MENDOTA COMMUNITY HOSPITAL
TITLELOAN REPAYMENT (EDUCATIONAL) / DEPARTMENT
HOSPITAL-WIDE
PURPOSE: To provide the employees of Mendota Community Hospital help in paying for education within
the healthcare field.
POLICY: It is the policy of Mendota Community Hospital to help employees, with outstanding education loans, assistance in paying off their educational loans. Loan repayment does not apply to those individuals who received education assistance from Mendota Community Hospital.
PROCEDURE:
1. To be eligible for loan repayment, the employee must be in good standing with the hospital and must be hired to work a minimum of a .5 FTE. A written request for assistance must be submitted to the Human Resource Manager. Along with the written request, the employee needs to submit copies of the loan amount showing that it was for educational purposes, along with report cards showing a “C” average. If the employee has completed the program, a copy of the degree would be required.
2. Administration will consider the following factors in evaluating requests for loan repayment assistance:
a. The nature and purpose of the course of study.
b. The benefits derived by the employee and hospital.
c. Funds available in the Loan Repayment Program.
3. The hospital will give a maximum of $9,000 to an employee for loan repayment. The amount given to an employee will be divided over a 3-year period.
4. The employee will receive $2.00 per hour credit for each hour worked for the hospital. Employees seeking reimbursement for loan repayment must agree in writing to repay the facility immediately in full if employment is terminated (involuntary or voluntary).
Original Date:09/08 / Page 1 of 2
Review Date:
07/10 09/12 02/14 (R1) / Please circle the appropriate one:
Administrator Administration Manager
Policy ID Number:
002-950-041 / Signature:
1401 E. 12th Street
Mendota, IL 61342
EDUCATIONAL LOAN
REPAYMENT WAIVER
The employee will have $2.00 per hour credit given for hours worked towards total monetary reimbursement paid by the hospital. If termination of employment occurs or an employee drops below a .5 FTE, prior to completion of repayment obligation to Mendota Community Hospital, the balance will be due to Mendota Community Hospital immediately.
I, ______agree to reimburse Mendota Community Hospital the total amount of my indebtedness in the event my employment with Mendota Community Hospital is terminated for any reason. I will reimburse Mendota Community Hospital on or before the last day of employment.
______
Recipient
______
Date
______
Human Resource Manager
______
Date
1401 E. 12th Street
Mendota, IL 61342
815-539-7461
102-950-006 New: 09/08 Revision: 07/10 (R1), 02/14 (R2) (Part of Policy #002-950-041)