Student loan forgiveness and service payback programs provide financial
incentives in exchangefor aspecificwork commitment. Loan forgiveness programs
repay a percentage of an employee’s student loan after service commences; service
payback programs cover a portion of a student’s school costs in return for an
agreement to work in aspecificjob for aspecified period of timein thefuture. These
programs have one or more of the following four goals: to provide financial
assistance to students to help them with the costs of college, to entice individuals to
choose a particular occupation or field of specialization, toentice individuals to work
for a period of time in a certain job or underserved region, or to entice individuals to
remain in a high need occupation, region or underserved facility.