What loans qualify for student loan repayment?

In brief, US federal and private student loans that are in the employee's name, qualify to receive student loan repayment. Here are some additional details about the qualification criteria, nomenclature, and process.

 

An employer will determine whether an employee is Eligible for a student loan repayment plan on the Employee Info page.

 

Once an Eligible employee is invited to the student loan repayment plan, the employees has the option to elect participation. If an employee elects to participate, then she or he will first agree to the Terms of Use and then complete Loan Verification in order for Peanut Butter to determine whether their loan "qualifies" to receive contributions.

 

Peanut Butter's software (and its support team, where necessary) reviews the following Qualification Criterias during Loan Verification:

• The loan must be a student loan
• The employee must be the borrower on the loan
• The loan must have a balance greater than $0
• Loan information must be sufficient for Peanut Butter to remit contributions to the account

The Qualification Criteria is explained to the employee during their enrollment, through the use of a video and onscreen instructions. Our call center agents can also field questions on via phone [phone]) or email [e-mail]. And, everything is documented in the Terms of Use that each Eligible employee agrees to abide by when she or he elects to participate.