What You Should Know:
– Top U.S. health systems are taking bold, employer-led action to combat two converging crises: staggering student debt and critical clinical staffing shortages. Together with Clasp, the first retention-driven recruitment platform, hospitals are launching a new model for financing education that locks in talent early, rewards retention, and makes healthcare careers more accessible.
A new generation of healthcare professionals is entering the workforce burdened by significant debt, often exceeding $100,000 for roles like physical therapists, occupational therapists, and physician assistants, and nearly $150,000 for newly graduated veterinarians. These financial pressures are expected to intensify as more roles require advanced degrees, such as doctorates for physical therapists and upcoming mandates for nurse anesthetists and nurses in states like New York.
Clasp’s Innovative Model: Flipping the Script on Student Loan Benefits
Clasp’s model fundamentally changes traditional student loan benefits. It enables employers to commit early—often while students are still in school—and defer actual loan repayment until after retention milestones are met. This structure allows every dollar to stretch further, with many employers on Clasp’s platform offering up to $75,000+ in tax-advantaged loan repayment over three years.
The result of this approach is deeper loyalty, lower turnover, and more sustainable pipelines for in-demand roles like nurse anesthesia, radiologic and surgical technology, respiratory therapy, physical therapy, and veterinary medicine.
Leading health systems and organizations already adopting this model include:
- Boston Children’s Hospital (ranked the #1 pediatric hospital in the country)
- Memorial Sloan Kettering (the #2 cancer center)
- MyEyeDr. (a leading national eye care provider)
- Northwestern Medicine (Illinois’ top-ranked hospital system)
- Novant Health (a top 40 U.S. health system)
- OhioHealth (central Ohio’s largest health system)
- VCA Animal Hospitals (leading national veterinary group)
Clasp Outcomes/Results
Early data from Clasp’s partner network demonstrates a potential 440% return-on-investment, with employers saving up to $5 million in year one. This is achieved by utilizing the program as an alternative to sign-on bonuses, reducing contract labor spend, and cutting turnover to as little as 5% in some roles on Clasp’s platform. For example, one healthcare system with over 30,000 employees fully replaced sign-on bonuses for a hard-to-hire clinical role and met 130% of their applicant goal in just 20 days by offering student loan repayment.
To further expand access and impact, Clasp has also secured up to $100M in no-co-signer education loan funding, helping students from low- and middle-income backgrounds pursue high-impact healthcare careers without financial barriers.
“This isn’t just about offering a benefit—it’s about rewiring how healthcare systems attract and retain talent,” said Tess Michaels, CEO of Clasp. “These leaders aren’t just responding to a crisis. They’re shaping the future of work in healthcare—and setting a new standard that others will follow.”
