The program will provide up to $10,000 in tax-free student loan repayment benefits
BAY CITY, MICH — To recruit and retain top talent, McLaren Bay Region has launched a new student loan repayment program. This program is designed to help provide up to $10,000 in tax-free student loan repayment benefits to all full-time and part-time employees in the McLaren Bay area who have completed a degree program . The hospital has partnered with Goodly, a third-party service provider specializing in student loan repayment.
“At McLaren Bay Region, we are committed to doing what is best for our patients,” said Darrell Lentz, President and CEO of McLaren Bay Region. “In order to continue to provide the highest quality care, we recognize that we must not only attract, but also retain our best talent. With the launch of our student loan repayment program, our already strong compensation and benefits package is even more exceptional. We are delighted to give back to our deserving employees who have chosen to continue their education. »
The student loan benefit will be applied as a 401(k) contribution – Goodly will automatically take an amount from the McLaren Bay area to apply to its employees’ student loan principal each month. This tuition payment is in addition to the employee’s monthly loan payment, which helps to shorten the term of the loan and reduce interest. The McLaren monthly payment starts at $100 and increases in the second and third years if the employee remains in the McLaren Bay area. Funding of up to $10,000 can be applied to the employee’s student loan.
Eligible employees who wish to participate will need to enroll in the McLaren Bay Area Student Loan Repayment Program, prove their student loan debt, and their loans must be current. The first student loan disbursements are expected to take place in March 2022.
New employees are also eligible once they have been hired and have successfully completed the reimbursement program application process. The McLaren Bay region welcomes new employees in clinical and non-clinical areas. For more information on careers in the McLaren Bay area, visit mclaren.org/careers.
McLaren Bay Region is a 415-bed acute tertiary care hospital in Bay City, Michigan that provides specialty care, primary care, and preventive care. Services include cardiovascular care, neuroscience, orthopedics, oncology, women’s health and rehabilitation. The McLaren Bay area emergency department treats over 45,000 patients each year and is certified by the Joint Commission as a primary stroke centre. The McLaren Bay area is an integral part of the 15-hospital McLaren Healthcare System based in Grand Blanc, Michigan. Learn more at mclaren.org.