The state of Vermont is known for a lot of things – rising student loan debt is definitely one of them. In fact, the average debt of freshmen students at the University of Vermont alone is about $9,180 (by the 4th year, the average debt can go over $30,000). To keep this issue under control and help graduates from different backgrounds become debt-free, there are a few Vermont loan forgiveness programs that were introduced by the state over the years. If you’re from Vermont, and knee-deep in student loan debt – continue reading to learn all about them.
What Qualifies You for Student Loan Forgiveness?
As far as Vermont loan forgiveness programs are concerned, there are 5 different options that cater to healthcare professionals and attorneys. Each program has its own sets of terms and regulations – ranging from occupation to type of employment – all of which, we’ll discuss later.
If you happen to be employed at a public service position and have taken out a Direct Loan, you could qualify for the Public Service Loan Forgiveness (PSLF) program. The only condition is that you have to make 120 monthly payments (i.e. over 10 years).
Take a Look at Federal Student Loan Forgiveness Programs
Remember – you can always look beyond the state of Vermont and try your luck with the federal student loan forgiveness programs. You could qualify for a number of them.
To see all of the options, check out our in-depth resource: Student loan forgiveness programs.
Vermont Student Loan Forgiveness Programs
The state currently offers the following Vermont student loan forgiveness programs:
- Vermont Educational Loan Program for Primary Care Practitioners
- Vermont Educational Loan Program for Nurses
- Vermont Educational Loan Program for Dentists
- Vermont Educational Loan Repayment for Nurse Educators/Faculty
- Vermont Bar Foundation Loan Repayment Assistance Program
Let’s dive into their specifics:
- Amount: Up to $20,000 per year (for 2 years)
- Description: Funded by the Vermont Department of Health and administered by the University of Vermont College of Medicine Area Health Education Centers program, this program is aimed at encouraging medical professionals to provide primary healthcare to the residents of Vermont.
- Requirements: Being licensed to practice in the state of Vermont and being employed at a qualifying site are prerequisites for this program. The practitioner must also agree to offer 20 clinical hours, at an eligible site, for 45 weeks a year.
- Program Information: Vermont Educational Loan Program for Primary Care Practitioners
- Amount: Up to $10,000 per year
- Description: Like the previous program, the Vermont Educational Loan Repayment Program for Nurses is also funded and administered by the same state department of health and the AHEC program. The purpose of this program is to avoid a shortage of Licensed Practical Nurses (LPNs) and Registered Nurses (RNs) in the state of Vermont.
- Requirements: The two most basic requirements for this program are that the applicant must be a resident of Vermont and be licensed to practice there. In addition, the applicant must agree to serve at least 20 hours a week – at a designated site – for 45 weeks per year (for 1-2 years).
- Program Information: Vermont Educational Loan Program for Nurses
- Amount: Up to $20,000 per year (for 2 years)
- Description: The Vermont Department of Health and the University of Vermont College of Medicine Area Health Education Centers (AHEC) program have also addressed the risk of a shortage of dental professionals. The aim of this loan program is to provide an incentive to dentists for practicing at eligible sites in the state of Vermont.
- Requirements: To qualify for this program, the applicant must be a Vermont resident (and be licensed to practice there). Like all other AHEC-administered programs, the applicant must agree to practice for a minimum of 20 clinical hours a week, for 45 weeks a year, for 2 years. The applicant must also agree to serve patients qualifying for Medicaid.
- Program Information: Vermont Educational Loan Program for Dentists
- Amount: Up to $20,000 per year (for up to 6 years)
- Description: This program is aimed at recruiting and retaining qualified nurse faculty (or adjunct faculty) at Norwich University, Vermont Technical College, Castleton State College, University of Vermont, or the Southern Vermont College, for a minimum of 1 year, by offering loan repayment for up to 6 years as an incentive.
- Requirements: The applicant must have all the necessary qualifications to be a nursing faculty member, in addition to being a resident of Vermont. The applicant must also be employed at one of the institutions mentioned above, and agree to work for at least 1 year.
- Program Information: Vermont Educational Loan Repayment for Nurse Educators/Faculty
- Amount: Up to $5,000 per year
- Description: The Vermont Bar Foundation Loan Repayment Assistance Program is meant to support attorneys employed by the Office of the Defender General or serving low-income families and individuals, by providing them with $5,000 per year as student loan repayment.
- Requirements: To be eligible for this program, first of all, the participant must be licensed to practice in the state of Vermont and employed by a qualifying employer (either full-time or part-time). In addition, the participant’s annual salary must not be more than $50,000 and have qualifying loans.
- Program Details: Vermont Bar Foundation Loan Repayment Assistance Program