Athletico Physical Therapy Helps Clinicians Conquer Student Debt Burden with SoFi at Work Loan Repayment Program

Rhea-AI Summary

Athletico Physical Therapy and SoFi at Work announce a new partnership to help clinicians pay down student loan debt faster.

Positive

• Beginning Jan. 1, 2024, Athletico will contribute $100 monthly toward eligible clinicians' student loan debt.
• The tax-free contribution can help the average employee save up to $16,119 on their loan after eight years.
• The Student Loan Repayment Program (SLRP) is available to all 3,400 benefits-eligible physical therapists, occupational therapists, athletic trainers, and physical and occupational therapy assistants.
• The program will enable Athletico to recruit, hire, and retain the best talent in the industry.
• The SLRP is a new addition to Athletico's existing financial wellness program offered through SoFi at Work.

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• None.

Monthly Tax-Free Benefit Will Help Employees Pay Off Loans Sooner

OAK BROOK, Ill., Oct. 18, 2023 /PRNewswire/ -- Athletico Physical Therapy, a top national provider of the highest quality orthopedic rehabilitation services to communities, employers, and athletes, and SoFi at Work, a leading provider of holistic financial well-being and education assistance benefits, today announced the launch of a new partnership that will help Athletico clinicians pay down student loan debt faster, putting them on a path to financial independence. Beginning Jan. 1, 2024, Athletico will contribute $100 monthly toward eligible clinicians' student loan debt. This tax-free contribution can help the average employee save up to $16,119 on their loan after eight years, and pay the loan off twenty months faster. The Student Loan Repayment Program (SLRP) is available to all 3,400 benefits-eligible physical therapists, occupational therapists, athletic trainers, and physical and occupational therapy assistants, as well as new hires in those roles, who work 30+ hours per week.

Loan Aid Supports Staff Wellness
Like the majority of clinical professionals in the physical therapy field, Athletico clinicians often enter the workforce with a substantial amount of student debt. An awareness of this – coupled with the recent end to the nationwide pause on student loan repayments and interest accrual – is what led Athletico leadership to build on its already robust benefits offering to better support the holistic financial well-being of its clinical staff.

"As a people-centered business, we're focused on enhancing people's health and quality of life every single day, and that includes our own talent," said Chris Throckmorton, PT, President and CEO of Athletico. "I know from experience that student loan debt is an early career investment in our industry, so we want to do what we can to minimize the burden of that investment. This program will not only allow us to better support our team, but it will also enable us to recruit, hire, and retain the best talent in the industry, which is critical to continuing to deliver on our mission to enhance patients' health and quality of life."

Expanded Service from a Trusted Partner
The SLRP is a new addition to Athletico's existing financial wellness program offered through SoFi at Work. The program provides student loan refinancing, budgeting and other financial well-being services to all employees.

"SoFi was the perfect partner, not only because of our established relationship but also their industry-leading tools and self-service portal that make it easy for our employees to enroll and take advantage of these benefits," Throckmorton said. "It is important for us to partner with a vendor we already know and trust to provide this highly sought-after benefit for our team."

The student debt burden is a major obstacle for skilled talent in the healthcare industry, with many professionals carrying significant debt throughout a large stretch of their career. Athletico's employee-centric approach will help ease that burden, build long-term loyalty, decrease clinician turnover, support recruiting efforts and lower the barrier to entry for new talent entering the field.

"This expansion of our partnership demonstrates that Athletico is on the cutting edge of patient treatment as well as employee engagement," said Barrett Scruggs, VP of Workplace Financial Well-being at SoFi at Work. "By providing debt support and other financial wellness benefits, the company is not only supporting its own talent pipeline but also the industry as a whole by setting this new standard in employee well-being benefits."

To learn more about career opportunities and benefits at Athletico, visit https://www.athletico.com/student-loan-repayment-program/.  

For more information on SoFi at Work's employee financial well-being programs, visit www.sofi.com/sofi-at-work/.

About Athletico Physical Therapy
Athletico Physical Therapy is a leading provider of the highest quality orthopedic rehabilitation services to communities, employers and athletes. With the recent acquisition of Pivot Physical Therapy, Athletico operates more than 900 locations in 24 states and the District of Columbia. We are committed to our patients and referring physicians through our patient-centric focus, inclusive work environment, and attention to quality and high standard of care. Delivering market-leading patient outcomes and satisfaction are at the core of what we do, as measured by our industry leading patient satisfaction scores and recognition as a National Top-Tier Provider by the CMS Quality Payment Program. We are also passionate about giving back to the communities we serve through outreach, volunteer and fundraising initiatives supported by the Athletico Cares Foundation. Our comprehensive services include physical and occupational therapy, workers' compensation and onsite employer services, athletic training, and over 50 specialty services, including free assessments, pelvic health, spine health, hand therapy, concussion management, and more. For more information, or to find an Athletico clinic near you, visit www.athletico.com.

About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company's full suite of financial products and services helps its more than 6.2 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like career advisors, Credentialed Financial Planners (CFP®), exclusive experiences and events, and a thriving community – on their path to financial independence.

SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

Athletico Media Contact:
Dana Andreoli
Dana.andreali@athletico.com

SoFi at Work Media Contact:
Meghan Brown
PR@sofi.org

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SOURCE Athletico Physical Therapy

FAQ

What is the new partnership announced by Athletico Physical Therapy and SoFi at Work?

The partnership aims to help clinicians pay down student loan debt faster.

When will Athletico start contributing towards clinicians' student loan debt?

Beginning Jan. 1, 2024.

How much will Athletico contribute monthly towards eligible clinicians' student loan debt?

Athletico will contribute $100 monthly.

Who is eligible for the Student Loan Repayment Program (SLRP)?

All 3,400 benefits-eligible physical therapists, occupational therapists, athletic trainers, and physical and occupational therapy assistants, as well as new hires in those roles.

What are the benefits of the SLRP?

The tax-free contribution can help the average employee save up to $16,119 on their loan after eight years and pay the loan off twenty months faster.

What other financial wellness program does Athletico offer through SoFi at Work?

Athletico offers a financial wellness program that includes student loan refinancing, budgeting, and other financial well-being services.