Student Loan Use Increasing

The Office of Personnel Management has issued its latest report on use of student loan reimbursement authority in federal agencies, noting that the numbers of agencies, employees and dollars in the program increased between 2002 and 2003. In fiscal 2003, OPM said, 24 agencies provided more than $9.1 million in student loan repayments to 2,077 employees. That compares with just 16 agencies using the authority in fiscal 2002 and giving some $3.1 million to 690 employees. Major agencies that either began or significantly increased their use of the authority-which is designed as a recruiting and retention tool-included Defense, Securities and Exchange Commission and Justice. The report noted that late last year the maximum amounts rose from $6,000 per year and $40,000 lifetime to $10,000 per year and $60,000 lifetime.