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.
Pursue a career in nursing—tuition free
An interest-free, forgivable loan which pays up to 100% of tuition.
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A program to increase the number of nursing professionals in Vermont
More nurses are needed to fill available positions in hospitals and health care facilities across Vermont. Nursing can provide a rewarding opportunity to help people in a variety of settings, with pathways for advancement, solid earning potential, and educational growth. VSAC and the Vermont Department of Health have teamed up to offer a program that covers up to full tuition to qualified recipients pursuing a nursing career in Vermont.
Funded by the Vermont Legislature, the Vermont Nursing Workforce Incentive Loan Program (Interest-free and forgivable) is open to students enrolled at an accredited school approved for federal Title IV funding anywhere in the U.S, with preference given to Vermont institutions, in one of the following nursing programs:
- a practical nursing certificate, after which the student is eligible to sit for the NCLEX-PN examination
- an associate degree in nursing, after which the student is eligible to sit for the NCLEX-PN examination
- a bachelor of science degree in nursing
- graduate nursing education
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 that is forgiven when the recipient signs a promissory note and has completed the following work obligations:
- work as a nurse full-time in VT, employed directly by a Vermont health care provider, for a minimum of one year following licensure for each year of award received
- cannot be a traveling nurse
WHO IS ELIGIBLE?
- Vermont & non-Vermont residents
- Enrolled in one of the following nursing programs:
- a practical nursing certificate program, after which the student is eligible to sit for the NCLEX-PN exam
- an associate of science degree in nursing program, after which the student is eligible to sit for the NCLEX-RN exam
- a bachelor of science degree in nursing
- graduate nursing education
- Maintaining good standing at their school
- Attending an accredited school approved for federal title IV funding (Pell grants, federal Direct loans). Preference given to students enrolled in an accredited school within Vermont
You must also complete a promissory note agreeing to repayment of the loan if the employment service commitment is not met.
HOW MUCH IS THE AWARD?
Full tuition at a Vermont public institution, or up to $16,280 at a Vermont private or out-of-state institution.
This 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 a qualifying program.
- 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 both of these work obligations are met:
- Successfully complete the nursing program
- Pass the nursing exam
- Receive your Vermont nursing license
- Work for one year as a nurse for each year they receive funding
- Work full-time in Vermont as a nurse, employed directly by a Vermont health care provider, for a minimum of one year following licensure for each year of funding 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 nursing forgivable loan program to study nursing at Vermont Tech for her senior year. Upon completion of the program, Mary took her nursing exams and received her license and began working as a nurse in Vermont. One year later her employment was verified, and the loan was forgiven!
IS THERE OTHER FUNDING AVAILABLE?
Vermont residents may also qualify for the Vermont Grant.
QUESTIONS:
- about your application or status? Contact VSAC or call 888-253-4819.
- about available programs at participating schools? Contact your school directly.