Program will provide up to $10,000 of tax-free student loan repayment benefits
BAY CITY, MICH – To recruit and retain top talent, McLaren Bay Region has launched a new Student Loan Repayment Program. This program is designed to help provide up to $10,000 of tax-free student loan repayment benefits to all full- and part-time McLaren Bay Region employees who have completed a degree program. The hospital is partnering with Goodly, a third-party service provider that specializes in the repayment of student loans.
“At McLaren Bay Region, we are committed to doing what's best for our patients,” explained Darrell Lentz, President and CEO of McLaren Bay Region. “In order to continue to provide the very best quality of care, we recognize we need to not only attract, but also to retain our top talent. With the launching of our Student Loan Repayment Program, our already robust compensation and benefits package is even more outstanding. We are excited to give back to our deserving employees who have chosen to further their education.”
The student loan benefit will be applied like a 401(k) contribution – Goodly will automatically take an amount from McLaren Bay Region to apply toward the principal of their employees’ student loans each month. This tuition payment is in addition to the employee’s monthly loan payment, helping to shorten the length of the loan and reduce interest. The McLaren monthly payment starts at $100 and increases in years two and three if the employee remains with McLaren Bay Region. A maximum of $10,000 of funding may be applied toward the employee’s student loan.
Eligible employees who want to participate will need to apply for the McLaren Bay Region Student Loan Repayment Program, prove student loan debt, and their loans must be current. The first payments to student loans are anticipated to occur in March 2022.
New employees are also eligible upon hire and successful completion of the repayment program application process. McLaren Bay Region is welcoming new employees in both clinical and non-clinical areas. For more information on careers at McLaren Bay Region, visit mclaren.org/careers.
###
McLaren Bay Region is a 415-bed acute tertiary care hospital in Bay City, Michigan, providing specialty care, primary care, and preventive care. Services include cardiovascular, neuroscience, orthopedics, oncology, women’s health, and rehabilitation. McLaren Bay Region’s emergency department treats more than 45,000 patients each year and is certified by the Joint Commission as a Primary Stroke Center. McLaren Bay Region is an integral part of the 15-hospital McLaren Health Care system based in Grand Blanc, Michigan. Learn more at mclaren.org.