THE MEMPHIS MEDICAL SOCIETY ROLLS OUT STUDENT LOAN REPAYMENT SOLUTION FOR EMPLOYERS
The Memphis Medical Society has partnered with BenefitEd to provide a range of benefits that allow healthcare employers to address the rising costs of higher education.
One of the exciting new offerings is the ability for employers to match their employees’ student loan payments within the company’s existing budget. “We know the cost of medical school and further education is high,” says MMS’s chief executive officer Clint Cummins. “Many physicians and their healthcare colleagues graduate with so much debt that it may hinder their ability to pursue other important personal and professional dreams. Our new matching repayment program is one way we can alleviate some of this long-term stress on our physicians.”
Through the partnership with BenefitEd, The Memphis Medical Society can offer Employee Choice, a program that gives employees control over where the company’s matching funds are applied, such as retirement savings, student loan repayment, 529 plan contributions or all three. The key for the employer is that this can be done with little adjustment to their benefits budget.
“We see this as a win-win for both employers and employees,” Cummins says. “The employer maintains their existing benefits budget, and can promote this program as a recruiting tool, while the employee is able to choose where the matching funds are delivered, allowing them to better acheive their financial goals.”
While currently focusing on the healthcare community, The Memphis Medical Society hopes to grow this program throughout other industries in Memphis. “The ability to use already budgeted money to reduce student loan debt increases retention, strengthens recruitment and builds a stronger workforce overall,” Cummins says. “We are excited to offer this opportunity.”
For more information on this partnership, contact Clint Cummins, CEO of The Memphis Medical Society at 901.761.0200 or [email protected].