Why is the company called Peanut Butter?

by | Jan 7, 2016 | Press Room

Thanks for asking…oh, and you have asked. Sometimes it’s “Peanut Butter [eyebrow raised, grinning]?”, or “so I have to ask, why Peanut Butter?” or even [ring, ring] “I know we just spoke, but I really wanted to ask, where’d you come up with the name?”

 
Peanut Butter was crafted with a special meaning for the people and organizations we serve:
  • Employees
  • Employers
  • The two together

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Remember when all you could afford to eat was a peanut butter sandwich?

The average American with student loans, has more than $30K in student debt. That includes nearly three quarters of the class of 2015. If we assume a 10 year loan term and a 6% interest rate, the average American with student loans will pay $333 per month in minimum payments for the next ten years. For many people, this is one of the top 5 expenses on their personal budget, often more costly than owning a car.

And who wants another boring-sounding benefit?! Student loan repayment is new, exciting, meaningful. Wouldn’t your employees like some free Peanut Butter?

It’s a good reason for your employees to stick around

We recently announced the results of the 2015 Millennial Benefit Preferences study (MBP) that found, among other things, college-educated Millennials would be willing to stay 36% longer when an employer contributes to the repayment of their student loans. Further, 44% of respondents said they would stay 6 years or more when student loan repayment is offered — more than 2x as many people as when student loan repayment is not offered.

It represents partnership

“From that day on, we was always together, Ginny and me was like peas & carrots”. While Forest Gump would argue that peas & carrots are the perfect combination, I’d assert that peanut butter & jelly are even better. For employers that provide a great workplace (the bread), and employees that make it sweet (the jelly), we help everything stick together (the peanut butter).
 
Today, employees are on their own to pay off their student debt. When companies offer Peanut Butter, it’s a gesture that says, “we’re in this together”.

 

Thank you for asking

Our little secret…we wanted you to ask why the company is called Peanut Butter. We want to start and maintain an open dialogue with you, your company, and its employees. When questions arise — big or small — we’re here to help.

Ready to setup your company’s student loan repayment plan today?