Study Now, Pay Later

July 10, 2023

What changed?

After more than three years of relief, Americans must resume payments on student loans in October, 2023, while interest on existing loans begins compounding in September.

Who does this impact?

A staggering 79% of healthcare professionals hold an average debt of $60,000. Compare that to the 13% of all Americans owing student loans and it becomes clear that resuming payments on federal student loans strikes the hearts of our nation's caretakers.

What does this mean for me?

Providers and employers are traversing uncharted waters. Turnover rates among healthcare workers have already skyrocketed since the pandemic – and that's without mandatory repayments on federal loans.

Healthcare professionals will be expected to pay 10% of monthly income as of October, though this number should eventually decrease to 5% of monthly income under the new Saving on a Valuable Education (SAVE) plan.

How should I move forward?

Borrowers should enroll in the SAVE plan before September to ensure first access to specialty assistance.

Healthcare professionals should also explore options like the National Public Service Corps Loan Repayment Program, the Nurse Corps Loan Repayment Program and state sponsored loan forgiveness options.

How do we help?

Plannery is the financial management platform that helps healthcare professionals get and stay out of debt.

Our voluntary benefit improves employee retention by offering better rates on loans, an exclusive credit card andpersonalized financial management.

We've already improved retention of healthcare professionals at institutions like Advent Health, CVS Health, and HCA Healthcare – contact us today!

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Testimonials are provided by real customers. No compensation or incentives were given in exchange for their feedback.

The credit score shown is your Equifax VantageScore® 3.0, provided solely by Equifax. It is not a score from any other credit bureau and may differ from scores used by lenders. Any projected score changes or recommendations are based on Equifax modeling. Actual results may vary, as your credit score is influenced by many factors that can change over time. This feature is intended to serve as a guidance tool only, not a guarantee or final determination of your credit standing.

Savings estimate based on analysis of closed Plannery loans originated via the Nursegrid app. We compared the APR, term, and payment of customers’ existing debt (from credit bureau and lender data) to their new Plannery loan. ‘Over $8,000 in interest savings’ and ‘80 months shorter’ reflect average reductions across funded customers. When applicable, comparisons to personal loan alternatives use industry APRs by credit tier from Q1 2025 LendingTree data. Individual results may vary.

Based on Q1 2025 LendingTree data for personal loans by credit band. Comparison reflects Plannery’s lowest offered APR by credit tiers versus average APRs on LendingTree’s platform for similar tiers. Actual rates vary by applicant profile and are not guaranteed.

PLANNERY PERSONAL LOAN DISCLOSURES:
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For employees at a partner employer:
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Plannery is an optional program, not a recommendation from your employer. Your employer gets no financial benefit from employees applying for or being approved for Plannery.

For all prospective users of Plannery's lending product:

Not all applicants will qualify. Loans are subject to approval and verification of credit and employment information. Rates and terms are subject to change without notice. Loan amounts range from $1,000 to $20,000, with repayment terms from 12 to 60 months. Annual Percentage Rates (APRs) range from 12% to 31%, based on creditworthiness and other factors. State minimum lending laws may apply. Loan minimums vary by state.

Plannery is not a bank. Plannery is a financial technology company. Loans subject to approval and standard underwriting criteria. Applications are for loans offered, made by, decisioned and owned by FinWise Bank, a Utah chartered bank. Terms and conditions are subject to change without prior disclosure or notice.