Summer - 3x3x3 Challenge with Will Sealy
Summer partners with employers to deliver tailored benefits that empower employees to save for education, better manage their student loans, find forgiveness options, and lower monthly payments.
Transcription:
What is Summer?
Summer is a company solving one of the biggest problems in the US today, which is the precipitous rise in college costs. This is something that employers care a lot about because they're recruiting talent out of universities and now 70% of people are graduating with student debt. And there is a whole host of employees that are now saving for college for their college-bound children that are also taking from their retirement funds to cover that cost. We're giving employers real tools that help these employees save a lot of money, on average, $278 per month, $40,000 per employee. And to date, we've generated $1.75 billion of savings over the last six years. The results for employers are better recruiting, better retention, and happier, healthier employees.
How is Summer different?
So we differentiate in three key areas. We have Summer Save, Summer Boost, and Summer Secure. We do this in such a way that it gives employees choice and access to be able to get the benefits they need, depending on the employer's preference. So the first is helping employees tap into over 140 different government assistance programs at the state and federal level, generating those savings as well as college 529 savings plans for parents to save for college. In the middle, we have Summer Boost, which is helping employers take advantage of tax-free programs that are eligible up to $5,250 per employee per year for tuition assistance as well as student loan contributions. And the third is secure matching, which is, out of the Secure 2.0 Act, employers now have the ability to match 401k payments based on an employee's student loan payment.
Who is a good fit for Summer?
A lot of employers are surprised to find out just how many people are impacted by this issue. It's not just those who have student debt themselves, which for the average employer might be around 40% of your employee population. There's also employees who might not have a loan in their name, but a loan owed in their household by a spouse or a loved one, which can increase that number to to 50 to 60% of people who are contributing their salary to student loans. In addition, you have parents, 25, 30% of your employee population who have college-bound children. They're saving up for potentially pulling from their retirement fund to cover those costs that we can help as well. And then of course, student debt unfortunately impacts women and borrowers of color, people of color, more disproportionately that we can help.
Transcription:
What is Summer?
Summer is a company solving one of the biggest problems in the US today, which is the precipitous rise in college costs. This is something that employers care a lot about because they're recruiting talent out of universities and now 70% of people are graduating with student debt. And there is a whole host of employees that are now saving for college for their college-bound children that are also taking from their retirement funds to cover that cost. We're giving employers real tools that help these employees save a lot of money, on average, $278 per month, $40,000 per employee. And to date, we've generated $1.75 billion of savings over the last six years. The results for employers are better recruiting, better retention, and happier, healthier employees.
How is Summer different?
So we differentiate in three key areas. We have Summer Save, Summer Boost, and Summer Secure. We do this in such a way that it gives employees choice and access to be able to get the benefits they need, depending on the employer's preference. So the first is helping employees tap into over 140 different government assistance programs at the state and federal level, generating those savings as well as college 529 savings plans for parents to save for college. In the middle, we have Summer Boost, which is helping employers take advantage of tax-free programs that are eligible up to $5,250 per employee per year for tuition assistance as well as student loan contributions. And the third is secure matching, which is, out of the Secure 2.0 Act, employers now have the ability to match 401k payments based on an employee's student loan payment.
Who is a good fit for Summer?
A lot of employers are surprised to find out just how many people are impacted by this issue. It's not just those who have student debt themselves, which for the average employer might be around 40% of your employee population. There's also employees who might not have a loan in their name, but a loan owed in their household by a spouse or a loved one, which can increase that number to to 50 to 60% of people who are contributing their salary to student loans. In addition, you have parents, 25, 30% of your employee population who have college-bound children. They're saving up for potentially pulling from their retirement fund to cover those costs that we can help as well. And then of course, student debt unfortunately impacts women and borrowers of color, people of color, more disproportionately that we can help.