The Office of Personnel Management has released an updated fact sheet on the government’s federal student loan repayment program, reflecting an increase in the annual cap from $6,000 to $10,000 per calendar year and from $40,000 to $60,000 in total, as specified in the National Defense Authorization Act for fiscal 2004.
In return for assistance, employees must sign up for service in the paying agency for three years, and reimburse the agency in the event that they quit or are fired for poor performance if they don’t complete the three years.
This is a hot topic in all agencies regardless of whether they offer the program. Managers and supervisors would do well to obtain a copy of the new fact sheet to field questions from interested employees with big college loans. Go to http://www.opm.gov/oca/PAY/StudentLoan/index.asp to download a copy.