We’re thrilled to announce that Tier Pediatrics is now offering student loan repayment assistance to our valued employees! This is a fantastic benefit that we believe will make a significant impact on the lives of our team members.
As many of you know, student loan debt can be a significant financial burden, especially for those in healthcare professions. We understand the challenges our employees face, and we want to do everything we can to support their financial well-being.
What is Student Loan Repayment Assistance?
Student loan repayment assistance programs (LRAPs) allow companies to make monthly payments directly to an employee’s student loan lender. With the recent Coronavirus Aid, Relief, and Economic Security (CARES) Act, there’s a temporary tax-free provision for these programs. This means that up to $5,250 per year in student loan payments can be excluded from an employee’s income, and the employer also receives a payroll tax exclusion. (Source: The College Investor)
How Does it Benefit You?
By offering this benefit, we hope to reduce the financial stress our employees experience, allowing them to focus on providing exceptional care to our patients. We believe that happy and financially secure employees are more likely to stay with our practice long-term.
A Win-Win for Everyone
This program is a win-win for both our employees and Tier Pediatrics. Our employees receive valuable assistance in paying off their student loans, while we benefit from reduced payroll taxes.
We are excited to have already made our first disbursement this month and look forward to seeing the positive impact this benefit will have on our team.
If you’re a working mom or dad with student loan debt, we encourage you to talk to your HR department about the possibility of implementing a similar program at your workplace.
We believe that by investing in our employees, we are investing in the future of Tier Pediatrics.
