Summer

Did you know that nearly 3 in 4 younger employees are entering the workforce with over $45,000 of student debt? Today, I’ll be at Forbes’ Future of Work Summit speaking about how this major financial issue is changing the hiring landscape, and what HR leaders can do to turn this unprecedented challenge into a meaningful opportunity to hit organizational KPIs that is ROI positive.

Summer's VP of Enterprise Sales, David White and VP of Broker Relations, Jemila Stewart (She/Her) are in Washington, D.C. for the Congressional Black Caucus, connecting with city government and political leaders to highlight the impact student debt has on financial wellness in the workplace. We're excited to demonstrate how Summer can drive economic empowerment for employees while boosting recruitment and retention efforts for employers. Stay tuned for updates as we explore how Summer can contribute to building more resilient and financially secure communities!

We were honored to speak at the first-ever Student Loan Retirement Forum hosted by Plan Sponsor Council of America, American Retirement Association, and The SPARK Institute, Inc. with policy experts from the Internal Revenue Service and U.S. Department of the Treasury, leaders from Employee Benefit Research Institute, and over two dozen recordkeeper representatives that cumulatively manage more than $30 trillion of retirement assets. Held at the Georgetown University Center for Retirement Initiatives, the forum featured a session with Summer’s Chief Customer Officer, Bridget Haile, and our CEO, Will Sealy, sharing insights on the implementation of SECURE 2.0's student loan matching provision for hundreds of ADP clients with our partner, Brian J Stellingwerf, as well as Tim Rouse from The SPARK Institute, Inc. It was evident from the discussion that there’s excitement and momentum across the retirement industry to offer student loan retirement matching capabilities to employer clients and their employees. It’s also clear that demand for this solution is quickly ramping up, especially as HR leaders ask for better tools to address the now $1.7 trillion of total student debt that's impairing the retirement savings of 45 million borrowers. A big thank you to Will Hansen with Plan Sponsor Council of America and the American Retirement Association and Tim Rouse with The SPARK Institute, Inc. for hosting this informative gathering.

Even though temperatures are cooling down, Summer is heating up this September! We're hitting the road and connecting with industry leaders and innovators across the country. ? ?? ?? Here’s where you can find us: ???Today, September 9: Join us at?Finovate?in NYC. Our Head of Commercial,?Michelle Tran, will be sharing her insights on the future of fintech. You won't want to miss it! ???Tomorrow, September 10: Our team members—Will Sealy, Bridget Haile, Michelle Tran, Michael Scully, Don Weinstein and Kate Hoblitzell Yang—will be in Washington, DC, where we've been invited to speak at the?Student Loan Retirement Forum, hosted by the Plan Sponsor Council of America and The SPARK Institute, Inc. ???September 17-18: We're heading to the West Coast for the Employee Benefit News Benefits at Work Conference?in San Diego. Connect with Ritu Tandon and Sydney Russakov to explore the latest trends in employee benefits. ???September 16-18: Jemila Stewart (She/Her) will be at the?NAPEO - The National Association of Professional Employer Organizations Annual Conference?in Orlando, meeting with the best in the PEO industry and discovering new ways to enhance employee services. ???September 24-26: We’re wrapping up the month at?HR Technology Conference & Exposition in Las Vegas! Join us for our speaking session, where Bridget Haile will discuss how companies are tailoring benefits strategies to their populations, decoding debt, and leveraging policy shifts to elevate their HR strategies. Be sure to also visit Will Sealy, Michelle Tran, David White, Jeff Gold, Jemila Stewart (She/Her) and Aanchal Gulati at booth #4103! If you’re attending any of these events, let’s connect. We’re looking forward to an incredible month on the road!

It's our favorite day of the week! This #ForgivenessFriday, we're highlighting Jessica, a passionate educator and first-generation college graduate who teamed up with the American Association of University Professors and Summer to navigate the maze of student loan forgiveness. After receiving guidance from Summer about the PSLF process, Jessica was able to celebrate a remarkable $164,000 in student debt forgiven! ?? This incredible achievement means Jessica and her family can now focus on building a brighter future for their daughters, free from the weight of student loans. Congratulations, Jessica!

Employee Benefit News just announced their 2024 Excellence in Benefits winners –– a list of 25 honorees?who stand out in the areas of HR leadership, tech innovation and benefits brokerage and advisory by going beyond their written roles to bring positive change –– and guess who made the cut? Summer’s CEO Will Sealy! Congratulations to Will and this year’s winners, which include execs from Chime, Guild, Zoom, and many other industry-leading orgs. https://lnkd.in/eS2H6c3X

Don’t miss this enriching conversation between Summer’s Head of Commercial Michelle Tran and Vicki Bradley on the Women in Leadership Empowered podcast! In the interview, they cover: ??Michelle’s Journey: Hear about her experiences and insights as a leader in the fintech industry. ??Financial Literacy: Understand the significance of financial literacy and how fintech is broadening access to financial services. ??Empowering Women: Discover how fintech is transforming the financial landscape and empowering women to take charge of their financial futures.

When student loan payments restarted in October 2023, concerns were raised about potentially high rates of delinquency after such a long period of postponed payments, and now the data shows those concerns weren’t unfounded. The latest Government Accountability Office report on student loans found that nearly 10 million borrowers (!!) were past due on their loan payments as of January 31. For employers, this means that as much as 50% of your workforce isn’t paying their student debt. Starting in October, those who continue to miss payments will enter forbearance, and within nine months, they could default on their loans, severely impacting their financial well-being. There’s a big opportunity for companies to step in and help their employees tackle this major financial concern – while reducing turnover and strengthening recruiting efforts. If you’re curious to learn more, reach out today! https://lnkd.in/egq7j2PS

Two Times Square billboards in one summer? We must be dreaming! ???? Thank you Brex for highlighting Summer’s acquisition of Vault. This milestone furthers our mission to serve the 43 million Americans grappling with student debt, providing them with the tools they need for financial freedom. We've already helped borrowers save $1.75 billion in student loan debt, and we're just getting started. ?? #bigapplebuilders Erica Wenger ???

Catch the latest episode of The PayPod Podcast, with host Kevin Rosenquist interviewing Summer CEO Will Sealy. During their chat, Will shares his own story and how he became inspired to do something about the student debt crisis. He also digs into the complexities of student debt, how rising tuition costs and student debt are impacting the workforce, and the massive opportunities available to employers to help address this pressing concern. Give the episode a listen here: https://lnkd.in/epbsek8A