Summer

If you're confused by the uncertainty surrounding student loan cancellation, you're not alone. 45 million borrowers share your confusion. Recent legal back-and-forths have ensnared the Biden Administration's latest loan forgiveness efforts. Once again, another federal judge has blocked the effort, mere hours after headlines reported it was proceeding. At Summer, we are committed to the hundreds of thousands of borrowers and thousands of employers we serve every day, and value the importance of providing a reliable source of guidance in times of turbulence. For more information on the latest legal challenges to loan forgiveness: https://lnkd.in/eJEBaKdq

While we’re seeing more and more companies introduce a Student Loan Retirement Match program, we know from conversations with HR leaders and recordkeepers that there are still plenty of misconceptions and questions around this provision of SECURE 2.0. So let’s clear some things up ?? Misconception 1: The match goes towards an employee’s student loans. It doesn’t! The employer match goes straight into an employee’s 401(k), helping employees pay down debt while still making the most of a retirement match. Misconception 2: Employees can’t combine student loan matching and retirement matching. Nope! Part of the beauty of this provision is that it allows employees some flexibility with how much they contribute to both their student debt, and to retirement savings – it doesn’t lock them into picking only one option. Misconception 3: It’s hard to implement. That’s where Summer comes in. It doesn’t have to be complicated with the right tools and partners in place. Curious to dive in deeper? Read more on the blog: https://bit.ly/4dBw3iy

For the first time in nearly 5 years, 45 million borrowers will face costly penalties and credit score dings for missing student loan payments. Remy Samuels of PLANSPONSOR interviewed Summer CEO Will Sealy to dig into how this will impact retirement savings. His take: with up to 25 million people expected to resume loan payments this month, it won’t be surprising if we see a dip in retirement plan contributions as borrowers divert funds to cover the cost. Read the full article for Will’s insight into potential impact, as well as some key takeaways stemming from the Student Loan Retirement Forum in DC earlier in September! https://lnkd.in/eT6ghwnD

Summer was honored to receive the EBN Excellence and Innovation Award at the Benefits at Work conference in San Diego. ?? Our SVP of Business Operations, Ritu Tandon, proudly accepted the award on behalf of our Founder and CEO, Will Sealy. More than just an award, this recognition reflects our unwavering mission to help employees take control of their financial future by navigating student debt. We're honored to be leading the way in reshaping financial wellness for the workforce. To date, we’ve helped borrowers save $1.75 billion, and this is just the beginning. Thank you, Employee Benefit News, for acknowledging the impact we’re making!

What an incredible week at the HR Technology Conference & Exposition, where we connected with HR leaders from across the country! One standout theme? HR leaders have student loans on the top of their list as a benefit program that offers clear, proven ROI and high adoption rates. A few of our favorite moments from the conference: ?? Our Chief Customer Officer, Bridget Haile, led a session with over 30 HR leaders, showing how Summer’s solutions can help employees save $40,000 in just minutes. ?? We hosted our first (but definitely not last!) Women in HR Tech lunch and capped off our days with fantastic events hosted by SemperVirens Venture Capital , ADP Ventures, Greenhouse Software and Guardian Life. ?? We loved seeing attendees, including Varun Dalakoti, rocking our new Summer Stanley Cups! ? At our booth, HR leaders participated in student loan trivia, uncovering the full scope of the issue while exploring solutions to better support their employees. ?? A big congratulations to Erin Greider, our Yeti cooler raffle winner! #HRTech2024

Happening LIVE in 20 mins at HR Tech! Come and test your knowledge of student loans to win prizes! Bridget will present on how to use student loan assistance to keep and fine top talent. Bridget Haile Summer

? What an amazing first day at HR Technology Conference & Exposition ? Our booth was buzzing with energy, and we had so many great conversations around student loan debt solutions for the workforce. We also hosted an empowering Women in HR Tech Lunch—thank you to Mary Dodd, Nicole Tucker, Laura Campbell, Amy Schwenck, Jaime (Coy) Frankos, and Kristin Smith who joined and contributed to such thoughtful discussions! The day wrapped up with a fantastic dinner with SemperVirens Venture Capital —huge thank you to Robby Peters, Erin M. Faverty, MA COML, and Don Weinstein for hosting. It was so wonderful to meet folks from Justworks, UKG, Guardian Life, Pinwheel, Carrot Fertility, Origin and more! Don’t forget to attend Summer's Chief Customer Officer Bridget Haile’s tech talk today at 9:40am , where we will be decoding student loan debt for your workforce—you may even win a prize or two! Will Sealy, Michelle Tran, Jemila Stewart (She/Her), David White, Jeff Gold, Bridget Haile and Aanchal Gulati will be at booth #4103 all day—stop by to say hello! #HRTech

?? Happy #ForgivenessFriday! ?? Four years ago, we shared Eric's journey as he began his path toward student loan forgiveness. Today, we’re celebrating a full-circle moment—Eric has officially received $230,074 in federal student loan forgiveness! ?? We’re proud to partner with AFT to help people like Eric unlock life-changing opportunities. Read about Eric's full journey on the blog: https://lnkd.in/evHiSgH9

?? Happy #ForgivenessFriday! ?? Four years ago, we shared Eric's journey as he began his path toward student loan forgiveness. Today, we’re celebrating a full-circle moment—Eric has officially received $230,074 in federal student loan forgiveness! ?? We’re proud to partner with AFT to help people like Eric unlock life-changing opportunities. Read about Eric's full journey on the blog: https://lnkd.in/evHiSgH9

Next week, Summer is Vegas-bound for the HR Technology Conference & Exposition! ?? Join us at booth #4103 to meet our team of experts, including Michelle Tran, Will Sealy, Bridget Haile, Jemila Stewart (She/Her), David White, Jeff Gold, and Aanchal Gulati, and discover how we can transform employee recruiting, retention, and financial wellness. With the U.S. currently facing a significant labor shortage, our solutions can give you a competitive edge in attracting and keeping top talent. In fact, 86% of employees between the ages 22-33 say they would commit to staying with an employer for five years if student loan repayment assistance was offered. ?? Don’t miss our Tech Talk on Wednesday, where Summer's Chief Customer Officer, Bridget Haile will share how your employees can save $4,000 a year on student loans in less than 10 minutes. There may even be an opportunity to win a prize or two! We can't wait to see you in Vegas! ??