What’s better than a college degree? Having someone else pay for it.
If you graduated within the past three years, you can apply for reimbursement of $6,000 each year to help repay your student loans, up to $30,000!
|Eligible Expenses||Ineligible Expenses|
|Federal Perkins Loans||Late fees|
|Private student loans||Installment plan/deferred payment fees|
|Subsidized Stafford Loans (FFELP/Direct)||Direct Parent PLUS Loans|
|Unsubsidized Stafford Loans (FFELP/Direct)||Loans not in your name|
|Health Professional Loans||Other methods of educational finance, such as a home equity loans or loans from retirement accounts|
|Grad PLUS Loans (FFELP/Direct)||Loans from outside the U.S.|
|Student Consolidation Loans|
|Student Refinance Loans|
The Fine Print
To be eligible, you must be a full- or part-time U.S. employee working 20 hours or more per week, and have completed three months of continuous service. Interns, Co-ops and other temporary employees are not eligible.
The monthly reimbursement limit is $500, or your monthly payment amount, whichever is less. Payments are made directly to the loan servicer. The reimbursement you receive each year is taxable. It will be considered part of your gross income for the year you receive it.
If you have a current degree with no student loan debt, or are going back to school for an advanced degree, such as a Master’s or Doctorate, you will become eligible for the Student Loan Repayment Program upon graduation, as long as you graduated within 3 years.
For more details, see the FAQs [PDF].
How To Apply
Go to Student Loan Repayment Program to submit your application. Your default password is your 8-digit employee id (use leading zeroes to create the full 8 digit number, e.g., 00012345). You’ll typically receive an email to confirm receipt of your application the day you submit it. Within seven business days you’ll get an email with your payment request status.