To help recruit and retain top talent, McLaren Bay Region has launched a new Student Loan Repayment Program.
The program is designed to help provide up to $10,000 of tax-free student loan repayment benefits to all full- and part-time McLaren Bay Region employees who have completed a degree program.
McLaren is partnering with Goodly, a third-party service provider that specializes in the repayment of student loans.
Darrell Lentz, President and CEO of McLaren Bay Region, said in a statement regarding the start of the program: “At McLaren Bay Region, we are committed to doing what’s best for our patients. In order to continue to provide the very best quality of care, we recognize we need to not only attract, but also to retain our top talent. With the launching of our Student Loan Repayment Program, our already robust compensation and benefits package is even more outstanding. We are excited to give back to our deserving employees who have chosen to further their education.”
Student loan benefits will be applied like a 401(k) contribution – Goodly will automatically take an amount from McLaren Bay Region to apply toward the principal of their employees’ student loans each month.
This tuition payment will be in addition to the employee’s regular monthly loan payment, helping to shorten the length of the loan and reduce interest.
McLaren’s monthly payments start at $100 and increase in years two and three if the employee remains with the healthcare group, with a cap of $10,000 being applicable toward each individual’s loan.
Eligible employees who want to participate will need to apply for the McLaren Bay Region Student Loan Repayment Program, prove student loan debt, and their loans must be current.
First payments on employee student loans are anticipated to begin in March 2022.
New employees will be eligible upon hire and successful completion of the repayment program application process.
McLaren Bay Region says it is welcoming new employees in both clinical and non-clinical areas.
For more information on careers at McLaren Bay Region, visit mclaren.org/careers.