Emergency Allotment Loans for Federal Employees

Federal employees receive various benefits in the event of a family emergency or crisis. One such benefit is the emergency allotment loan that the Federal Employee Education and Assistance Fund provide. All federal employees are eligible for this loan, under conditions of emergency. These loans charge no interest on the employee and are only available for individuals who have worked with the federal...government for a year or longer.

Conditions

This loan is available to employees who are undergoing an emergency situation in their personal life. The Fund provides emergency assistance during situations such as a death in the employee’s immediate family, a sudden loss of income, a family breakup, a loss of property or a medical emergency in the employee’s immediate family.

The Fund also provides assistance to employees who urgently need the money to repay another loan. They help the employee to consolidate his or her debt so that they can regain control over their financial situation.

Maximum Assistance

The Fund can provide up to $1,000 to the employee as an emergency loan. This is because the loan is intended to help the employee pay for only the basic living expenses, such as shelter and bills. However, the biggest benefit this loan provides is that this is a no-interest loan. The employee pays it back through payroll allotment, usually within a year’s time.

Exceptions

As with all rules, the maximum assistance rule also has an exception. In the case of medical emergencies, usually the Fund is not financially capable of funding the entire treatment. However, if the employee needs money for a specific procedure or for a specific piece of equipment in order to complete the treatment, the Fund might make an exception. Medical emergencies are thus, considered individually, on a case-by-case basis.

Thus, with the help of emergency allotment loans administered by the Federal Employee Education and Assistance Fund, federal employees can cope with emergencies financially.








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