Through Summer's platform, Housing Works will offer access to streamlined enrollment in loan saving programs like Public Service Loan Forgiveness
NEW YORK, July 24, 2024 /PRNewswire-PRWeb/ -- Today, Summer, the only end-to-end workplace student loan and college cost planning solution that saves employees an average of $40k, and Housing Works, a NYC non-profit organization that provides advocacy, support, and lifesaving services to those impacted by homelessness and HIV/AIDS, are together announcing Housing Works will offer student loan benefits to its employees through a new partnership with Summer. In particular, Housing Works is introducing access to Summer's platform in order to simplify the process of enrolling qualifying employees in Public Service Loan Forgiveness (PSLF) and other federal programs.
For 30 years, Housing Works has fueled the fight to end HIV and homelessness; the organization serves over 25,000 low-income New Yorkers annually and operates over 700 units of transitional and permanent supportive housing. Attracting and retaining passionate and talented professionals is central to achieving its mission, but the burden of student debt can keep people from pursuing careers in the nonprofit world. Fortunately, there are unique programs available to employees at nonprofits to help them reduce their monthly payments or even see their entire balances forgiven. Summer's platform makes enrolling in these programs seamless for both employee and employer.
Helping employees tackle their student debt is especially impactful for DEI efforts, as mediating student loan debt is a critical step towards advancing financial equity. On average, Black college graduates owe $25,000 more in student loans than White graduates, and four years after graduation, black students owe an average of 188% more than White students borrowed. Student debt also tends to impact women more than it does men: women hold almost two-thirds of all student debt.
"By helping employees navigate their options and enroll in programs like Public Service Loan Forgiveness, we hope to meaningfully increase their overall financial wellness, and Summer is the perfect partner in this effort," said Maria Salas-Fofanah, Vice President of People at Housing Works. "Adding student loan debt assistance to our already robust benefits package will help us ensure employees have the support they need to be able to do our important work without the added stress that student loan debt can cause."
"While over 70% of student loan borrowers could see immediate financial relief through federal programs like Income-Driven Repayment and PSLF, only a fraction have tapped into these opportunities, leaving billions of dollars unclaimed," said Will Sealy, Founder & CEO of Summer. "By easing the financial challenges associated with student loans, we're helping to ensure that Housing Works can continue its crucial mission with a fully supported and thriving workforce."
Housing Works is already rolling out Summer within its organization to make these benefits available to employees.
About Housing Works
For 30 years, Housing Works has fueled the fight to end HIV and homelessness. Our Thrift Shops and signature events directly benefit our trailblazing work in grassroots activism, healthcare, and housing. Housing Works led the way during the height of the AIDS crisis in New York City and continues to lead advocacy efforts across the country in support of social justice.
About Summer
Summer is the only end-to-end student loan and education assistance solution that saves eligible employees an average of $40k and is proven to reduce turnover by 20%. Summer partners with employers and institutions to deliver a tailored benefit that empowers employees to save for education, better manage their student loans, find forgiveness options, and lower monthly payments––simplifying student loans from start to finish. As a Certified B Corporation, Summer has partnered with over 900 employers and partner organizations across the U.S. to generate over $1.75 billion in savings to date.
Media Contact
Laurel Toney, Summer, 1 3034358862, [email protected], meetsummer.com
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