Laurel Road’s Post

Are you wondering why offering a student loan debt repayment benefit can create financial wellness for your employees? Our latest blog post explains how this benefit can impact employees and help them take control of their finances. Check it out here: https://lnkd.in/gSdbX2CX At MeetPaidly, we're dedicated to helping organizations provide this benefit to their employees. Speak to your HR department about how you can offer student loan debt repayment as a benefit via meetpaidly.com. Don't have this benefit yet? Share this strategy with your employer and use our resources to start the conversation. Invest in your employees' financial future and unlock a world of possibilities. Let's pave the way for a brighter tomorrow together. #financialwellness #studentloans #savings #IRA #compoundinterest #financialfreedom

Owning a home can be a challenge for healthcare workers due to several factors. The significant student loan debt from medical school or advanced degrees can limit available income for down payments and affect debt-to-income ratios. Housing costs in desirable locations near hospitals are also often high, especially for those still early into their career. Traditional mortgage requirements might not account for the unique income structures of healthcare workers, with factors like shift differentials and bonuses making it difficult to demonstrate higher income. There are solutions available to help healthcare workers overcome these hurdles. Down payment assistance programs from government initiatives and community organizations can help make homeownership more attainable. Specialized loan options designed for healthcare professionals often have more flexible qualifying criteria that consider factors beyond traditional pay stubs. Financial planning workshops or consultations with financial advisors can equip healthcare workers with strategies to manage student loan debt, prioritize saving for a down payment, and navigate the home-buying process. Exploring these options can help healthcare workers increase their chances of achieving homeownership.

SavvyFi plugged into an existing fringe benefit / LSA program to help an employee manage $60K in #studentloans. This employe faces a monthly student loan payment of approximately $500, with a repayment term slightly exceeding 10 years. They made the choice to allocate roughly $500 per month from their employer stipend program towards their loan. Here's the obvious benefit: 👍 They will pay off their loans in about half the time, effectively doubling the pace of loan repayment. But there's an additional, unforeseen benefit: 😲 In months when the household budget becomes tight, they can allocate their $500 stipend towards meeting just the minimum payment, instead of overpaying. This provides them with an extra $500 for emergency expenses. 📢 Give the power back to the people! They are the ultimate experts in what benefits they would value! 👀 📕 https://lnkd.in/eUnh8S53 #hr #employeebenefits #financialwellness

Today, Plannery's vision to unlock financial freedom for our nation's healthcare professionals becomes clearer: We're proud to share that we're now serving as a holistic financial wellness platform supporting the 2/3 of healthcare professionals suffering $80,000 of federal student loans. We're working to eliminate student loans – reducing stress for employees and increasing retention at health systems – before December 31st, the deadline for student loan forgiveness. If you've followed our journey, you probably know that financial stress is a leading cause of burnout, and that workforce retention is the top priority for healthcare executives. We're re-orienting healthcare around our caretakers – we 🫶 our healthcare workers, show them you do, too.

How Can Employers Assist in Student Loan Repayment for Their Physician Employees? In today's competitive healthcare landscape, attracting and retaining top talent is more crucial than ever. One powerful way employers can support their physician employees is by assisting with student loan repayment. Here are some effective strategies: 1. Employer-Sponsored Repayment Assistance Programs: Offering direct contributions to help reduce student loan balances can be a significant financial relief for physicians. 2. Matching Contributions: Implementing programs that match employee payments can incentivize physicians to make consistent payments while accelerating debt reduction. 3. Tax Benefits: Employers can explore tax-advantaged programs, like the CARES Act provision, allowing up to $5,250 per year in employer contributions toward employee student loans to be tax-free. 4. Financial Planning Resources: Providing access to financial advisors who specialize in student loan repayment strategies can empower physicians to make informed decisions about managing their debt. 5. Retention Bonuses Tied to Loan Repayment: Offering retention bonuses directly applied to student loan balances can enhance loyalty and reduce turnover. Supporting your physicians in managing their student loan debt not only alleviates financial stress but also fosters a positive work environment and enhances job satisfaction. Investing in your employees' financial well-being is a win-win for everyone. #Healthcare #PhysicianRecruitment #StudentLoans #EmployeeBenefits #FinancialWellness #Retention

The average medical school graduate owes over $250,000 in total student loan debt, with an expected payoff schedule of 20+ years. Just looking at their loan balance can be stressful for healthcare professionals. They face significant challenges with the demands of juggling a career in the healthcare industry and everyday life. Scott & White Employees Credit Union aims to provide them with three strategies to consider in overcoming the obstacle of debt: 🏥 Explore different loan repayment programs. Healthcare professionals can explore various loan repayment and forgiveness programs available, such as PLSF or the T.L.L. Temple Foundation Loan Repayment Program, which can help reduce the burden of debt upon meeting specific criteria. 💸 Consider refinancing options, especially for those dealing with high interest rates. Refinancing can lead to lower monthly payments at a lower rate and provide more financial breathing room. 📈 One size doesn’t fit all. Healthcare professionals are encouraged to create a repayment plan that works best for them. Whether it’s the more traditional 10-year plan or an income-driven repayment plan, they should choose one that aligns with their budget and long-term goals.

🎓 💰 The CARES Act significantly impacted Federal Student Loans, providing much-needed relief to borrowers. Its provisions have been a beacon of hope. However, as some of these provisions have ended, many face increased uncertainty and stress. 📣 Hey Employers: Maximizing benefits to support your workforce efficiently is crucial during this transition period. It's important to understand the current landscape and provide support, as this can significantly enhance overall employee satisfaction, retention, and well-being, fostering a positive work environment. Here are some effective ways to support your employees and show them appreciation. 😍 #EmployeeSupport #Appreciation #WorkplaceWellness #CARESAct #StudentLoans #EmployerSupport

🎓 💰 The CARES Act significantly impacted Federal Student Loans, providing much-needed relief to borrowers. Its provisions have been a beacon of hope. However, as some of these provisions have ended, many face increased uncertainty and stress. 📣 Hey Employers: Maximizing benefits to support your workforce efficiently is crucial during this transition period. It's important to understand the current landscape and provide support, as this can significantly enhance overall employee satisfaction, retention, and well-being, fostering a positive work environment. Here are some effective ways to support your employees and show them appreciation. 😍 #EmployeeSupport #Appreciation #WorkplaceWellness #CARESAct #StudentLoans #EmployerSupport

Exciting news! The SECURE 2.0 Act opens a game-changing door to help tackle employee student loan burdens while boosting recruitment, retention, and retirement savings. 💰The new regulation unlocks student loan match options for your 401(k). Read expert insights from our Benefits Compliance Director, Jay Kirschbaum, in his latest article in BenefitsPRO: A new benefit for employees with student loans: The 401(k) match https://hubs.la/Q02lvQYR0 #studentloans #employeebenefits #SECUREact #retirementplanning

As student loan payments are set to resume, many are looking to employers to provide aid through the workplace. The Society for Human Resource Management (SHRM) is urging Congress and state legislatures to introduce policies to support employees and employers, including enhanced tax breaks for workplace education benefits. While around 17% of employers currently offer some form of student loan assistance, SHRM's proposal aims to establish more equal footing for education-related benefits alongside traditional retirement and health care benefits. https://buff.ly/3QYj6rh #SIMA #SIMABenefits #benefits #RVA #healthinsurance #insurance #healthcare #employeebenefits #insurancebroker #benefitsconsultant #corporatewellness #humanresources #HR #wellness #business #businessowners #employers #financialservices #consulting #studentloans