The State of Vermont, in collaboration with the University of Vermont and the Vermont Student Assistance Corporation (VSAC), offered a $5000 loan repayment program to incentivize and retain new graduates from Vermont colleges and universities. Any graduate during the spring 2023 academic year with a Bachelor's could apply. Recipients were selected on a first-come, first-served basis based on regional, employer, and institutional distribution criteria, as long as funding is available. Applicants were required to submit proof of employment when applying. Employment will be verified with the Vermont-based employer at two points: after one year of employment and after the second year of employment.
Eligibility
Who was eligible to apply?
Any student could apply that met the following criteria:
- Spring 2023 graduate from a Vermont institution
- Completed a Bachelor's degree program
- Planned to work in Vermont for at least 2 years in a position that required a Bachelor’s degree
Could I live outside of Vermont and work remotely for a Vermont company?
You must physically reside in Vermont, and work for a Vermont employer, to have received this loan repayment.
Could graduate students apply?
The repayment program was offered to all undergraduate students earning a Bachelor’s degree.
How can I learn more about the Green Mountain Job and Retention Program?
You can learn more about the Green Mountain Job and Retention Program by visiting this website.
I graduated before spring 2023, can I still apply?
The repayment program was created as a pilot by the Vermont Legislature to incent recent college graduates to stay and work in Vermont and is only available to spring 2023 graduates. The first year of this program ran for 2023 undergraduate students.
Did I need to be a Vermont resident to apply?
No, if you graduated from a college or university in Vermont with a bachelor’s degree and are living and working in Vermont, in a job that requires a bachelor’s degree, you could apply.
If I have more than one loan servicer, should I submit multiple bill statements?
No, each year’s payment of up to $2500 will be sent to one servicer. You can choose one servicer for the first year’s payment and a different servicer for the second year’s payment.
Application
How do I apply?
Applications for spring 2023 graduates closed December 1st, 2023.
What do I need to apply?
Applications for spring 2023 graduates closed December 1st, 2023.
Are there deadlines for submitting the application?
The deadline for spring 2023 graduates was December 1st, 2023. The application process is now closed.
Once I fill out the application for the repayment program, how long does it take to be notified if I am eligible and qualify for the loan repayment?
Applicants were notified of eligibility before December 15th, 2023.
Employment
Do I have to work full time to receive loan repayment?
Yes, you have to work full time in Vermont for a Vermont employer in order to receive loan repayment.
How do I verify my employment?
A representative from the repayment team will be in touch with your employer to verify all employment on an annual basis.
How do I know if my employer/company will allow me to be eligible for the loan repayment award?
Any Vermont based employer/company is eligible.
What if I change employers during the two years?
If you change employers your new HR department will need to submit a letter to VSAC confirming the following:
- The date you started your full-time employment
- The demographic location of the Vermont company you work for, and verification that your position requires a bachelor’s degree.
What if I leave the position/employer prior to meeting my 2-year commitment?
If you complete at least one full year, you would be eligible for $2,500. You would not be eligible for the second installment of $2,500 if you leave before completing 2 years of full-time employment.
Loan Repayment
How much loan repayment can I receive?
Up to $2,500 a year for a total of 2 years allowing a total repayment amount of up to $5,000.
What kind of loans can be repaid?
State, Federal, and Private loans can be repaid.
How is it determined that I would receive the loan repayment?
Each year, UVM will verify you worked full-time for the Vermont employer/company you submitted during the application process. If that employer/company has changed, please contact VSAC and submit a new HR letter of employment verification.
When will loan repayments occur?
Once you have been notified that you are eligible, the first installment of $2,500 will be made after you’ve worked full time in Vermont for 1 year. The second installment will be made following the end of your second year of employment.
IF MY STUDENT LOAN BALANCE IS < $5000, WILL I RECEIVE A REFUND?
No, the award is to repay student loans up to $5000. If you owe student loans totaling less than $5000, you will be eligible to have half of your balance repaid after one year, up to $2500 and the remaining balance, up to $2500 paid to your servicer the following year.