, telehealth services, and pet insurance. All of these offerings are part of an ongoing effort from 1871 to make entrepreneurship more accessible to everyone.
The Peanut Butter student loan repayment plans will be available to 1871 companies beginning today. To learn more, visit http://www.1871.com/getpeanutbutter and read 1871 CEO Howard Tullman’s article about the company here.
About Peanut Butter, Inc.
Peanut Butter helps companies attract and retain millennial employees through unique benefit programs. By facilitating company contributions to employee student loans, we help reduce our clients' turnover and hiring costs while differentiating their employee value propositions. Together, we're helping to solve America’s $1.2T student debt problem. Peanut Butter, Inc. is a Chicago-based benefits administrator incubated at 1871.