Student Loan Repayment
The Student Loan Repayment program allows agencies to provide student loan repayments for federally insured student loans, provided that you sign a three year contract with that agency.
As an employee you can receive up to $10,000 a year and up to $60,000 in total repayment benefits. There are no restrictions on what majors or academic areas can receive loan repayment, and receiving loan repayment does not preclude you from receiving other employment benefits, including recruitment, relocation bonuses, and retention allowances.
However, if you transfer agencies your new employer is not required to continue the loan repayment. Also, if you quit or are fired within the three year timeframe, you are required to pay back the loan in full.
Although these specifications apply to all federal agencies, each agency sets its own rule for who is eligible to participate in the Student Loan Repayment program. Some agencies have narrow eligibility requirements while others have very broad eligibility requirements.
Agencies are required to report annually to the Office of Personnel Management (OPM) on the use of the student loan repayment programs. The reports must contain the number of employees selected to receive this benefit, the job classifications of the recipients and the cost to the Federal Government of providing the loan repayment.
For more information about program specifics, visit http://www.opm.gov/oca/pay/studentloan.
Program Statistics
From 2006 to 2007, funding for this program increased 17%. In Fiscal Year 2007, 33 federal agencies provided more than $42 million in loan repayment.
Federal Agencies that Provided the Most Loan Repayment in 2007
Agency |
Employee Count | Amount of Benefits Provided |
|---|---|---|
Department of Justice |
2,463 | $20,559,523 |
Department of Defense |
1,860 | $6,283,433 |
Department of State |
626 | $3,741,935 |
Securities and Exchange Commission |
369 | $3,390,076 |
Government Accountability Office |
316 | $1,641,935 |
All Others |
985 | $6,590,881 |
Total |
6,619 | $342,207,783 |
Percentage of Total Loan Repayment Received by Occupation in 2007
Occupation |
Employee Count | % of Total |
|---|---|---|
Criminal Investigator |
1,042 | 15.7% |
Attorney |
582 | 8.8% |
Intelligence |
385 | 5.8% |
GAO Analyst |
246 | 3.7% |
Miscellaneous Administration |
224 | 3.4% |
Information Technology Management |
219 | 3.3% |
Management and Program Analysis |
189 | 2.9% |
Inspection, Investigation, and Compliance |
168 | 2.5% |
Nuclear Engineer |
166 | 2.5% |
Contract Specialist |
143 | 2.2% |
Accounting |
132 | 2.0% |
Miscellaneous Clerk and Assistant |
126 | 1.9% |
Business and Industry |
103 | 1.6% |
Electronics Engineer |
103 | 1.6% |
Financial Administration |
103 | 1.6% |
Human Resources Specialist |
100 | 1.5% |
General Engineer |
94 | 1.4% |
All Other Occupations |
2,231 | 33.7% |
Total |
6,619 |
Since 2002, Loan Repayment has Grown Significantly
| FY 2002 | FY 2003 | FY 2004 | FY 2005 | FY 2006 | FY 2007 | |
|---|---|---|---|---|---|---|
Participating Agencies |
16 | 24 | 28 | 30 | 34 | 33 |
Employees Receiving Student Loan Repayment Benefits |
$3,163,990 | $9,182,637 | $16,424,365 | $27,982,680 | $35,940,819 | $42,207,783 |
Amount of Student
Loan Repayment
Benefits Provided |
690 | 2,077 | 2,945 | 4,409 | 5,755 | 6,619 |
Average Amount of
Student Loan
Repayment Benefits
Provided |
$4,585 | $4,421 | $5,577 | $6,347 | $6,245 | $6,377 |