The continuously rising student dept payments have alarmed parents and students alike. With this LRAPs or Loan Repayment Assistance Programs, employees receive monthly stipend to help repay student loans.
This program is designed to encourage public works wherein salaries are lesser compared to those offered in the private sector. Professionals are needed to fill public offices, but this has been proven to be a difficult task considering private companies pay three to four times more than what regular public offices pay.
Employment for public sectors has become more difficult given that most fresh graduates need to pay large sums of student debit. For a professional degree, the amount could reach as much as $100,000. This is on top of other bad credit loans that a student may have incurred during college.
To help entice more qualified professionals into the public sector, Loan Repayment Assistance Programs help ease debit burden to retain and recruit fresh graduates who have the talent and capacity to contribute to the public sector.
This assistance is true for different industries that administer to this kind of program. For instance, several medical organizations in Florida provide financial assistance to pharmacists, nurses, and physicians so they can repay student loans or avail scholarships related to health.
School districts in Montana also provide assistance to teachers and instructors who provide services in areas where there are shortages in teachers. The same is true for certain legal corporations who are constantly recruiting highly skilled and qualified lawyers.
This student assistance program helps the US economy in many levels as well. Recent news about the increasing number of jobless Americans with bad credit has become a major concern for those who do not have the means to improve their credit rating.
With this employer-based student debt payment, many fresh graduates have the chance to improve their credit rating while they are employed. At the same time, this helps increase the much needed workforce in the public sector.
The setup is ideal for everyone involved. Other than the benefits, many opportunities await the fresh graduates considering working for the public sector is known to be very challenging. It opens doors for qualified employees to gain access to better job positions in the long run.
While the main goal is to entice more job seekers to enter the public sector, fresh graduates also get the most out of this arrangement. Those who are qualified have higher chances of landing a position as soon as possible.