Spring has been a season of significant milestones and impactful moments here at Summer, and we are thrilled to share our journey with you. From exciting partnerships to powerful testimonials, let's dive into the highlights from this spring.
New Funding Round: Fueling Our Mission
We kicked off the spring season with a bang as we announced a new funding round of $9 million. This round not only signifies the continued support from our existing investors, including QED and General Catalyst but also welcomes two new investors: SemperVirens and Rebalance Capital. This infusion of capital fuels our mission to revolutionize student loan and college planning assistance and empowers us to support even more borrowers on their journey to financial freedom.
Strategic Collaborations with ADP
This spring, we joined forces with ADP to introduce a solution to support their clients and employees with student loan retirement matching. Our collaboration with ADP leverages the new provisions of the SECURE 2.0 Act, allowing employers to integrate student loan payments as qualifying contributions towards retirement plans. This integration means that employees don't have to choose between paying off student loans and saving for retirement—they can now do both simultaneously.
Pledge to the White House Education Campaign
From the floor of the New York Stock Exchange, we announced Summer's commitment to generate $1 billion in student loan savings as part of the White House Education campaign. By enrolling borrowers into income-driven repayment plans, we aim to alleviate the burden of student debt and create a path toward long-term financial security. This ambitious goal reflects our unwavering dedication to making a tangible difference in the lives of borrowers and reshaping the landscape of student loan management. Watch our feature on Cheddar.
Community Engagement and Partnerships
We launched a new partnership with Vita to provide targeted student debt relief to non-profit employees. By facilitating the complexities of the Public Service Loan Forgiveness (PSLF) program, this partnership not only aids in attracting and retaining nonprofit talent but also supports our commitment to Diversity, Equity, Inclusion, and Belonging (DEIB).
Spring marked a significant outreach and collaboration period for Summer, exemplified by prestigious recognition and strategic partnerships. We proudly received the Shortlister Award, recognizing our role as the top vendor for Corporate Student Loan Programs and Financial Wellness Programs. This accolade reaffirms our dedication to empowering borrowers and reshaping the financial landscape.
Our engagement continued with participation in events with our partners like Asurion, which allowed for face-to-face interactions. Here we could share the success stories and transformative impacts of Summer's solutions on alleviating student loan burdens.
Impactful Testimonials: Real Stories, Real Impact
At Summer, we're driven by our impact on borrowers' lives, and this spring brought us a powerful reminder of why we do what we do. Kathleen White, a valued Summer user, testified at a U.S. Senate hearing, sharing her inspiring story of how Summer helped her secure nearly $30,000 of debt cancellation. Kathleen's testimony underscores the profound difference we make in the lives of borrowers, driving us to continue our mission with even greater determination.
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While we were at SALGBA with our partner, the City of Alexandria, we were able to chat with Dr.Grace Ingram about her impact. Dr. Ingram shared how Summer's digital student loan solution, including automated PSLF enrollment and dedicated customer support, has revolutionized employee benefits. This streamlined process transformed a once tedious ordeal into a seamless experience, significantly enhancing employee satisfaction and lowering turnover rates.
Amplifying Our Message
Throughout spring, Summer's voice resonated across various platforms, amplifying our message of financial empowerment for borrowers. From appearances on Morning in America to being mentioned in a White House webinar, we had the privilege of shedding light on crucial topics such as the FAFSA process and providing guidance to thousands of borrowers nationwide. These opportunities to share our insights and expertise reaffirm our commitment to empowering borrowers with knowledge and support.
Supporting Our Borrowers Through Policy Changes
We remain dedicated to empowering our borrowers and community by continuously updating our blog with educational content. This spring, we've focused on breaking down President Biden's latest student loan assistance proposal. Our posts provide detailed insights into the potential effects of these changes and offer practical guidance on how they could influence the financial strategies of our readers.
Summer’s Chief Customer Officer, Bridget Haile, contributed significantly with her feature in Employee Benefit News. In this article, she dispelled common misconceptions surrounding SECURE 2.0, highlighting opportunities for employers and employees to enhance retirement savings while addressing student loan challenges.
Further enriching our resources, our detailed analysis of Secure 2.0 provided further valuable insights. This content reshapes retirement savings and student loan management for American workers, offering a flexible path to long-term financial security. In a world where knowledge is power, our goal remains to empower borrowers with the information they need to make informed financial decisions.
Industry Engagement and Connection
This spring was marked by dynamic engagement within the industry. Summer hosted a workshop at Transform that focused on the impact of student loan policies on the workforce and fostering discussions on tailoring benefits strategies.
Additionally, we co-hosted a happy hour with our investors at SemperVirens, providing an opportunity to connect with industry leaders and explore retention strategies. At the NAPA 401k Summit, discussions focused on the new Secure 2.0 provision, which empowers retirement plan advisors to enhance participation and improve financial security for employees.
Insights were also shared at the SALGBA Conference by Bridget Haile, CCO, and Dr. Grace Ingram, Wellbeing Program Manager with the City of Alexandria, Virginia. They discussed strategies to unlock Public Service Loan Forgiveness and enhance public sector benefits.
Will Sealy, Summer’s CEO, also shared insights at FinTech Week about reducing financial stress and exploring innovative solutions for employees. This event highlighted the strong links between student loans, retirement savings, and financial wellness.
For more insights on all our events, check out our LinkedIn page.
As we reflect on the milestones and achievements of spring, we're filled with gratitude for our incredible team, partners, and supporters who make our mission possible. Together, we're revolutionizing student loan management and creating a brighter future for borrowers everywhere. Stay tuned for more updates as we continue our journey to empower borrowers on the path to financial freedom.
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