As part of efforts to recruit and retain workers, McLaren Flint (Mich.) Hospital is offering $1.5 million in student loan repayment benefits to more than 100 employees, the hospital announced Dec. 2.
The hospital is partnering with Goodly, a platform that assists companies in contributing to employees' student loans, to provide the benefits. To qualify for the tuition/loan forgiveness program, individuals must work in high-demand positions and submit proof of student loan debt. Eligible workers include registered nurses, respiratory therapists, pharmacists, medical technologists and others.
"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," Chris Candela, president and CEO of McLaren Flint, said in a news release. "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 hospital said the student loan benefit will be applied monthly like a 401(k) contribution, with the monthly amount rising in years two and three if the employee remains with McLaren Flint.
The first student loan payments are expected in January, and $15,000 is the highest total amount that may go toward a worker's student loans.
McLaren Flint, part of Grand Blanc, Mich.-based McLaren Health Care, is a 378-bed tertiary teaching facility.