Your employer has partnered with ProService Hawaii to offer you this unique benefit which will help you pay down your student loans faster, plus get:
ProService Hawaii partnered with Peanut Butter to administer this benefit. If you are eligible* to participate, you will receive an email from Peanut Butter with instructions on how to apply online. Signing up is easy. Once your loan is validated, you’ll be all set to receive contributions from your employer each month.
SLRA includes monthly contributions from your employer towards your student loan payment and debt management resources from Peanut Butter.
When you choose to participate in the SLRA, your employer will make a contribution each month towards your student loan.
In order to verify your loan, Peanut Butter will need to confirm that:
At this time, SLRA is not a pre-tax benefit. Contributions to employee student loans are treated as ordinary or supplemental income. Congress is considering changes to US tax laws that could allow employers to make-pre-tax contributions toward student loans in the future.
However, due to the CARES Act, Congress has temporarily allowed this benefit to be made on a pre-tax basis until December 31, 2020. This may revert back to a post-tax basis in the near future.
No action is needed on your part.