Student Loan Repayment
The Student Loan Repayment program allows agencies to provide student loan repayments, provided that you sign a three year contract with that agency.
As an employee you can receive up to $10,000 a year and up to $60,000 in total repayment benefits. There are no restrictions on what majors or academic areas can receive loan repayment, and receiving loan repayment does not preclude you from receiving other employment benefits, including recruitment, relocation bonuses, and retention allowances.
However, if you transfer agencies your new employer is not required to continue the loan repayment. Also, if you quit or are fired within the three year timeframe, you are required to pay back the loan in full.
For more information about program specifics, visit http://www.opm.gov/oca/pay/studentloan.
Program Statistics
From 2005 to 2006, funding for this program increased 28%. In Fiscal Year 2006, 34 federal agencies provided more than $36 million in loan repayment.
Federal Agencies that Provided the Most Loan Repayment in 2006
Agency |
Employee Count | Amount of Benefits Provided |
|---|---|---|
Department of Justice |
1,981 | $17,601,995 |
Department of Defense |
1,383 | $4,601,756 |
Department of State |
869 | $4,159,489 |
Securities and Exchange Commission |
365 | $3,294,984 |
Government Accountability Office |
286 | $1,396,538 |
All Others |
871 | $4,886,057 |
Total |
5,755 | $35,940,819 |
Percentage of Total Loan Repayment Received by Occupation in 2006
Occupation |
Employee Count | % of Total |
|---|---|---|
Criminal Investigator |
921 | 16% |
Attorney |
441 | 7.7% |
Intelligence |
335 | 5.8% |
GAO Analyst |
217 | 3.8% |
Mechanical Engineer |
204 | 3.5% |
Information Technology Management |
199 | 3.5% |
Miscellaneaous Administration |
181 | 3.1% |
Inspection, Investigation, and Compliance |
173 | 3.0% |
Management and Program Analysis |
142 | 2.5% |
Contract Specialist |
130 | 2.3% |
Nuclear Engineer |
130 | 2.3% |
Business and Industry |
112 | 1.9% |
Foreign Service Economics |
108 | 1.9% |
Miscellaneous Clerk and Assistant |
104 | 1.8% |
Electronics Engineer |
99 | 1.7% |
Accounting |
97 | 1.7% |
Foreign Service Public Diplomacy |
89 | 1.5% |
All Other Occupations |
1,948 | 33.8% |
Total |
5,755 |
Since 2002, Loan Repayment has Grown Significantly
| FY 2002 | FY 2003 | FY 2004 | FY 2005 | FY 2006 | |
|---|---|---|---|---|---|
Participating Agencies |
16 | 24 | 28 | 30 | 34 |
Employees Receiving Student Loan Repayment Benefits |
$3,163,990 | $9,182,637 | $16,424,365 | $27,982,680 | $35,940,819 |
Amount of Student
Loan Repayment
Benefits Provided |
690 | 2,077 | 2,945 | 4,409 | 5,755 |
Average Amount of
Student Loan
Repayment Benefits
Provided |
$4,585 | $4,421 | $5,577 | $6,347 | $6,245 |