Beyond PSLF: Expanding Financial Wellness to Strengthen Retention in Healthcare

Public Service Loan Forgiveness (PSLF) has become a meaningful way for healthcare employers to support their workforce, particularly in mission-driven, nonprofit settings. But relying on PSLF alone may not fully address the financial challenges that contribute to employee stress and turnover. A broader approach to financial wellness—one that incorporates additional forms of support—can improve both retention and employee well-being.

Complementary Financial Wellness Programs

Several employer-sponsored benefits can work alongside PSLF to create a more comprehensive support system:

• Tuition Assistance
  Tuition reimbursement or upfront tuition support helps employees pursue additional degrees or certifications. These programs not only contribute to individual career growth but also help employers build a stronger internal talent pipeline.
  
• Student Loan Repayment Assistance (SLRA)
  For employees not eligible for PSLF—or for those seeking more immediate relief—SLRA can provide regular contributions toward student loan balances. Under current tax law, up to $5,250 per year in employer contributions can be provided tax-free, offering tangible support without increasing taxable income.
  
• Financial Coaching and Education
  Personalized coaching or access to financial planning tools can help employees make informed decisions about student loans, savings, and other financial goals. For those navigating PSLF, this kind of support can also improve compliance and reduce the risk of disqualification due to paperwork or servicing errors.
  
  

Considerations for HR and Benefits Leaders

To build a sustainable financial wellness strategy, HR leaders may want to:

• Conduct needs assessments or employee surveys to understand financial stress points across different roles and income levels.
  
• Integrate financial wellness topics into existing onboarding, communications, and training efforts.
  
• Evaluate vendors that provide education, compliance assistance, or loan support services, especially for complex programs like PSLF.
  
  

Addressing financial stress through layered benefits—not just PSLF alone—can help foster a more engaged and stable workforce in an industry where burnout and turnover remain ongoing challenges.

To explore these strategies in more depth, download the full white paper or connect with PeopleJoy to learn how organizations are supporting healthcare employees through student debt relief and broader financial wellness initiatives.