To recruit and retain top talent to care for the residents of Northern Michigan, McLaren has launched a new Student Loan Repayment Program. This program is designed to help provide up to $12,000 of tax-free student loan repayment benefits to all full- and part-time McLaren Northern Michigan employees who completed a degree program. The hospital is partnering with a third-party service provider that specializes in the repayment of student loans.
“As a forward-thinking employer, we felt it was important to invest in our greatest asset – our employees,” explained Todd Burch, President and CEO of McLaren Northern Michigan. “The new student loan program not only helps attract and retain top talent, but it also ensures better access to health care for our community. We have a long history of providing the best quality care to patients in the greater northern Michigan area, it is essential we continue to invest in our people who help us deliver the best care in Northern Michigan.”
The student loan benefit will be applied like a 401(k) contribution – the service provider will automatically take an amount from McLaren Northern Michigan to apply toward the principal of their employees’ student loans each month. This tuition payment is in addition to the employee’s monthly loan payment, helping to shorten the length of the loan and reduce interest. The McLaren monthly payment starts at $200 and increases in years two and three if the employee remains with McLaren Northern Michigan. A maximum of $12,000 of funding may be applied toward the employee’s student loan.
Eligible employees who want to participate will need to apply for the McLaren Northern Michigan Student Loan Repayment Program, prove student loan debt, and their loans must be current. The first payments to student loans are anticipated to occur in January 2022.
New employees are also eligible upon hire and successful completion of the repayment program application process. McLaren Northern Michigan is welcoming new employees in both clinical and non-clinical areas. For more information on careers at McLaren Northern Michigan, visit mclaren.org/careers.