Student Loan Repayment Plan. A. Reporting: Once a year the Agency will provide the AFGE Council 238 President the following upon request:
Student Loan Repayment Plan. The parties have agreed to the following broad framework for a Student Loan Repayment Plan, recognizing that the State will need to make changes to these provisions as it begins to implement and administer the Plan. Specific eligibility criteria will be agreed to by the parties and included in the service commitment and loan repayment agreement. Student loan debt of the employee or the employee’s child under the age of twenty five (25) may be repaid, subject to the terms and conditions of a service commitment and loan repayment agreement, in an amount not to exceed $20,000 for a 10 year service commitment to the State by the employee. If two eligible employees are the parents of a child under the age of twenty five (25), each employee may apply SLRP repayments towards the child’s student loan debt in an amount not to exceed $20,000 per employee. An employee’s spouse or non- child dependent(s) are not eligible to participate in the SLRP. Employees in the “DROP” are eligible to participate in the SLRP to the extent permitted by the length of service restrictions of the DROP program. All classifications of employees in Bargaining Unit I are eligible to enroll in the repayment plan for the period of July 1, 2019 – June 30, 2020. After signing the 10 year service commitment and loan repayment agreement, employees are eligible for a maximum of $20,000 in loan repayments at the intervals specified below, up to a maximum of $20,000. SLRP Repayment Schedule After year one: up to $2,000 After year three: up to $2,000 After year five: up to $4,000 After year seven: up to $6,000 After year ten: up to $6,000 Upon the completion of each repayment interval noted above and before any repayment is made, participating employees must: 1) present evidence of loan payments made within the repayment interval; and 2) provide a notarized certification attesting that the loan payments were the student loan debt of the employee or the employee’s child. In the event that an employee leaves State service or becomes ineligible to continue participation in the SLRP, the State will not recapture prior SLRP payments made to the employee. The State will make SLRP payments only upon full completion of a repayment interval, there will be no prorated payments for partial completion of a repayment interval. State loan repayments shall not exceed a participating employee’s loan payments made during the repayment interval. Only State service occurring on or after January 1, 2019 is eligible to ...
