Meriter Health Services - Meriter's Loan Assistance Programs

Meriter's Loan Assistance Programs

For Graduates of the Following Programs:

Nursing

Medical Imaging

Physical Therapy

Physician Therapy
Associate

For Graduates of Nursing Programs

Meriter is pleased to offer student loan assistance for new and recent graduates of Nursing programs. Eligible employees may receive up to $15,000 of loan assistance. If you have any questions or would like to learn more, please contact Human Resource Development at (608) 417-6123.

Eligibility Details

To be eligible, the employee:

Must have completed a diploma, ADN or BSN program.
Must be hired by Meriter within one year of graduation, and successfully complete a probationary period.
Must have an active educational loan in the new graduate's name.
Payments will not exceed the balance of the loan or maximum of the loan assistance program.
Must provide proof an outstanding loan from an accredited financial institution.

Reimbursement Amount

The amount an employee receives is based on his or her full-time employment (FTE) status and will be paid in installments throughout the first three years of employment.


If you work: 1.0 FTE 0.9 FTE 0.8 FTE 0.7 FTE 0.6 FTE 0.5 FTE 0.0 - 0.4 FTE	You will receive the following amount over a total of three years: $15,000 $15,000 $15,000 $12,500 $10,000 $7,500 $5,000

Once the balance of the employee's loan is paid off, the payments will be stopped.

For Graduates of Medical Imaging Programs

Meriter is pleased to offer student loan assistance for new and recent graduates of Medical Imaging programs. This includes general diagnostic and ultrasound, and nuclear medicine graduates. Eligible employees may receive up to $8,000 of loan assistance. Below you will find details about this benefit. If you have any questions or would like to learn more, please contact Human Resource Development at (608) 417-6123.

Employee Eligibility

Employed at a 0.5 -1.0 status for at least 6 months.
Active employee status (no payment will be made while on a leave of absence, however, payments will resume immediately upon employee's return, with appropriate clearance in place.) The three-year end date will be extended to cover the amount of time out on leave.
If the employee is in written disciplinary action, the manager and Human Resources will determine an appropriate amount of time for the issue(s) to be resolved. Upon resolution, the payments may resume.
Either a student or a new graduate of a Medical Imaging program and be hired into the Medical Imaging Department within 6 months of graduation.

Reimbursement Amount

Maximum loan amount over a period of three (3) years, to be paid every six (6) months with verification of loan amount and loan payments from an accredited financial institution.

FTE	Maximum Loan Amount	6-Month Payment
1.0 FTE 0.9 FTE 0.8 FTE 0.7 FTE 0.6 FTE 0.5 FTE	$8,000 $7,200 $6,400 $5,600 $4,800 $4,000	$1,333.33 $1,200.00 $1,066.67 $933.33 $800.00 $666.67

Once the balance of the loan is paid off, payments will be stopped. If an employee changes FTE, they will receive the new payment rate at the next payout date until the three year period is complete.

Loan Assistance Calculation

Amount eligible for loan assistance will be the current principal balance (this does not include interest) from an accredited financial institution, or the maximum reimbursement amount (see above: Reimbursement Amount), whichever is greater.

Review of Application

Your application will be reviewed by Human Resource Development and, if approved, Meriter will make payment directly to the employee via your regular paycheck. If there is a question regarding the application, you will be contacted. Please allow 30 days for the application and reimbursement to be processed. VERIFICATION OF CURRENT LOAN PAYMENTS MUST BE RECEIVED BY HUMAN RESOURCE DEVELOPMENT BEFORE ANY FURTHER REIMBURSEMENT REQUESTS CAN BE PROCESSED. An incomplete application or failure to provide the necessary documentation will result in a delay of the process.

How to Apply

Application for reimbursement should be completed after successful completion of 6 months of employment and every 6 months thereafter, up to and including 3 years.
Complete and sign the application; ATTACH A COPY OF YOUR LOAN AGREEMENT, SHOWING TOTAL LOAN AMOUNT FROM THE ACCREDITED FINANCIAL INSTITUTION to the back of the application.
For 1st time applicants, attach a copy of your school transcript.
Have your supervisor and department/program director sign the application.
Either send via inter-departmental mail, or bring to Human Resource Development, McConnell Hall, Room 101.

