If you are a skilled individual interested in working for the government, you may have the opportunity to tackle your student loan debt more efficiently.
The Federal Student Loan Repayment Program (FSLRP) is designed as an employee incentive to attract top talent and assist in paying off student debts more quickly than usual.
Through the FSLRP, the government agency you work for can make payments towards your student loans. These payments can be periodic or in a lump sum, with an additional $10,000 per year directly towards your loan balance. However, you are required to commit to working for the same employer for at least three years. If you leave before completing this period, you may need to repay the employer. It’s important to note that only federal student loans qualify for this program.
There is no formal application process for the FSLRP. You should inquire directly with your employer about the program. You can also discuss it during the interview process to secure your participation if you get the job. Decisions regarding the program are made on a case-by-case basis. The Department of Defense is the largest contributor to payments in this program, followed by the Department of Justice.
