Adtalem Global Education Inc. and Sallie Mae have announced a partnership aimed at creating alternative financing solutions for students pursuing healthcare education. This initiative comes in response to the impending phase-out of the federal Grad PLUS loan program, which is set to begin on July 1, 2026.
The collaboration targets students enrolled at Adtalem’s five institutions, which collectively represent a significant portion of the future healthcare workforce in the United States. The goal is to facilitate access to funding, enabling students to complete their degrees and enter a job market that is grappling with critical shortages.
The urgency of this initiative is underscored by federal data indicating that healthcare occupations are projected to grow at a significantly faster rate than the overall labor market from 2023 to 2033. This growth is driven by demand within the $4.3 trillion U.S. healthcare sector. Notably, over 7,000 areas are classified as Health Professional Shortage Areas, and the Association of American Medical Colleges anticipates a physician shortfall of up to 124,000 by 2034.
Enhancing Financial Access for Healthcare Students
Steve Beard, CEO of Adtalem, emphasized the importance of this partnership in expanding financing options for the company’s more than 90,000 students, many of whom will take on crucial roles within the healthcare system. Beard stated that the initiative is designed to “expand financing access” to meet the needs of students who are poised to contribute significantly to the sector.
In a similar vein, Jon Witter, CEO of Sallie Mae, highlighted the collaboration as an opportunity to develop “innovative and scalable solutions” that address both student financing needs and the increasing demand for healthcare professionals. The partnership is expected to introduce a framework that includes deferred repayment options and degree-specific terms tailored to healthcare education.
The companies plan to finalize a definitive agreement and will announce specific financing products in the coming months, pending regulatory approvals. As the landscape of healthcare education financing evolves, the collaboration between Adtalem and Sallie Mae aims to address the pressing need for accessible funding, ensuring that aspiring healthcare professionals can achieve their educational goals.
This partnership not only reflects the commitment of both organizations to enhance educational opportunities but also underscores the critical need for qualified healthcare professionals in the United States. As the demand for healthcare services continues to grow, initiatives like this one will play a vital role in shaping the future of the sector.
