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News Release

FOR IMMEDIATE RELEASE
Monday, May 19, 2008
Contact: Dean Scrutton
Tel: 202-606-2402

OPM: REPORT SHOWS INCREASE IN STUDENT LOAN REPAYMENTS BY FEDERAL GOVERNMENT

Washington, DC - U.S. Office of Personnel Management (OPM) Director Linda M. Springer today lauded the results of a report showing an increase in student loan repayments by agencies for employees of the Federal Government.

 

 “This report clearly demonstrates agencies are utilizing this important program in an effort to recruit and retain highly qualified individuals,” said Springer. “The Federal Government greatly benefits from student loan repayment programs. It has been an effective way to attract younger workers and help offset the projected retirement wave.”

 

Results found a total of 33 Federal Agencies provided 6,619 employees with student loan repayment benefits during FY 2007, a 15 percent increase over the previous year.

 

Under the student loan repayment program agencies can make payments of up to $10,000 for an employee in any calendar year, with a maximum of $60,000 for any one employee.  In return, the employee must sign an agreement to remain in the service of the paying agency for a period of at least 3 years. The average loan repayment benefit was $6,377.

 

Up to 60% of the Federal workforce will be eligible for retirement over the next ten years.

OPM encourages the use of programs such as student loan repayment to help offset this wave by attracting new talent to the Federal Government.

 

The full report is available on the OPM Website at http://www.opm.gov/oca/pay/studentloan.

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OPM leads and serves the Federal Government in enterprise human resources management by delivering policies and services to achieve a trusted, effective civilian workforce. By Empowering Excellence in Government through Great People, we provide leadership and support to U.S. agencies on issues including human resources policy and oversight, background investigations, federal employee benefits, retirement services, guidance on labor-management relations, and programs to improve workforce performance. For more information, visit OPM.gov or follow OPM on Twitter, Facebook, or LinkedIn.


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