What Is a Loan for Government Employees?
For everyone, who is looking for a personal loan for government employees, federal credit unions created multiple beneficial options.
Everyone, who is a member of the military, a US Government employee, an employee at an “eligible place of business” or an American Red Cross employee/volunteer, can join the union. Member’s relatives can join the organization too.
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As the US Bureau of Labor Statistics (BLS) unveiled, there are almost 133 million employees, working in all the industries in the United States. Almost 1,5% of them, which is around 2 million people, are civilian workers employed by the government.
Apart from the advantages such as subsidized health insurance, “family-friendly” benefits that extend beyond insurance and retirement packages.
Members of the Army, Marine Corps, Navy, Airforce, and Department of Defense can become a part of Navy Federal Credit Union. There are also banks that offer benefits to government employees.
Military families prefer to work with USAA Bank. Credit unions and banks for government employees offer substantial benefits to this group of people. These benefits cover getting loans and credit cards, for instance.
The Benefits for the Government Employees
Government employees can apply for personal or home loan programs and face a lot of flavors. Mainly because the borrowers from the government position are considered to be more eligible than those, who are working in private companies. Lenders take their sources of income as a steady and reliable one.
Speaking of the student loan forgiveness for government employees, it’s important to mention the Public Service Loan Forgiveness Program because it’s possible to get complete forgiveness for a student loan. It’s also attractive that any employee involved in any kind of work that refers to government is eligible.
This program enables the federal student loan borrowers to get their loans forgiven or discharged, if the qualifying payments have been made during 10 years, the applicant is working for a 501(c)(3) or other qualifying organization (to see the full list of requirements, follow this link).
And yet, according to the report by Federal Student Aid, among 33,000 applications (almost 28,000 borrowers) for loan forgiveness under the PSLF program only 300 applications have been approved, which makes 96 unique borrowers.
Unfortunately, private student loans don’t suit this program but you can consider Private Student Loan Debt Relief. Honestly, not every federal loan will qualify under this program but you should find out these details directly with a representative of the program.