McLaren Northern Michigan is launching a new student loan repayment program to help with recruiting and retaining employees.
The program is set to provide up to $12,000 of tax-free student loan repayment benefits to employees who have completed a degree program.
McLaren will be partnering with Goodly, a provider that specializes in the repayment of student loans.
The benefit is applied much like a 401K, where Goodly will automatically take an amount from McLaren to apply towards their employees’ student loans each month.
Tuition payments are in addition to an employee’s monthly loan payment, which will shorten the length of the loan and reduce interest.
The first payments from the program are expected to start in January of next year.