50,000 Organizations can Accelerate Impact with Simplified Contracting
NEW YORK — Summer, a comprehensive education and student loan assistance solution powered by technology, has been awarded a cooperative purchasing contract in the financial wellbeing category at Sourcewell. Summer was selected by Sourcewell after a rigorous application process, which examined financial viability, performance standards, depth and breadth of services, and marketing plan among other criteria to meet local procurement requirements. With the pause on federal student loans expected to end in September 2023, employers can now take advantage of turnkey contracting via Sourcewell to meet the moment by implementing a proven employee benefit in days versus quarters.
Sourcewell is a self-sustaining government organization offering a cooperative purchasing program with more than 400 competitively solicited contracts to government, education, and nonprofit entities throughout North America. By utilizing Sourcewell contracts, participating agencies save time and money by capturing the buying power of more than 50,000 organizations. Sourcewell recently created the student loan assistance category, awarding Summer the first contract in the rapidly growing space.
“Many public employers want to help their employees achieve wellness – the state of being physically, mentally, spiritually, socially, and financially healthy,” said Joe Ewald, Sourcewell Insurance Solutions Administrator. “In response, Sourcewell competitively solicited and awarded contracts in employee financial wellness programming and related employer-sponsored financial solutions. We are thrilled with the results of the RFP process and happy to play a role in helping public entities support their employees.”
“The Summer team is honored to be selected by Sourcewell as its first student loan assistance provider,” said Leigh Gross, Summer Chief Revenue Officer. “The new provider category supports employers seeking an in-demand employee benefit at a critical moment before loans come due, and we’re excited to bring our digital solution to Sourcewell accounts everywhere with streamlined procurement.”
Summer recently expanded its digital solution to provide value throughout the entire education assistance and student loan journey, with smart tools like college cost planning and tuition reimbursement. To date, Summer has unlocked over $1B dollars in savings for borrowers, including $317 in average monthly savings per member for the City of Alexandria, a Sourcewell participating agency. The company specializes in automating all aspects of Public Service Loan Forgiveness, Income-driven Repayment and more.
Sourcewell is a self-sustaining government organization, partnering with education, government, and nonprofits to empower student and community success. Throughout North America, we offer a cooperative purchasing program with more than 400 awarded suppliers on contract. Sourcewell is driven by service and the ability to strategically reinvest in member communities. Learn more at www.sourcewell-mn.gov.
Summer partners with organizations to empower their populations to navigate and reduce student loan debt through proven technologies, policy expertise and human support. Founded in 2017 by industry experts, its mission is to alleviate student loan debt for 46 million borrowers by providing leading solutions like automated digital Public Service Loan Forgiveness enrollment and loan consolidation. Summer is a Certified B Corporation. For more information, visit www.meetsummer.com.