Green Mountain Job & Retention Program Launched
The State of Vermont, in collaboration with the University of Vermont (UVM) and the Vermont Student Assistance Corporation (VSAC), is offering a loan repayment program to incentivize and retain new graduates from Vermont state colleges and universities. Any graduate during the spring 2023 academic year with a Bachelor of Science and/or Bachelor of Arts can apply for the award. Awards will be distributed as student loan repayments by VSAC to the recipient’s student loan servicer. Graduates must be authorized to earn the award through the application on a first-come, first-served basis based on regional, employer, and institutional distribution criteria. Applicants must submit proof of employment when applying. UVM will confirm employment with the Vermont-based employer at two points: After one year of employment and after the second year of employment.
Quick information on the program:
- This is a student loan repayment program.
- Only those who take on full time employment at a Vermont-based organization (business, government, nonprofit sectors) during the application window (March 1, 2023 to December 1, 2023 or until all funds have been committed, whichever is first) are eligible.
- The maximum loan repayment is $5,000 broken into two years ($2,500 per year) after verification of each year of employment with a Vermont based employer.
- UVM will be responsible for marketing the opportunity to graduates, employers and higher education institutions.
- Vermont Student Assistance Corporation (VSAC) will collect all applications and disburse the repayment to the applicant's student loan server when requirements are met each year.
- Awards are allocated on a first-come, first-served basis based on criteria that will ensure geographic, workplace and higher education institution diversity.
- Jobs that are filled during the application period must require a bachelor’s degree in any field, a criteria that will be verified during the initial application review process.
- Verification of employment will be undertaken by UVM and will be required annually.
What is the Green Mountain Job and Retention Program:
In accordance with the Vermont Senate Bill 11, the University of Vermont, in partnership with VSAC, will administer the Vermont loan repayment after an applicant has been selected based on all eligibility criteria. The state will award ~400 applicants through the repayment program through the year 2025. An awardee may have up to $5,000 of their student loans repaid under the program.
The criteria outlined below will be used to determine the eligibility for the Green Mountain Job and Retention Program. An eligible applicant is someone who, on or after April 2023:
- Graduated from a Vermont College/University with a Bachelor of Science or a Bachelor of Arts degree during the spring 2023 graduation season is required.
- Works full time for a Vermont-based employer for two years.
- The employee can work remotely from a residence in Vermont, work in person, or a hybrid model of remote work from a residence in Vermont and in person work.
- Bennington College
- Castleton University
- Champlain College
- Goddard College
- Landmark College
- Middlebury College
- Northern Vermont University
- Norwich University
- Saint Michael’s College
- Sterling College
- The University of Vermont
- Vermont Technical College