In a groundbreaking initiative, renowned healthcare institutions such as Boston Children’s Hospital, Memorial Sloan Kettering, MyEyeDr., Northwestern Medicine, Novant Health, OhioHealth, and VCA Animal Hospitals are joining forces to address two pressing issues facing the healthcare industry: alarming student debt levels and critical staffing shortages. Together, these organizations are offering over $101.2 million in student loan repayment for essential healthcare roles, paving the way for a more sustainable workforce.
BOSTON, July 9, 2025 /PRNewswire/ — As part of an innovative recruitment strategy, employers are stepping up to tackle these challenges head-on through Clasp, an attention-grabbing retention-driven recruitment platform. This new model allows hospitals to commit to financing education early, ensuring that talent is locked in while students are still in school and rewarding retention through structured repayment plans.
The financial burdens placed upon the next generation of healthcare professionals are staggering. Many recent graduates incur debts exceeding $100,000 for roles such as physical therapists, occupational therapists, and physician assistants, while newly minted veterinarians are facing nearly $150,000 in educational debt. With increasing demands for advanced degrees, such as doctorates for physical therapists and mandates like New York’s “BSN in 10” rule for nurses, the situation is only expected to worsen.
Clasp’s innovative approach disrupts traditional student loan benefit models. By enabling employers to commit to loan repayment while still in school and deferring actual payment until specific retention milestones are reached, Clasp maximizes the value of every dollar spent. Many employers in Clasp’s network are offering up to $75,000 or more in tax-advantaged loan repayment over three years. This creates a win-win situation—fostering deeper loyalty among employees, reducing turnover, and establishing reliable pipelines for critical healthcare roles in nursing anesthetics, surgical technology, physical therapy, and veterinary medicine.
Leading the charge are some of the most esteemed health systems in the nation. Boston Children’s Hospital is celebrated as the country’s #1 pediatric hospital, while Memorial Sloan Kettering holds the prestigious title of #2 cancer center. Leading eye care provider MyEyeDr., Illinois’ top-ranked Northwestern Medicine, and Novant Health, a top 40 U.S. health system, along with OhioHealth, central Ohio’s largest health system, and VCA Animal Hospitals, a leading veterinary group, are all committed to building a brighter future for both students and the healthcare workforce.
As Sebastien Girard, Senior Vice President and Chief People Officer at Novant Health, articulates, “At Novant Health, we’re working to build a healthier future for all—from patients and communities to our own clinicians and team members. We believe the workforce of tomorrow depends on how we support students today.” Girard highlights the partnership with Clasp aimed at repaying a significant portion of student loans for new nurse anesthetists, demonstrating an investment in loyalty and retaining talent from day one.
In a bid to further expand access, Clasp is securing an impressive $100 million in no-cosigner education loan funding. This initiative empowers students from low- and middle-income backgrounds to pursue high-impact healthcare careers without facing insurmountable financial barriers.
Tess Michaels, the CEO of Clasp, makes it clear that this effort is not merely about extending benefits; it’s about fundamentally transforming how healthcare organizations attract and keep talent. “These leaders aren’t just responding to a crisis. They’re shaping the future of work in healthcare—and establishing a new benchmark for what it means to invest in our future teams,” she asserts.
In a striking example of this approach’s effectiveness, one healthcare system boasting over 30,000 employees replaced traditional sign-on bonuses with student loan repayment for their hardest-to-fill clinical roles, achieving an impressive 130% of their hiring goal in just 20 days. Clasp’s partner network shows promising early data indicating a potential 440% return on investment, with employers enjoying savings of up to $5 million in their first year through reduced turnover rates and avoiding high costs associated with contract labor.
The momentum is palpable as health systems across the nation recognize the merits of this innovative approach, building effective clinical teams while receiving enthusiastic responses from students eager for more accessible career pathways.
Michaels emphasizes, “If we want healthcare to be stronger tomorrow, we need to invest in the people who power it today.” This model not only addresses current needs but also fosters profound, lasting change in the healthcare landscape.
Students currently enrolled in relevant programs can find more information and apply via clasp.com, while healthcare employers eager to take charge of recruitment can reach out directly to partnerships@clasp.com.
About Clasp: This pioneering platform bridges education and employment through retention-focused recruitment strategies. Since its inception in 2018, Clasp, formerly known as Stride Funding, has enabled over 10,000 students to access outcome-based financing and career pathways, while addressing significant challenges surrounding student debt and clinical workforce shortages. With substantial financial backing, Clasp champions the need for innovation in healthcare talent management.
For media inquiries, reach out to Morgan Viehman, Senior Director, Brand & Marketing, at morgan@clasp.com.
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