Holy Name Medical Center on Monday announced the launch of its student loan repayment program.
The medical center said that it is one of just 4 percent of U.S. employers to offer this type of benefit to employees. According to data from the Federal Reserve, one in four Americans have student loans, totaling an estimated $1.5 trillion.
Holy Name’s Student Loan Repayment Assistance program is administered through Fidelity Investments and is available to full-time and part-time benefit-eligible employees hired on or after June 3, 2016. It provides a company-funded contribution of up to $5,000 annually to the employee’s qualified higher education student loan, depending on the individual’s years of service.
“Instead of just offering the traditional loan reimbursement program to employees who want to pursue continuing education, we also wanted to give back to employees who are currently using their degree to care for our community every day,” said Manny Gonzalez, vice president of Human Resources at Holy Name, in a statement. “It’s great to be able to help lift that financial burden.”
The contribution from Holy Name is an additional payment designed to help pay off student loans faster and to save on interest. It does not replace regular monthly payments.
“We are thrilled to offer this chance to help reduce student loan debt for our employees and will continue to come up with innovative ways to support the staff who support our mission. It’s one of the many reasons why this place is different,” said Gonzalez.