Worried about how you'll pay back those massive private loans or those huge federal loans? Well maybe you don't have to pay them back at all; maybe your boss will repay them. One of the best-kept secrets of the student loan universe is that many employers will happily pay off your college debts as part of an employment incentive contract. In other words, we're in a highly competitive, global economy and most employers want to hire good people. And when they get talented workers, they strive to keep them.
As a result, all across the country, a variety of employers, including hospitals and law enforcement organizations, colleges, law firms, state agencies, and federal entities are all offering cash-strapped employees a beauty of a perk in the form of student loan repayment assistance. Now don't expect to hear your employer shouting from the rooftop about this. Indeed, you may have to lobby to get it if no such program currently exists at your place of employment. But there's no reason that even those of you working in corporate America can't ask your boss about creating a student loan repayment program as a retention tool. Not only will it help you, but the cubicle mate next to you who's always complaining about his student loans will also be glad. With the exception of federal or government agencies that offer loan repayment programs, other employers can pay off your loans for you, including private loans for those of you with those debts.
The Feds Want You
One of the best programs I think you should know of is one that can help you if you're either looking for a job, currently working at a federal agency, or are willing to go to work in a government department or agency. It's called the Federal Student LoanRepayment Program, and it's remarkable in many aspects. Now, some of you might turn your nose up and frown at the prospect of working for the government. Before you do, however, let me point out the huge benefits of using your employment to get rid of your student loans.
Under the Federal Student LoanRepayment Program, the government allows any federal agency to repay your FFEL, direct, Perkins, or HEAL loans in order to attract or retain highly qualified workers in the federal government. Interestingly, each agency sets its own definition of highly qualified. Under the law, you don't even have to have a degree, certificate or some other diploma to qualify for this loan repayment assistance initiative. Therefore, even those of you who left college before you earned a degree—as one out of five students who take on college debts do drop out—can take advantage of this program.
The most comprehensive source of information about this program is maintained by the Office of Personnel Management (OPM). The place on their website where you can learn more about this program is www.opm.gov.
Article Title : Repayment Assistance Programs, Part 1
Comment not found for this article.
Share this story:
EdFed introduces… Awareness… Learnal
At, EdFed, we proudly introduce 'articles on student loans' and 'Learnal - the journal to learn from', our free newsletter on student loan management, which is sure to keep you informed of the latest events and happenings in the student loan market. To receive your copy of the above just use the RSS feed below and add this to your "My Yahoo", blogs, newstickers, and other similar channels accepting distributable content.
Click here to sign up for our Weekly Newswire now!
How EdFed Helped others!
When I first called EdFed I was impressed by the customer service. With other companies I called it was always an automated system that picked up and if I was lucky I was transferred to a live person. The Loan Counselor that I spoke with at EdFed was knowledgeable and quick to answer any and all questions I had. I was also able to get my application e-signed that same day. Now, thanks to EdFed, I have saved over $200 in the past two months. - Jessica S. Des Moine, IA
Student Loan Consolidation Info - How to Choose the Right Loan Company
The Career Resources column is presented by Granted, America's leading job search engine dedicated to getting people jobs.
Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.