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More Federal Employees Getting Help From Uncle Sam To Pay Off College Debt

Federal agencies are increasingly turning to payments aimed at helping their employees pay off student loans as a way to attract and keep valued employees, according to a new report.

In calendar 2014, 33 departments and independent agencies provided nearly 8,500 employees with more than $58.7 million in student loan repayment benefits, an average just above $6,900. That’s a 15 percent increase over 2013 in the number of employees receiving payments and an 11 percent increase in the amount.

Agencies may pay employees up to $10,000 per year, up to $60,000 lifetime, to pay off certain educational loans, in return for the employee committing to continue working for the government for three more years.