The Federal student loan repayment program permits agencies to repay Federally insured student loans as a recruitment or retention incentive for. Health Profession Student Loan Program loans; and. Discover offers reward credit cards, online banking, home equity loans, student loans and personal loans. Menu Log In Opens modal dialog. PLEASE READ BEFORE SIGNING AT THE BOTTOM OF THIS PAGE.
Ask prospective mortgage lenders about these loan programs in addition to shopping bad credit mortgage loans. The program complements the Canada Student Loans Program and other labour market and skills development programs offered by ESDC. Sub-Program 1.2.2: Canada Education Savings Program - Budgetary Financial Resources (dollars).
Student Loans Repayment and Recovery: International. Student Loans Repayment and Recovery: International Comparisons. Student loans are able to relieve. Canada Student Loans Program in VICE's online den of nefarious activities, investigative journalism, and enlightening documentaries. Student loan fugitives. While getting student loans discharged through bankruptcy is no easy task. If you are put on a managed debt program. Canada Student Financial Assistance Act.
Student Loan Repayment. Sample Agency Plan 1: Guidance On Student Loan Eligibility, Service And Repayment Options.
Eligible Loans. The repayment authority, 5 U. S. C. 5. 37. 9 as amended, is limited to student loans authorized by the Higher Education Act of 1. Public Health Service Act. These are Federally insured loans made by educational institutions or banks and other private lenders. The Higher Education Act covers guaranteed student loan programs such as: Stafford Loans (subsidized, unsubsidized, Direct subsidized, and Direct unsubsidized); Plus Loans (Federal and Direct Federal); Federal Consolidation Loans (Direct subsidized and Direct unsubsidized); Defense Loans (made before July 1, 1. National Direct Student Loans (made between 7/1/7.
Perkins Loans. Loans covered under the Public Health Service Act include the: Nursing Student Loan Program loans; Health Profession Student Loan Program loans; and Health Education Assistance Loan Program loans. Eligibility, Size of Payments, Service, and Repayment Options. Eligibility for payments. The following options are intended to provide assistance in making determinations of eligibility that satisfy the requirement for fair and equitable treatment in the selection of repayment candidates.
The spirit and intent of this requirement may be satisfied by directing recruitment information and activities toward events and locations that are most likely to produce candidates in the employment group(s) needed by the respective . Thus, a business case is made on a pro- active basis as to which occupations and candidates and/or employees will be eligible. Limit eligibility to those whose grade point averages (GPAs) meet the standard established by the . They are intended to provide consistency in approach toward loan repayments. For example, in determining periods of service, the . The total amount of taxes is first deducted from the gross loan amount and a net payment is made annually to the lender/note holder. The flat rate of 2.
Federal income taxes to be withheld from the gross loan payment amount; social security, Medicare, and State and local income taxes are then determined and withheld based on the gross amount authorized as supplemental wages. Example - Gross amount of annual payment - $1.
W- 2; a net payment of approximately $7,0. Biweekly Payroll Payments. This occurs when the employee elects, and the lender/note holder agrees, to biweekly payments of a set amount. For this option, the amount of the loan payment is added to the gross salary amount to increase the total salary for that pay period; taxes are calculated and withheld based on the total salary to determine the employee's net pay. The total payment amounts may vary from year to year because each calendar year does not always have 2. Thus, the biweekly amount may need to be adjusted each year so that the maximum allowable per calendar year is not exceeded.
Example - Annual amount of payments - $5,2. Processing Payments. An employee may use . For lump- sum payments, the . Payments will automatically stop when the total authorized amount has been paid each year. If the amount of the allotment(s) will not change, then a statement to that effect must be provided to the payroll office. If the amount of the loan repayment(s) will be different from the prior year, the new information must be provided.
If the loan(s) is in arrears or default, then the management official must determine the appropriate course of action and inform the employee and the servicing human resources staff. If payments will be terminated, then the . Employees should review Chapter 3 of the Internal Revenue Service Publication 9. References. Back to Top. Sample Agency Plan 2. Purpose. This instruction provides policy and guidance for implementing the Student Loan Repayment Program. This program is intended to facilitate the recruitment and retention of highly- qualified employees by allowing agencies to repay part or all of their Federally insured student loans.
References. Title 5, U. S. Code, Section 5. Title 5, Code of Federal Regulations, Part 5. Definitions. Student Loan: A loan made, insured, or guaranteed under parts B, D, or E of Title IV of the Higher Education Act of 1.
