Student Loan Repayment Plan (SLRP)
As a Commerce employee, you may be able to have your student loans repaid! Operating units in Commerce may offer to repay student loans as an incentive to recruit or retain highly qualified candidates or employees. Your operating unit will make the determination if you are highly or uniquely qualified and thus, potentially able to have your student loans repaid.
Eligible Employees include:
• Permanent employees
• Senior Executive Service members
• Term employees with 3 years left on their appointment
• Federal Career Intern Program (FCIP) employees
• Presidential Management Fellow (PMF) employees
• Student Career Experience Program (SCEP) Employees
You must not have any pending performance or conduct actions and your most recent performance appraisal of record from Commerce must be at least “Fully Successful”, “Eligible”, or “Meets or Exceeds Expectations” in order for your student loans to be repaid.
You must sign a Service Agreement prior to the student loan being paid.
Service level agreements last for a minimum of 3 years with a maximum of 15 years. Click here to view the service agreement requirements.
Student loan repayments are subject to employment taxes.
Certain Loan Criteria
Your loans must have been made, insured, or guaranteed under parts B, D, or E of Title IV of the Higher Education Act of 1965 or a health education assistance loan made or insured under part A of Title VII or part E of Title VIII of the Public Health Service Act. Find examples of these types of student loans.
The Loan was used to pay tuition and related expenses.
The loan is not in default.
How much can your get
You may receive up to $10,000 per calendar year for a total of $60,000 per employee. Commerce will make student loan payments directly to the loan holder.
Losing eligibility for loan repayments
Under certain situations, you will lose your eligibility to receive repayment of your student loans and must repay Commerce for the amount of repayment. Specifically, if you:
- Separate involuntarily based on misconduct or poor performance
- Voluntarily leave Commerce without meeting the terms of the service agreement
- Do not maintain an acceptable level of performance
- Separate from one operating unit and move to another, and your service agreement prohibits repayment based on the movement
- Violate any conditions stated in the service agreement
There are some exceptions when you won’t have to repay Commerce for the student loans.