Government Employees May Get A Break On Their Student Loans
As unemployment rates remain high, many recent college graduates carrying hefty student loans may be forced to seek out debt relief if they are unable to find a job. But the government is offering to help pay off their balance if they take on eligible federal positions and pledge to remain in that field for a certain amount of time.
According to the Office of Personnel Management, 36 federal agencies disbursed roughly $61.8 million to more than 8,000 federal employees to help them pay down their student debt. The funds account for a 20 percent increase from the money provided in 2008. Eligible workers may receive up to $10,000 each year for their student loans if they promise to devote three years to whichever entity they work for.
Federal workers may receive up to $60,000 under this program.
As the price of tuition increases, more young adults are forced into taking out student loans. A recent report reveals that debt associated with student loans has grown higher than that associated with credit cards. Young adults also have the option of applying for grants and scholarships to avoid taking on loans.
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