Part A of Title VII of the Public Health Service Act, or under Part E of Title VIII of that Act. Loans covered under The Higher Education Act include such loans as: Federal Stafford Loans - - including Federal subsidized, Federal unsubsidized, direct subsidized, and direct unsubsidized loans; Federal Plus Loans - - Federal and Direct Plus Loans; Federal Consolidation Loans - - direct subsidized, direct unsubsidized, and Federal Consolidation Loans; Defense Loans - - made before July 1, 1. National Direct Student Loans - - made between 7/1/7. Federal Perkins Loans. Loans covered under the Public Health Service Act include loans made under: The Nursing Student Loan Program; The Health Profession Student Loan Program; and. The Health Education Assistance Loan Program.
Federal Direct Student Loan: The U. Department of Education is the lender for these loans. Direct loans include Federal Direct PLUS loans and Federal Direct Stafford loans. Federal Family Education Loan Program: These loans are insured by the Department of Education. Loans are privately issued by a bank, credit union, or other lender that participates in the Federal Family Education Loan Programs. Subsidized Loan: The U.
S. Government pays the interest on the loan while the student is in school, during the 6- month grace period, and during periods of authorized deferment. Unsubsidized Loan: The student is responsible for paying the interest accrued while the student is in school, during the 6- month grace period, and during authorized periods of deferment. Coverage. The following are eligible for student loan repayment assistance: Permanent employees; Employees serving a term appointment with at least 3 years remaining on their appointment; Employees serving in excepted appointments with non- competitive conversion to term, career, or career- conditional appointments (e. Presidential Management Interns, VRAs, and career interns); Temporary employees under 5 CFR 3. NOTE: Employees receiving a physicians' comparability allowance (PCA) under 5 CFR 5.
However, the amount of their PCA must be reduced by an amount equal to any loan repayment assistance received under this program. Employees serving in confidential, policy determining, policymaking, or policy advocating positions (e. Schedule C employees) are not eligible. Criteria for Payment: Eligible employees may be considered for loan repayment assistance up to $1. More than one loan may be repaid so long as the combined repayments do not exceed these limits. Assistance may be provided for both recruitment and retention purposes. Recommendations will normally be made by the immediate supervisor, and approval will be at the discretion of the next higher level.
Recruitment. Loan repayment may be authorized upon determination that, in the absence of loan repayment benefits, the agency would have difficulty filling a position with a highly qualified candidate. Evidence of need may be based on: The success of recent efforts to recruit suitable candidates for similar positions, including such indicators as offer acceptance rates, the proportion of positions filled, and the length of time required to fill positions; Recent turnover in the same or similar positions; Labor market factors that affect the ability to recruit for similar positions; Any special qualifications needed. This determination must be in writing and must document the criteria used to determine the amount of loan repayment benefits. Managers may consider the following criteria in deciding the amount: The severity of the recruiting problem; Salary levels reported in published salary surveys for comparable non- Federal positions; The importance/criticality of the position to be filled and the effect on the agency if it is not filled or if there is a delay in filling it; Current salary of the candidate; Salary documented in a competing job offer; The disparity in cost of living between the candidate's current residence and the proposed duty station; The projected cost of further recruitment effort if the candidate does not accept the position; The extent of the individual's past training and experience that serves to qualify him/her for the position; Budget availability. Each determination for recruitment purposes and the amount to be paid must be made before the employee enters on duty.
Retention. Loan repayment may be authorized upon determination that, in the absence of loan repayment benefits, the agency would have difficulty retaining a highly qualified employee. Evidence of need may be based on- -The unique or high qualifications of the employee or the special need for the employee's services that makes it essential to retain him/her; The likelihood the employee would leave for employment outside the Federal service if he/she does not receive loan repayment benefits; The extent to which the employee's departure would affect the agency's ability to carry out an activity or perform a function that is deemed essential to the Agency's mission.
This determination must be in writing and must document the criteria used to determine the amount of the loan repayment benefit. Managers may consider the following criteria in deciding the amount: Salary levels reported in published salary surveys for comparable non- Federal positions; Salary documented in a competing job offer; The importance/criticality of the position and the effect on the agency if the employee were to leave; The projected cost of recruitment and training associated with replacement of the employee; The length of service of the employee with the . This 3- year period will begin when the first payment is made to the holder of the loan.
Any further repayment made after the initial agreement has been completed will extend the service agreement by 1 additional year for each additional payment made.