What problem does it solve? This addresses difficulties in hiring workers with critically needed skills while facing increased loss of existing talent and competition from private sector firms offering higher wages. It gives the state the ability to offer significantly lower salaries in the short run due to the presence of already existing long term federal program incentives. What is your solution and who does it apply to? Design a new talent recruitment program targeting highly skilled college graduates using the existing federal Public Service Loan forgiveness (PSLF) plan a primary incentive. Potential employees/recruits will look to work in state service for 10 years minimum in order to have student loan debt forgiven. Based on the rules of the program, these employees would most likely consider accepting a lower salary in order to satisfy the 120 qualified loan payment requirement at a lower level due to income-based payment calculations (Simplified, lower salary = lower payment amount). Communicate to potential employees a basic blueprint/basic curriculum highlighting a 10-year engagement in a State agency. Paint a picture much like colleges/universities do with curriculum plans of what 10 years of State employment may look like. This would not be binding but would show potential employees of what they may anticipate or expect upon entering into state service. What is the anticipated impact? Increase the visibility of the ancillary benefits of Public service. Allow the state to hire a more talented, skilled workforce without offering larger salaries. Create a reusable marketing campaign/plan that can be adopted by any and all state agencies. Provide guidance and include reviewing PSLF tasks for designated employees as part of an employee’s annual mandatory HR tasks (bundle with annual, reviews, mandatory training, HR housekeeping activities, etc.) Build the public workforce of the future.
How could that apply to current workers in repayment of old student loans?
If you have a that has been purchased by Navient the program does not exist or they make you pay double what you owe. See the lawsuit that other states and U.S. Consumer Financial Protection Bureau has going, I wish NJ would join this lawsuit.
Overall I agree with this idea, however this federal program is unreliable and I believe was being named in a lawsuit. https://www.forbes.com/sites/adamminsky/2018/12/04/is-public-service-loan-forgiveness-going-away/#4463db191c09
I was unaware of the lawsuit, but, I knew this was fishy to begin with when I did the math for my loans. I will have paid it off by the time it will also be forgiven. Also, the stipulations to be met are restrictive. It is wiser to join the private sector and just pay it off quicker, minimize interest.
May decrease the turnover in state service thereby giving the State a return on their training investment. Some of the trainee positions seem to be like revolving doors. The college graduates accept them, then leave after two years or so. This turnover is a waste of time and money resources. The State trains new employees, but doesn't reap a return on that investment for the majority of employees that leave.
Would this not be considered exploitation in regards to "significantly lower salaries"? As someone who is currently enrolled in PSLF, loan forgiveness was not the only factor contributing to my acceptance of a State position. I am hoping that the author meant to say "lower, yet comparable salaries" as we should still be offering enough for someone to live, especially with higher education loans.
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