What changed?

After more than three years of relief, Americans must resume payments on student loans in October, 2023, while interest on existing loans begins compounding in September.

Who does this impact?

A staggering 79% of healthcare professionals hold an average debt of $60,000. Compare that to the 13% of all Americans owing student loans and it becomes clear that resuming payments on federal student loans strikes the hearts of our nation's caretakers.

What does this mean for me?

Providers and employers are traversing uncharted waters. Turnover rates among healthcare workers have already skyrocketed since the pandemic – and that's without mandatory repayments on federal loans.

Healthcare professionals will be expected to pay 10% of monthly income as of October, though this number should eventually decrease to 5% of monthly income under the new Saving on a Valuable Education (SAVE) plan.

How should I move forward?

Borrowers should enroll in the SAVE plan before September to ensure first access to specialty assistance.

Healthcare professionals should also explore options like the National Public Service Corps Loan Repayment Program, the Nurse Corps Loan Repayment Program and state sponsored loan forgiveness options.

How do we help?

Plannery is the financial management platform that helps healthcare professionals get and stay out of debt.

Our voluntary benefit improves employee retention by offering better rates on loans, an exclusive credit card and personalized financial management.

We've already improved retention of healthcare professionals at institutions like Advent Health, CVS Health, and HCA Healthcare – contact us today!