While some companies (like those in the fintech industry) may be laying off employees, the U.S. healthcare industry is forecasted to face a shortage of 100,000 workers by 2028, according to a new report from Mercer. Although this gap may not seem critical, it will add significant strain to a system that’s already burdened by geographic and demographic disparities in access to care.
Mental health and wellness services are gaining prominence. It’s being considered a core workplace benefit, and companies are expected to invest significantly more in mental health resources. From offering in-house counseling services to access to mental health and wellness programs, service providers must attract and retain top talent to meet this burgeoning need.
One way for health care providers to stand out from their competition is to offer their employees student loan repayment support. If we look at student loan debt by industry, professionals in healthcare and social assistance have an average monthly student loan payment of $344, and more than a third of employees (37%) carry student debt (Source: Equifax Workforce Financial IQ report).
The solutions we offer employers are a barometer for what’s happening in the industry. Case in point, a number of health care providers have added our student loan repayment assistance services, half of which serve children.
“In my conversations with mental health organizations regarding offering student loan repayment assistance, most of them are keenly aware that many (if not all) of their positions require advanced degrees. Their goal is to support current and future employees by easing the burden of student loan debt. These employers also recognize that by offering student loan repayment support benefits they can attract and keep the best talent, ultimately strengthening their team and improving patient care.”
Amy Nelson, Sales Director, Employer Markets
Ascendium
Many healthcare professional positions require advanced education and degrees. These professionals typically amass considerable amounts of student loan debt to earn their credentials. It’s one of the main reasons why mental health and wellness employers, nationwide, are providing valuable benefits to address the burden of student loan debt. It is a key strategy in successful recruiting and retention practices.
Our solutions are in direct alignment with this key strategy. We help employers administer student loan employee benefits that come in an array of options and price ranges.
- Student loan paydown. Our platform helps employers make contributions to their employee's student loans.
- SECURE 2.0 matching. We verify employee student loan payments to support employers making a matching contribution to employees’ retirement accounts.
- Student loan repayment support and counseling. Our 1:1 personalized support helps employees choose the best available repayment plan or forgiveness option, including enrollment in Public Service Loan Forgiveness.
- Online financial wellness education. Our online self-help resources include videos, articles, and guides to help employees achieve their financial goals and navigate repayment.
Contact us to learn more about our student loan repayment support solutions.
