Therefore, in order to ensure repayment of a loan when the employment is terminated for any reason, the employer should include in the employment contracts a clause stipulating that it has the right to make deductions from the worker`s salary for various purposes, including the repayment of an outstanding loan. Part 537 of Title 5, the federal by-law code, requires the use of a service contract to support the employer`s repayment of student loans. Providing information and signing this agreement are optional, but if you do not provide the requested information about your loans and, if so, course notes to know your average or sign this Agreement, you will not authorize such payments on your behalf. However, it will have nothing to do with the fact that you have been appointed to a position offered by [AGENCE]. The use of information related to this agreement is made by the appropriate administrators and administrative officers, payroll and account officers, equal opportunity staff and staff to verify the status of your or the loan agencies, to make payments to the holder (s) and to ensure fair treatment. There is no additional use that can be made by the information collected. In order to cover the case where the worker`s final salary is not sufficient to recover the outstanding loan, the loan contract should include the obligation for the employee to make a separate payment to the organization within a specified period after the termination of the employment or to repay the outstanding under a schedule agreed with the employer. The loan agreement should specify that if the loan is not repaid in accordance with the agreement and, if applicable, to an agreed repayment plan, the organization may take legal action to recover the outstanding. For the duration of this service contract, they must retain at least one fully successful or equivalent performance evaluation and applicable security permission (access authorization). If your performance assessment falls below this level or if your security contract is revoked or if you are unintentionally separated for misconduct, credit payments will be immediately discontinued and you are required to repay [AGENCY] the total amount of credit payments that [AGENCE] has made on your behalf as part of [AGENCY`] collection procedure.
During the term of the agreement, you agree that [AGENCY COMPONENT] will be allowed to verify the status of each loan, including all obligations you have, and to discuss the terms and amount of the current commitment with each lender/bondholder. You agree that [AGENCE] will provide information about each loan, such as the lender`s name, address, telephone number and bank code, note holder, credentials, including social security number, and your payment obligation, i.e. the amount owed and the period during which the loan must be paid. You herethly state that the payment benefits that are the subject of this service agreement apply only to your outstanding loan debt from the date you and [AGENCY COMPONENT] execute this service contract.