Article: Federal Agencies Increasing Use of LRAP Funds
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)
Students are encouraged to read the Office of Personnel Management report to learn more about individual agency loan repayment programs when researching employment opportunities with the federal government.
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