How To Approach The Federal Student Loan Repayment Program

Credit: Debt.com

If you’re a particularly talented individual seeking employment with the government, you likely have access to an easier way to shake off your student debt.

As an employee incentive aimed at attracting the best talent, the Federal Student Loan Repayment Program (FSLRP) can help you pay your debts off much faster than you normally could have.

The FSLRP can be used to have the government department you work for make payments towards your student loan debts. These payments can be made regularly, or perhaps in one large sum. The program can provide you with another $10,000 per year paid directly to your student loan debt balance. There’s a catch; you’ll be contractually obliged to continue working for that same employer for three years or more. If you quit or your employment is terminated for any other reason, you most likely have to pay the government employer back. Furthermore, vacation time extends the length of the contract, as it will only cover time clocked at work. The other catch is that the loan you took must have been a federal student loan.

According to Student Loan Hero, there isn’t a formal application process. Instead, you must ask your employer about the FSLRP directly. You can also ask about it during the interview process so that your place in the program is secured if/when you land the job. Just keep in mind that their decisions are made on a case-by-case basis. The biggest contributor to payments in this program is the Department of Defense, with the Department of Justice coming in second.

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