NEW YORK – (BUSINESS WIRE) – Summer, a certified B Corporation that advises hundreds of thousands of student loan borrowers across the country, announced today that Dan Macklin is joining the executive leadership team as President. Macklin has an established history of leadership in financial wellness, including in the student loan space, and comes to Summer after co-founding SoFi and serving as the CEO of Salary Finance. During his tenure at SoFi, Macklin brought to market the SoFi at Work financial well-being program.
In his new role as President, Macklin will be responsible for helping to guide the company’s growth initiatives and strategic vision, leveraging his extensive experience working with employers to unlock critical benefits for their employees, a central element of Summer’s mission to reduce student loan debt in the United States. He will also be instrumental in advising the development of new and exciting technology from Summer, drawing on his experience as a venture advisor at AI Fund.
“I am delighted to be joining the Summer team as they work to help millions of Americans and their employers navigate the ever-changing student loan landscape,” said Macklin. “The company has made huge progress since its founding, and continues to make great strides amid a complex and critical landscape as more than 46 million Americans will need to start repaying their student loans in September for the first time since March of 2020.”
Already, Summer has helped over 148,000 borrowers save an average of $333 per month on their student loan payments and save over $45,000 over the course of repayment. In addition, Summer recently announced $1.15B in total projected savings for members.
“I am thrilled to welcome Dan to Summer’s leadership team as we scale our solution to millions of employees,” said Summer CEO Will Sealy. “His vast experience in the financial wellness space will be invaluable as we continue to help employees save and navigate the impending restart of student loan payments this September.”
When payments resume, borrowers will need to find an extra $300-$400 every month to pay their loans. According to a recent study, 26% of student loan borrowers repurposed their student loan payments towards other bills.
Summer works with employers to provide a cost-effective digital solution that helps employees reduce the burden of student loan debt, regardless of their financial situation. Summer recently teamed up with workplace benefits leader Fidelity Investments to launch an automated solution that empowers millions of nonprofit and public sector employees and simplifies the process of applying for public service loan forgiveness.
About Summer
Summer partners with organizations to empower their populations to navigate and reduce student loan debt through proven technologies, policy expertise and human support. Founded in 2017 by industry experts, its mission is to alleviate student loan debt for 46 million borrowers by providing leading solutions like automated digital Public Service Loan Forgiveness enrollment and loan consolidation. Summer is a certified B Corporation. For more information, visit www.meetsummer.com.
Originally published on Business Wire, July 26, 2023
