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McLaren-Flint, Mclaren-Flint Foundation to help 100 employees with student loan repayment benefits

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McLaren-Flint, Mclaren-Flint Foundation to help 100 employees with student loan repayment benefits

FLINT, Mich. (WJRT) - The competitive labor market these days, forcing companies to get creative with how to recruit and retain workers.

Many companies are trying to lure people in with sign on bonuses and other perks.

But McLaren-Flint is going past those upfront dollars, trying to really appeal to workers where it matters most.

Any current or newly hired employee at Mclaren-Flint, beginning in January, may be eligible to receive student loan payment benefits from the McLaren -Flint Foundation.

"So we're helping them relieve that burden, relieve those stresses of pay back and at the same time tie them in , so the longer they stay with us -- the more that loan gets forgiven," said Mclaren-Flint CEO, Chris Candela.

He knows how competitive the labor market is right now.

Hospitals are hurting across the board for staff because of the pandemic, that's nothing new.

What is new is the way this hospital is recruiting the talent it needs and retaining the talent they have.

The McLaren Flint Foundation is contributing $1.5 million to go toward helping workers pay off their student loans.

This is not strictly just for nurses either. This covers a broad spectrum of positions including nursing, pharmacists, respiratory therapists, pretty much anyone who went to school can qualify.

How it will work is each time an employee makes a student loan payment, a third party will also make a payment towards that employee's loan.

Essentially, what this will do is put more money down toward the principle of the loan, shortening the term of the loan altogether.

It's exactly like throwing more money at your mortgage each month.

"We're just really hoping that it helps to relieve one more stress and a way to show appreciation for our employees, and that people really take advantage of it," he said. 

The student loan repayment program will be open to around 100 new employees.

Each employee can receive a maximum benefit of $15,000.

They hope to start the program by Jan. 1.

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