Educational Loan Reimbursement Clause Samples
The Educational Loan Reimbursement clause outlines the employer's commitment to repay all or part of an employee's educational loans, typically as a benefit tied to employment. This clause may specify eligibility requirements, such as minimum tenure or job performance, and detail the types of loans covered and the reimbursement schedule. Its core function is to attract and retain qualified employees by reducing their financial burden from education-related debt.
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Educational Loan Reimbursement. LSNYC shall establish a fund of $200,000 per year to assist bargaining unit members with educational debt (i.e. law school, social work school, undergraduate, graduate, paralegal certificate, etc.) related to their job function. Benefits provided under this fund will be determined based on household income and assets in the fund and will be contingent upon fulfillment of term-of-employment obligations that will be determined. LSNYC will establish a Union-Management Committee to make recommendations for an appropriate mechanism for administration of this fund. The parties agree that the $200,000 provided for loan forgiveness will be distributed by September 1st in each calendar year based on eligibility during the prior calendar year. The plan shall distribute available funds based on level of indebtedness and family income and in accordance with the plan adopted by the LSNYC board.
Educational Loan Reimbursement. MFY shall establish a fund to assist professional employees with professional school debt. MFY will provide $7,500.00 in each year of this contract to be used solely for the professional school loan assistance fund. This amount shall be distributed in December of each year as follows:
(1) To apply for assistance, an employee shall provide his her or her name, together with all information required by the formulas below, to a Union delegate. To be eligible to receive assistance an employee must be employed by MFY Legal Services at the time assistance is distributed. The Union will be responsible for providing employee eligibility information to the Employer.
(2) The amount of assistance provided to an applicant shall be calculated by multiplying the applicant’s Factor Value by $6,000.00. An applicant’s Factor Value shall be calculated as follows: Factor Value = (Individual Factor)/(Sum of All Applicants’ Individual Factors)
(3) An applicant’s Individual Factor shall be calculated as follows: Individual Factor = [X*(S)] + [Y*(D:I)]
(4) The variables in the formula above shall be defined as follows:
Educational Loan Reimbursement. LSNYC shall establish a fund of $88,000 per year to assist union attorneys with law school debt and union social workers with graduate school of social work debt. Benefits provided under this fund will be determined based on household income and assets in the fund and will be contingent upon fulfillment of term-of-employment obligations that will be determined. LSNYC will establish a Union-Management Committee to make recommendations for an appropriate mechanism for administration of this fund. The parties agree that the $88,000 provided for loan forgiveness will be distributed in each calendar year based on eligibility during the prior calendar year. The plan shall distribute available funds based on level of indebtedness and family income and in accordance with the plan adopted by the LSNYC board.
Educational Loan Reimbursement. LS-NYC shall establish a fund to assist attorneys with law school debt and social workers with graduate school of social work debt. Benefits provided under this fund will be determined based on household income and assets in the fund and will be contingent upon fulfillment of term-of-employment obligations that will be determined. LS-NYC will establish a Union-Management Committee to make recommendations for an appropriate mechanism for administration of this fund. The parties agree that the $60,000 provided for loan forgiveness that was to have been distributed in 2006 based on eligibility during 2005 will be distributed in 2007 based on eligibility during 2006. The plan shall distribute available funds based on level of indebtedness and family income and in accordance with the plan adopted by the LS-NYC board. Management has the option to continue the loan forgiveness program for the balance of this contract.
Educational Loan Reimbursement. LSNY shall establish a fund to assist attorneys with law school debt and social workers with graduate school of social work debt. Benefits provided under this fund will be determined based on household income and assets in the fund and will be contingent upon fulfillment of term-of-employment obligations that will be determined. LSNY will establish a Union-Management Committee to make recommendations for an appropriate mechanism for administration of this fund. LSNY will provide a minimum of $60,000 for the fund, with benefits to be available for the period from January 1, 2005 through June 30, 2006.
Educational Loan Reimbursement. The Employer shall make all best efforts to secure funds to be used for educational loan reimbursement, covering education both prior to and during employment.
Educational Loan Reimbursement. LSNYC shall establish a fund of $88,000 $200,000 per year to assist bargaining unit members with educational debt (i.e. law school, social work school, undergraduate, graduate, paralegal certificate, etc.) related to their job function union attorneys with law school debt, and union social workers with graduate school of social work debt. Benefits provided under this fund will be determined based on household income and assets in the fund and will be contingent upon fulfillment of term-of-employment obligations that will be determined. LSNYC will establish a Union-Management Committee to make recommendations for an appropriate mechanism for administration of this fund. The parties agree that the $88,000 $200,000 provided for loan forgiveness will be distributed by September 1st in each calendar year based on eligibility during the prior calendar year. The plan shall distribute available funds based on the level of indebtedness and family income and in accordance with the plan adopted by the LSNYC board.
Educational Loan Reimbursement. (A) General Provision: LSNYC shall establish a fund of $260,000 per year to assist bargaining unit members with educational debt (i.e. law school, social work school, undergraduate, graduate, paralegal certificate, etc.) related to their job function. Benefits provided under this fund will be determined based on household income and assets in the fund and will be contingent upon fulfillment of term-of-employment obligations that will be determined. LSNYC will establish a Union-Management Committee to make recommendations for an appropriate mechanism for administration of this fund. The parties agree that applications for loan reimbursement will open by April 30th in each calendar year and that the
Educational Loan Reimbursement. LSNY shall establish a fund to assist attorneys with law school debt and social workers with graduate school of social work debt. Benefits provided under this fund will be determined based on household income and assets in the fund and will be contingent upon fulfillment of term-of-employment obligations that will be determined. LSNY will establish a Union-Management Committee to make recommendations for an appropriate mechanism for administration of this fund. The parties agree that the $60,000 provided for loan forgiveness that was to have been distributed in 2006 based on eligibility during 2005 will be distributed in 2007 based on eligibility during 2006. The plan shall distribute available funds based on level of indebtedness and family income and in accordance with the plan adopted by the LSNY board. Management has the option to continue the loan forgiveness program for the balance of this contract.