Student Loan Assistance. The District shall offer a student loan assistance program. A maximum of twelve (12) teachers per year shall be permitted to enter this program. To be eligible for assistance, a member must meet the following criteria:
Student Loan Assistance. The Organization will continue its Student Loan Assistance Program. To take advantage of this benefit, an employee must be a regular full-time employee in good standing and have been employed by the Organization for ninety (90) days. Proof of a student loan to repay will be required at the time of enrollment in the program and then annually thereafter. The loan must be in the employee’s name. The program only covers loans from formal lending institutions. Personal loans from family and friends who may have loaned an employee money towards tuition payment are not eligible. The Organization will pay up to $200.00 monthly to an employee in furtherance of employee’s student loan obligations. Employees must then make a monthly payment to their loan servicer(s) of equal or greater value to the Organization’s monthly payment to the employee. Failure to make required payments to student loans will disqualify an employee from the program. Participants must fill out a Student Loan Assistance Enrollment Form and provide copies of the formal loan documents to the Human Resources Department. Loan repayments will be incorporated into employee semi-monthly paychecks. This is a taxable benefit to the employee and will count towards an employee’s gross annual W2 wages.
Student Loan Assistance. The Organization will implement a Student Loan Assistance Program, either administered directly by the Organization or using a third-party service provider. To take advantage of this benefit, an employee must be a full-time employee in good standing and have been employed by the Organization for ninety (90) days. Employees will be notified of this program as part of their onboarding and then again after being employed for 90 days. Proof of a student loan to repay will be required at the time of enrollment in the program and then annually thereafter. The loan must be in the employee’s name. The program only covers loans from formal lending institutions. Personal loans from family and friends who may have loaned an employee money towards tuition payment are not eligible. The Organization will pay up to $100 monthly to an employee, or to the employee’s loan provider, in furtherance of employee’s student loan obligations. An employee’s failure to make required payments to student loans will disqualify an employee from the program. Participants must fill out a Student Loan Assistance Enrollment Form and provide copies of the formal loan documents to the Human Resource Department. Loan repayments will be provided in the employee semi-monthly paychecks unless provided directly to the loan provider. This is a taxable benefit to the employee and will count towards an employee’s gross annual W2 wages.
Student Loan Assistance. The Organization will create a Student Loan Assistance Program. To take advantage of this benefit, an employee must be a regular full-time employee in good standing and have completed their probationary period. Proof of a student loan to repay will be required at the time of enrollment in the program and then annually or at such shorter intervals as required for compliance purposes thereafter. The loan must be in the employee’s name. The program only covers loans from formal lending institutions. Personal loans from family and friends who may have loaned an employee money towards tuition payment are not eligible. The Organization will pay up to $125.00 monthly on behalf of an employee in furtherance of employee’s student loan obligations. Participants must fill out a Student Loan Assistance Enrollment Form and provide copies of the formal loan documents to the COO. The Student Loan Assistance Program will be treated per Internal Revenue Service (“IRS”) regulations and other applicable law and eligible employees are responsible for complying with applicable law, and requirements of the plan administrator.
Student Loan Assistance. The Employer and the Union recognize that student loan debt is a significant burden to staff as student loans have been becoming increasingly complex, and options for repayment are confusing to many. The joint goal of MPA and the Union is to enable staff to participate in the Public Service Loan Forgiveness (PSLF) program that allows for all direct federal student loans to be forgiven, tax-free after 10 years and 120 payments. It’s also understood that some MPA staff members are seeking to be enrolled in an income- driven repayment plan to reduce their monthly payments until their debt is forgiven. MPA will support staff in management of their student debt by making sure they have support, documentation and expert counseling. MPA will also provide support if the PSLF changes, is augmented or replaced by another succeeding or similar loan forgiveness program. MPA will assist staff in the following steps:
