Crozer Health Launches Student Loan Forgiveness Program for Nurses, Physical Therapists, and Occupational Therapists
To cope with the shortage of health care workers and ensure Crozer Health will have enough staff in the future to care for its patients, the health system created the Crozer Health Student Loan Forgiveness Program to help retain and attract nurses, physical therapists, and occupational therapists.
Crozer Health will reimburse up to $10,000 annually per person, to a maximum of $50,000 over five years, to help pay student loans incurred by colleagues while obtaining an initial RN (or BSN), PT, or OT degree, as well as related advanced degrees. The program is open to full-time staff and will be expanded to benefit-eligible part-time colleagues on January 1, 2022. To date, nearly 50 Crozer Health employees have applied for program funds.
“We are glad to be able to help alleviate the heavy student loan burden that so many of our nurses and therapists carry,” said Peter Adamo, Crozer Health CEO. “Over time, in response to patient needs, we may expand this program to include additional disciplines.”
Some potential nurses and therapists decide against entering these professions because of the student debt they’ll accrue. According to the Federal Reserve, more than half of students in 2019 took out some sort of student loan for higher education, and 17% of those students also fell behind in their payments in 2020.
“When looking at ways we can continue being a leading employer of choice in Delaware County, this is another way we are helping to support our current and future colleagues who take care of our community,” shared Charles Johnson, Vice President of Human Resources.
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