For Graduates of Physical Therapy Programs

The Meriter Loan Assistance program was developed to offer our new Physical Therapy graduates financial assistance to reduce the amount of their educational loan. As a new graduate, please review the eligibility requirements and guidelines. If you have any questions, please contact Human Resource Development at (608) 417-6123.

Employee Eligibility

Employed for at least 6 months; if PERC, must have fulfilled all PERC requirements.
Active employee status (no payment will be made while on a leave of absence, however, payments will resume based upon new payment schedule.) The three-year end-date will be extended to cover the amount of time out on leave.
Graduated within one year of date of hire.
If employment is terminated, no remaining loan payments will be made.

Reimbursement Amount

Maximum educational loan assistance amount over a maximum period of three (3) years. Payments will be made every six (6) months contingent upon verification of loan status being current from an accredited financial institution.

FTE	Maximum Loan Amount *	6-Month Payment**
0.8 - 1.0 FTE 0.7 FTE 0.6 FTE 0.5 FTE 0.0 - 0.4 FTE	$15,000 $12,500 $10,000 $7,500 $5,000	$2,500.00 $2,083.33 $1,666.67 $1,250.00 $833.33

* Actual loan reimbursement amount may vary from the schedule above. Please see “Loan Assistance Calculation” for more detail.
** If an employee changes FTE, they will receive the new payment rate at the next payout date until the three-year period is complete or the loan balance has been paid in full.

Loan Assistance Calculation

Review of Application

Your application will be reviewed by Human Resource Development and, if approved, Meriter will make payment directly to the employee via regular paycheck. If there is a question regarding the application, you will be contacted. Please allow 30 days for the application and reimbursement to be processed. VERIFICATION OF CURRENT LOAN PAYMENTS MUST BE RECEIVED BY HUMAN RESOURCE DEVELOPMENT BEFORE ANY FURTHER REIMBURSEMENT REQUESTS CAN BE PROCESSED. An incomplete application or failure to provide the necessary documentation will result in a delay of the process.

How to Apply

Application for reimbursement should be completed after successful completion of 6 months of employment and every 6 months thereafter, up to and including 3 years or until principal loan balance is paid in full.
Complete and sign the application; ATTACH A COPY OF YOUR ORIGINAL LOAN AGREEMENT, FROM AN ACCREDITED FINANCIAL INSTITUTION to the back of the application. ALSO ATTACH DOCUMENTATION DETAILING THE CURRENT PRINCIPAL AMOUNT OUTSTANDING ON THE LOAN.
Have your supervisor and department/program director sign the application.
Either send via inter-departmental mail, or bring to Human Resource Development, McConnell Hall, Room 101.

For Graduates of Physical Therapy Associate Programs

The Meriter Loan Assistance program was developed to offer our new P.T. Associate graduates financial assistance to reduce the amount of their educational loan. As a new graduate, please review the eligibility requirements and guidelines. If you have any questions, please contact Human Resource Development at (608) 417-6123.

Employee Eligibility

Employed for at least 6 months; if PERC, must have fulfilled all PERC requirements.
Active employee status (no payment will be made while on a leave of absence, however, payments will resume based upon new payment schedule.) The three-year end-date will be extended to cover the amount of time out on leave.
Graduated within one year of date of hire.
If employment is terminated, no remaining loan payments will be made.

Reimbursement Amount

FTE	Maximum Loan Amount *	6-Month Payment**
1.0 FTE 0.9 FTE 0.8 FTE 0.7 FTE 0.6 FTE 0.5 FTE	$5,000 $4,500 $4,000 $3,500 $3,000 $2,500	$833.33 $750.00 $666.66 $583.33 $500.00 $416.66

Loan Assistance Calculation

Review of Application

How to Apply

Application for reimbursement should be completed after successful completion of 6 months of employment and every 6 months thereafter, up to and including 3 years or until principal loan balance is paid in full.
Complete and sign the application; ATTACH A COPY OF YOUR ORIGINAL LOAN AGREEMENT, FROM AN ACCREDITED FINANCIAL INSTITUTION to the back of the application. ALSO ATTACH DOCUMENTATION DETAILING THE CURRENT PRINCIPAL AMOUNT OUTSTANDING ON THE LOAN.
Have your supervisor and department/program director sign the application.
Either send via inter-departmental mail, or bring to Human Resource Development, McConnell Hall, Room 101.

4/10/2008