The State of Vermont, in collaboration with the University of Vermont and the Vermont Student Assistance Corporation (VSAC), is offering a $5000 loan repayment program to incentivize and retain new graduates from Vermont colleges and universities. Any person who graduted from December 2023 to June 2024 with a Bachelor's or Master's degree can apply. Recipients will be selected on a first-come, first-served basis based on regional, employer, and institutional distribution criteria, as long as funding is available. Applicants must 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 is eligible to apply?
Any recent graduate with a Bachelor's or Master's degree can apply for the award. Any student can apply that meets the following criteria
- People who graduated from a Vermont institution from December 2023 to June 2024
- Completed a Bachelor's degree program or a Master's degree program
- Plans to live and work in Vermont for at least 2 years
Can 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 receive loan repayment.
Can graduate students apply?
Yes, they can. The repayment program is currently offered to all students who earned a Bachelor’s or Master'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?
No. The repayment program was created as a pilot by the Vermont Legislature to incentivize recent college graduates to stay and work in Vermont and is only available to December 2023-June 2024 graduates.
Do 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 can apply.
Application
How do I apply?
Fill out the application located on the VSAC website.
When you click the link, you will be brought to VSAC’s myVSAC home page. myVSAC is the online account system you will use to apply for and access information about the Green Mountain Job & Retention Program.
• On the myVSAC home page, enter your existing myVSAC username and password and click the 'Login' button.
• If you are a first-time user and do not have an existing myVSAC username, click on 'Register Now'.
• Once you have logged in, or registered for myVSAC, you will automatically be directed to the online Green Mountain Job & Retention Program application.
What do I need to apply?
To apply, submit a:
- Completed Green Mountain Job and Retention Program application,
- Letter from the Human Resources department confirming the following: the date you started your full-time employment and the demographic location of the Vermont company you work for.
- Self-certification that you currently reside in Vermont and will remain in Vermont for at least the two years of your employment.
Are there deadlines for submitting the application?
Awards are allocated on a first-come, first-served basis based on specific sub-criteria that will ensure geographic, workplace and higher education institution diversity. Applications will not be accepted after December 1, 2024, or once all funds have been committed whichever occurs first.
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 will begin to be notified during the summer of 2024 on a rolling basis.
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
What if I leave Vermont 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?
$2,500 a year for a total of 2 years allowing a total repayment amount of $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.
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 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.
If my student loan balance is < $5000, will I receive a refund?
No, the award is to repay student loans up to $5000. If your balance is < $5000, you will receive half of the remaining balance after year one and the remaining balance after year 2, up to $2500 each year.