CHICAGO, IL & NEWARK, DE — Adtalem Global Education Inc. (NYSE: ATGE) and Sallie Mae (Nasdaq: SLM) have signed a Letter of Intent to create new financing options for healthcare students, anticipating the phase-out of the federal Grad PLUS loan program beginning July 1, 2026.
The planned initiative would cover students across Adtalem’s five institutions, which together represent one of the largest pipelines of future healthcare professionals in the United States. The program aims to help students secure funding to complete their degrees and enter the workforce in a sector already facing critical shortages.
Federal data underscores the urgency: healthcare occupations are projected to grow at a much faster rate than the overall labor market from 2023 to 2033, fueled by demand in the $4.3 trillion U.S. healthcare sector. More than 7,000 areas are designated Health Professional Shortage Areas, and the Association of American Medical Colleges forecasts a physician shortfall of up to 124,000 by 2034.
Adtalem CEO Steve Beard said the collaboration is designed to “expand financing access” for the company’s more than 90,000 students, many of whom will serve in roles essential to the nation’s healthcare system. Sallie Mae CEO Jon Witter described the effort as an opportunity to develop “innovative and scalable solutions” that address both student financing needs and the growing demand for healthcare professionals.
The framework under discussion is expected to include deferred repayment options and degree-specific terms tailored to healthcare education. The companies plan to finalize a definitive agreement and announce specific financing products in the coming months, pending regulatory approvals.
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