Crozer Health has announced it is creating a student loan forgiveness program to help retain and attract nurses, physical therapists, and occupational therapists.
Crozer Health, like other healthcare providers, is dealing with a nationwide shortage of healthcare workers and wants to make sure there will be enough staff to care for patients.
The Crozer Health Student Loan Forgiveness Program 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 those obtaining an initial RN (or BSN), PT, or OT degree, as well as advanced degrees.
The program is open to full-time staff and will be expanded to benefit-eligible part-time colleagues on Jan. 1, 2022.
Nearly 50 Crozer Health employees have applied for program funds, according to a Crozer Health release.
“Over time, in response to patient needs, we may expand this program to include additional disciplines,” said Peter Adamo, Crozer Health CEO.
Heavy student debt can dissuade some from entering nursing and therapy work, the release stated.
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.