Passport Benefits Help Hospital Employees Minimize Student Loans | Local News
According to staff reports
Employees of Davis and Lake Norman Regional Medical Centers are now eligible for new and enhanced benefits designed as pathways to help them eliminate existing student debt more quickly, pursue additional job training and advance their careers.
The goal of offering Davis and Lake Norman Regional Medical Center Pathways benefits is to support and retain employees and attract a strong workforce, especially frontline nurses, technicians, therapists and other clinicians and caregivers, as well as support staff.
Benefits include a new student loan repayment program that allows employees with outstanding student debt to consolidate their loans, lower interest rates and receive employer-sponsored payments. For most clinical employees, the two hospitals will directly pay a portion of loan premiums as long as the employee remains current with payments, offsetting student loan balances up to $20,000 per employee.
A new Employee Reimbursement Program has been established for license or certification renewals required for all job classifications and can be used for any license or certification testing or renewal not already offered free of charge by the ‘hospital.
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Additionally, a long-standing tuition reimbursement program that provides employees with up to $5,000 in tax-free annual reimbursement is being expanded and can now be used for continuing education related to any role within the hospital. Previously, employees could only use the tuition reimbursement program for studies in their current field of work.
“We value what our employees do and want to support them,” said network CEO Clyde Wood, general manager of both hospitals. “We hope that with these additional benefits, the Davis and Lake Norman Regional Medical Center pathways will help reduce the burden of student debt and allow employees to focus on achieving their career goals and career success. .”