The folks at a New York City-based mutual fund firm are helping healthcare workers pay down debt as they continue to battle the coronavirus pandemic.

Daniel "Dan" Cayley Chung Fred Alger Management CEO and CIO

Dan Chung, CEO and chief investment officer of Manhattan-based Alger [profile], confirms that the company and its 165 employees have donated $400,000 to cover student debt of the nurse managers at the Brooklyn Hospital Center. The idea, Chung explains, is to offer a "reward for their service, recognition for their contributions to our community."

"Nurses are the backbone of a hospital," Chung says in a video that also features interviews with some of the center's nurses. "They are extremely giving, caring, putting themselves at risk."

Chung, though now a fundster leader and PM by trade, reveals that he was a biology major in college and that his sister is a doctor. He recalls learning a few years ago that the average nurse graduates "with something like $85,000 in debt." This, he felt, is "really wrong," even more so in light of the ongoing COVID-19 crisis.

"I don't think there's any nurse who served ... during this time who should be under some crushing debt," Chung says. "They deserve a bonus and recognition now, all of them."

"Nurses have been on the frontline of the #coronavirus crisis since day one and they not only deserve recognition — they deserve a break," Chung adds in a LinkedIn post. 

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