Through Summer's platform, Hurley Medical Center will offer access to streamlined enrollment in loan saving programs like Public Service Loan Forgiveness
FLINT, Mich., June 20, 2024 /PRNewswire-PRWeb/ -- Today, Summer, the only end-to-end workplace student loan and college cost planning solution that saves employees an average of $40k, and Hurley Medical Center, a premier public teaching hospital in Flint, Michigan, are together announcing that Hurley Medical Center will offer student loan benefits to its employees through a new partnership with Summer. In particular, Hurley Medical Center is introducing access to Summer's platform in order to simplify the process of enrolling qualifying employees in Public Service Loan Forgiveness (PSLF) and other federal programs.
Student loan debt looms over millions of Americans, but healthcare workers often shoulder a particularly expensive burden: nurses typically carry anywhere between $19,000 to $47,000 in student loan debt, nurse practitioners can have as much as $55,000, and doctors often borrow more than $200,000 to complete their schooling. Public Service Loan Forgiveness has incredible potential to alleviate this burden for those in this demographic, and any employee working for non-profit organizations like hospitals, but is often challenging for borrowers to navigate on their own.
Hurley Medical Center, a recognized leader in clinical care and education, is working with Summer to make it easier for those among their roughly 2,400 employees who qualify to enroll in programs like PSLF and Income-Driven Repayment plans, offered as an employee benefit at no cost to the employee. This will have a positive impact on employees' overall financial wellness, and support talent attraction and retention efforts: with Summer added to their roster of benefits, Hurley Medical Center expects to help employees save an average of $347 each month, and an average projected forgiveness of $84,727.
"We often see that employees aren't even aware that PSLF or other student loan programs are an option for them, so they don't know to ask for our assistance in enrolling, and when they do, it's a lot of paperwork for them to manage, and documentation to wrangle," said Summer Jenkins, Vice President of Human Resources at Hurley Medical Center. "We're excited to be able to work with Summer to increase awareness of these programs, and to make it so much less complicated for them to enroll so they can take full advantage of programs like PSLF."
"While 70% of student loan borrowers are eligible for savings under federal programs including PSLF, only 15% of total borrowers have participated, leaving billions of dollars on the table," said Will Sealy, CEO of Summer. "In working with Summer, employers like Hurley Medical Center make it possible for any qualifying employee to easily opt-in to these programs for immediate savings, and even eventual full debt forgiveness. The impact is massive, with the added benefit of creating a stronger relationship between employee and employer; we're proud to partner with Hurley Medical Center to make this possible."
Hurley Medical Center is already making these benefits available to its employee base.
ABOUT HURLEY MEDICAL CENTER
Hurley Medical Center is a 432-bed premier public teaching hospital located in the heart of Genesee County, Michigan. As the region's only Level I Trauma Center, Burn Center, and the highest level Neonatal Intensive Care Unit available in Genesee County, Hurley is a recognized leader in clinical care and education, maintaining affiliations with Michigan State University, the University of Michigan-Ann Arbor, the University of Michigan-Flint, Mott Community College and Henry Ford Health System. Founded in 1908, Hurley provides patient care for more than 100,000 people annually.
ABOUT SUMMER
Summer is the only end-to-end student loan and education assistance solution that saves employees an average of $40k and is proven to reduce turnover by 20%. Summer partners with employers and institutions to deliver a tailored benefit that empowers employees to save for education, better manage their student loans, find forgiveness options, and lower monthly payments––simplifying student loans from start to finish. As a Certified B Corporation, Summer has partnered with over 900 employers and partner organizations across the U.S. to generate over $1.7 billion in savings to date.
