Vita to Provide Free Student Loan Benefit to Non-Profits
Benefit Will Help Non-Profit Clients Improve Employee Retention and DEIB Goals While Saving Employees Money
MOUNTAIN VIEW, Calif., March 11, 2024 (Newswire.com) - Vita, a leading employee benefits brokerage and consulting company, today announced a new partnership with Summer, a leading end-to-end workplace student loan solution. This partnership honors the work of Vita’s non-profit clients by providing their employees free student loan support and navigation services, specifically with the government’s Public Service Loan Forgiveness (PSLF) program.
“Vita’s partnership with Summer helps our amazing non-profit clients deliver impactful student debt relief to their employees so they can continue doing important work in our communities,” says Erik Hansen, President at Vita. “By subsidizing this benefit for non-profits, we can help reduce benefits costs so employer benefit dollars can remain mission focused.”
“Vita’s non-profit clients are in a unique position to help their employees by leveraging PSLF,” says Dan Macklin, President at Summer. “Summer guides these employees through the complicated PSLF process, resulting in a 95% application acceptance rate and saving users an average of $40,000, equivalent to an average of a six percent salary raise.”
This partnership will have the following impact:
- Help non-profits attract and retain top talent with 20% improved attrition.
- Support employers’ Diversity, Equity, Inclusion, and Belonging (DEIB) efforts by assisting those who need it the most. More than two-thirds of student loan borrowers are women and BIPOC.
- Capitalize on government funding, helping 50-80% of employees save on their monthly student loan payments.
About Vita: Vita is a leading employee benefits brokerage and consulting company based in California. Founded in 1979, Vita creates innovative solutions that help clients meet the ever-changing needs in employee engagement and risk management. From healthcare plans to retirement solutions, Vita partners with employers to develop and deliver the solutions needed to help companies attract and retain talent while maintaining compliance.
About Summer: Summer is the only end-to-end student loan solution that saves employees an average of $40,000 and is proven to reduce turnover by 20 percent. Summer partners with employers to deliver tailored benefits that empower employees to save for education, better manage their student loans, find forgiveness options, and lower monthly payments. As a Certified B Corporation, Summer has partnered with leading employers, financial institutions, unions, and government leaders to generate over $1.5 billion in savings for borrowers.
Source: Vita Insurance Associates, Inc.
