Article: Federal Agencies Increasing Use of LRAP Funds
Posted by OPI at 1:47 PM in Financing Your Career
According to an article by ExecutiveGovernment.com, the federal government increased use of federal loan repayment programs by 22 percent from 2007 to 2008, citing the programs as a key recruitment and rentention tool (according to an Office of Personnel Management report). During calendar year 2008, 35 federal agencies provided 6,879 employees with $51.6 million in student loan repayments. Agencies can contribute as much as $10,000 annually, and $60,000 total, per employee; in return, recipients must to commit to three years of federal service. Of participating agencies, the Justice Department provided the most assistance, spending $23,420,746 on loan relief for 2,610 employees. Other major participants included the Defense and State departments, Government Accountability Office, and Securities and Exchange Commission. (continued)
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