On the afternoon of Friday, May 13, Peanut Butter visited the Chicago office of U.S. Senator Dick Durbin. Our CEO David Aronson provided an overview of Peanut Butter as a company and the services we provide that enable companies to offer a valuable student loan repayment benefit to their employees. Aronson also highlighted the results of the Millennial Benefit Preferences Study, which found that offering student loan repayment can help companies attract top talent, reduce costs through faster hiring and longer employee retention and is especially appealing to women and minority employees.
Senator Durbin discussed current legislation proposed by Senator Mark Warner (VA) that would enable companies to make contributions to employee student loans on a pre-tax basis. His main concern was the cost of lost tax revenue and how the bill would be paid for. Peanut Butter shared our perspective on how the federal government can reduce the risk of default on student loans and offset the costs. Senator Durbin will consider supporting Warner’s bill.
Higher education is an important issue for Mr. Durbin: the Senate student loan repayment program was started 15 years ago under his direction, and he also is passionate about eliminating abuses within the for-profit college industry. Adding his support for legislation that encourages employers to help with the student loan debt crisis will add to his pro-education track record.