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.