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Saturday, November 18, 2017

the opportunity

Compensation

Student Loans

The following are various student loan programs participating agencies may offer to Finalists and Fellows. Finalists should ask the hiring agency if it participates in any of these programs when interviewing for a PMF appointment. The PMF Program Office does not track what agencies offer. Current Fellows should consult with their agency's HR Office for any questions.

Federal Student Loan Repayment Program:

Federal agencies are authorized to repay student loans under the Federal Student Loan Repayment Program, as provided for in Part 537 of Title 5, Code of Federal Regulations. The amount paid by the agency is subject to the following maximum limits:  (1) $10,000 per employee per calendar year, and (2) a total of $60,000 per employee. Finalists accepting appointments as Fellows are eligible to receive student loan repayments; however, these programs are agency-specific.

Before repaying any student loans, the agency must establish a student loan repayment plan, which is to include the designation of officials with authority to review and approve repayment benefits, situations when the loan repayment authority may be used and criteria that must be met, procedures for making loan payments, a system for selecting employees to receive repayment benefits that ensures fair and equitable treatment, requirements for service agreements, and documentation and recordkeeping requirements. For complete details, visit OPM's website at https://www.opm.gov/policy-data-oversight/pay-leave/student-loan-repayment.

Public Service Loan Forgiveness Program:

Information about the Public Service Loan Forgiveness Program can be found under the U.S. Department of Education's website at https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service.

Pay As You Earn Repayment Plan:

Information about the Pay As You Earn Repayment Plan for the Direct Loan Program can be found under the U.S. Department of Education's website at https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven.

Updated: 06-09-2016