NEWBURGH, N.Y., Aug. 1, 2019 /PRNewswire/ -- Montefiore St. Luke's Cornwall (MSLC) recently announced a new benefit designed to help employees pay off their staggering student loan debt. As part of the Student Loan Repayment Program, MSLC employees can convert unused paid time off (PTO) into employer contributions toward paying down their student loan debt. The program is being administered by Tuition.io, the leading platform for employee student loan contributions.
As part of MSLC's Student Loan Repayment Program, employees can transfer their unused PTO to the repayment of their student debt, including federal and Parent PLUS loans. Eligible employees can convert 30 to 75 hours of unused PTO into payment against student debt which will be distributed semi-annually with a maximum of $5,000 in annual contribution. The program is now available to full-time and part-time employees.
"Medical graduates are often faced with what can seem like an insurmountable amount of debt as they transition from student to medical professional," said Dan Bengyak, Vice President of Administrative Services at Montefiore St. Luke's Cornwall. "With the help of Tuition.io, MSLC's repayment program is at the forefront of employee benefits and squarely addresses the very real challenges faced by thousands of workers today. We believe financial health is a cornerstone for success and this unique debt relief program gives our employees the tools to tackle it head on."
National student loan debt currently stands at $1.5 trillion, with medical students bearing a larger-than-average financial burden after graduation. A staggering 75% of medical students leave school with education debt, holding an average balance of $196,000. Through its partnership with Tuition.io, Montefiore St. Luke's Cornwall addresses the specific financial needs of its employees while solving the issue of unutilized paid time off.
"It's estimated American workers forfeit 212 million vacation days amounting to $62.2 billion in lost benefits in a year," said Scott Thompson, CEO of Tuition.io. "MSLC's Student Loan Repayment Program provides a new option that addresses this problem and empowers employees with choice as they pave their way to financial wellness. Personalized benefits is where the industry is heading and this is a proactive step towards alleviating the stress of student loan debt."
About Montefiore St. Luke's Cornwall
Montefiore St. Luke's Cornwall (MSLC) is a not-for-profit community hospital with campuses in Newburgh and Cornwall, NY. The hospital is dedicated to serving the health care needs of the Hudson Valley and has achieved excellence in the delivery of compassionate and comprehensive health care services. In January 2018, MSLC officially became part of the Montefiore Health System to strengthen the delivery of health care locally and enhance access to exceptional specialty care for Hudson Valley residents. In March 2019 changed its name from St. Luke's Cornwall Hospital to Montefiore St. Luke's Cornwall.
Tuition.io is the nation's leading employee benefit platform empowering employers to better attract, retain and engage their next generation of talent who are saddled with stifling student debt, by helping their employees reduce and better manage their student loan burden. Tuition.io works with companies of all sizes, from Fortune 500 companies such as Live Nation, Staples and Estée Lauder Companies, to startups including ChowNow and Chegg, as well as public entities. Tuition.io is on a mission to provide an impactful solution for employers and employees across the country. For more information, visit www.tuition.io or follow us at @Tuitionio.