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.
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