Author: Jasmine Brown
The McLaren Flint Foundation has secured $1.5 million dedicated toward the McLaren Flint Tuition/Loan Forgiveness program to help provide student loan repayment benefits to more than 100 healthcare employees. The hospital is partnering with Goodly, a platform that assists companies in making contributions to student loan debt by creating student loan benefits for employees. Current and new full-time and part-time employees in high-demand positions are eligible, including registered nurses, respiratory therapists, pharmacists, medical technologists, and more.
“The McLaren Flint Foundation not only assists patients in their time of need, but they have been vital in assisting the hospital to show appreciation and assist our frontline heroes in their times of need, as well,” said Chris Candela, president and CEO of McLaren Flint. “We want to be a forward-thinking employer, retain the amazing healthcare workers we already have, and attract new caring individuals to join our team. Being able to add a student loan benefit for eligible employees will help ease some of the stress of paying student loans and allows staff to put more of their mental energy into providing the best care for our patients and career growth.”
The student loan benefit will be applied like a 401(k) contribution – Goodly will automatically take an amount from McLaren Flint to apply toward student loans every month. This tuition payment is a payment on top of the employee’s student loan payment, which will lead to shortening the length of the loan and avoidance of compounding interest. The monthly payment amount increases in years two and three as long as the employee remains with McLaren Flint. A maximum of $15,000 of funding may be applied toward the employee’s student loans.
“When looking at ways we can continue being a leading employer of choice for RNs and health care workers in our community, this benefit seemed fit for the time,” said Doug Glazier, vice president of the McLaren Flint Foundation. “More and more nurses are continuing their education, and though McLaren Flint offers tuition reimbursement, the remaining balance has to be paid by the employee. This is another way we hope to help our healthcare workers as they continue to care for our patients. We’re gracious to have donors who find the benefit in giving to the Foundation to help make initiatives like this happen.”
Eligible employees will be required to submit an application for the McLaren Flint Tuition/Loan Forgiveness Program, prove student loan debt, and their loans cannot be in default. The first payments to student loans are anticipated to occur in January 2022.
Like any other hospital and health care institution, McLaren Flint has seen staffing challenges during the pandemic. The student loan repayment benefit will help the hospital recruit more nurses and other hard-to-fill clinical positions. According to Goodly, 49% of millennials would prefer receiving a student loan benefit instead of contributions to a 401(k). The platform also reports that 86% of employees they surveyed would consider staying at a company for at least five years if the employer assisted with student loan repayment.
Additional McLaren hospitals across the state have jumped on board with this forward-thinking model. For more information on careers at McLaren Flint, visit mclaren.org/careers.