2 USC 610 – Repayment of student loan on behalf of employee
(a) Authorization
The Director of the Congressional Budget Office may, in order to recruit or retain qualified personnel, establish and maintain on and after November 12, 2001, a program under which the Office may agree to repay (by direct payments on behalf of the employee) all or a portion of any student loan previously taken out by such employee.
(b) Regulations
Terms Used In 2 USC 610
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
The Director may, by regulation, make applicable such provisions of section 5379 of title 5 as the Director determines necessary to provide for such program.
(c) Maximum amount
The regulations shall provide the amount paid by the Office may not exceed—
(1) $6,000 for any employee in any calendar year; or
(2) a total of $40,000 in the case of any employee.
(d) Limitation
The Office may not reimburse an employee for any repayments made by such employee prior to the Office entering into an agreement under this section with such employee.
(e) Accounting
Any amount repaid by, or recovered from, an individual under this section and its implementing regulations shall be credited to the appropriation account available for salaries and expenses of the Office at the time of repayment or recovery.
(f) Applicability
This section shall apply to fiscal year 2002 and each fiscal year thereafter.