VSAC transferred the servicing of your Federal Student loans to American Education Services and the guarantee of all VSAC Federal Student loans to the Trellis Company, an approved Federal Guaranty Agency, over the weekend of March 16th. CLICK HERE for more information.
Earn a graduate degree and qualify to teach nursing in Vermont — tuition free
An interest-free, forgivable loan which pays up to 100% of tuition
A program to increase the number of nursing educators in Vermont
Funded by the Vermont Legislature, the Nurse Faculty Forgivable Loan Program covers up to full tuition, (which may also cover room, board, books and supplies) for qualified recipients enrolled in a program at an accredited school that leads to a graduate degree in nursing, including APRN, MSN and DSN, that qualifies them to teach at a nursing school in Vermont.
Funding is awarded to qualifying applicants on a first-come, first-served basis until all funds have been depleted.
Awards are in the form of an interest-free loan which is forgiven when the recipient signs a promissory note and has completed the following work obligations:
- Agree to work full-time as a member of the nurse faculty at a nursing school in Vermont for a minimum of one year following licensure for each year of assistance received
WHO IS ELIGIBLE?
- Vermont & non-Vermont residents
- Enrolled at least half time
- Maintaining good standing at your school
- Enrolled in a program at an accredited school that leads to a graduate degree in nursing, including APRN, MSN and DSN, that qualifies them to teach at a nursing school in Vermont
HOW MUCH IS THE AWARD?
Full tuition up to $16,280. The award can be used to pay for tuition, fees, room, board, and the cost of books and supplies.
HOW DO I APPLY?
- For detailed information about the forgivable loan and the application process, review the Scholarships for Vermonters booklet.
- Complete the Unified Scholarship Application online through your MyVSAC account, click on Work with VSAC-Assisted Scholarships, look for “Submit Application” and “Unified Scholarship Application (USA)” and follow the instructions.
- Complete the FAFSA for the academic year you’re attending or planning to attend
- If selected as a recipient by the selection committee, recipients sign a promissory note when they accept funding that commits them to the following work arrangements. The loan will be forgiven when the work obligation is met:
- Agree to work full-time as a member of the nurse faculty at a nursing school in Vermont for a minimum of one year following licensure for each year of assistance received
WHAT IS AN INTEREST-FREE FORGIVABLE LOAN?
The State of Vermont offers several forgivable loan programs to encourage students to enter the Vermont workforce in specific high-demand fields. These unique loans:
- Are interest-free
- Require awarded students to sign a promissory note committing to specific work obligations when they accept the funding
- Do not require payment while the student is enrolled in the applicable degree or training program
- Are “forgiven” — which means that the loan does not have to be paid back — when the student meets the work obligations outlined in the promissory note they signed
- Must be repaid if the student doesn't complete the program, doesn't receive their license, or doesn't work in the field in Vermont following licensure
For example: Mary received $16,000 in a nurse faculty forgivable loan program to study nursing as a graduate student. Upon completion of the program, is qualified to teach nursing and began working as a member of the nurse faculty at a nursing school in Vermont. One year later her employment was verified, and the loan was forgiven!
QUESTIONS:
- about the application or status? Contact VSAC or call 888-253-4819.