New Interest-Free Repayable Loan Pays Up to 100% of Tuition for Training and Certification in Select High-Demand Employment Sectors in Vermont
Vermont Business Magazine The new Vermont Scholarship Forgivable Loan Program, proposed by Governor Scott in the Vermont Legislature and administered by the Vermont Student Assistance Corp. (VSAC), will provide residents of Vermont and other countries with funding for tuition, initial licensing fees, and examination fees for qualified applicants. recipients who enroll in training and certificate programs in high-needs trades.
Funding for the $3 million trades scholarship program is part of the comprehensive $84.5 million labor and economic development initiative signed into law in June by Governor Scott.
The bill invests both federal and state funds from the American Rescue Plan Act (ARPA) to address the labor shortage in Vermont and provide local businesses and municipalities with the resources needed to develop in the years to come.
“Investing in commerce has been a top priority for my administration, and this program will help address some of our state’s greatest challenges. This is an opportunity to change our course for the better, to grow our workforce, and to support our communities in their continued recovery and revitalization,” Governor Scott said.
The new program, open to residents of Vermont and outside of Vermont, will help meet the urgent need for more skilled workers in Vermont in certain construction, mechanical, industrial or medical trades; emergency services; energy, including clean energy, energy efficiency or weather protection; transportation; broadband; robotics and other high-demand sectors. Applications are accepted and reviewed on a rolling basis until all funds have been awarded. Programs starting after September 1 are eligible.
“VSAC knows that the path to meaningful employment for nearly every Vermonter will be through education or training beyond high school. And we know that for many Vermonters, the cost of training and education is the biggest barrier to pursuing student dreams. VSAC is very pleased to be able to offer this program so that eligible students of all ages can cover the tuition, exams, and licensing for the training they need to pursue the career they want. said Scott Giles, President and CEO of VSAC.
Funding will be awarded to qualified applicants in financial need on a first-come, first-served basis until all funds have been exhausted. Applicants must register with the Vermont Department of Labor in order to receive relevant job referrals, if they are unemployed.
The scholarships take the form of an interest-free loan that is canceled when the recipient signs a promissory note and completes work in their profession in Vermont for at least one year after obtaining licensure or certification for each year of funding received.
Additional funding from the landmark bill also provides scholarships and repayable loans to eligible students pursuing careers in critical areas such as early childhood education, nursing, dentistry, mental health care, and more. .
The Legislature raised the family income eligibility level to $75,000 or less for the popular 802Opportunity program, which, combined with other state and federal financial aid, provides free tuition at Community College of Vermont. Nearly 2,000 students took advantage of free tuition at CCV in the first year of 802 Opportunity.
Eligible Vermonters can also use the VSAC Advancement Grant program which provides funding for training in a non-degree or short-term training program that will enhance job skills to improve their ability to find employment.
“These investments in our workforce come at a time when Vermont employers are in desperate need of talent,” said Department of Labor Commissioner Michael Harrington. “This support will allow the Department of Labor to provide much-needed resources and information so employers can better conduct outreach to fill vacancies, while developing talent pools for sustained internal growth. We look forward to continuing to help Vermonters access good jobs and other important workforce development efforts. »
For details on how to apply, visit www.vsac.org/workforce-development-funding or call 888-253-4819.
About VSAC – Changing Lives Through Education and Training Since 1965: Vermont Student Assistance Corporation is a public, nonprofit agency established by the Vermont Legislature in 1965 to help Vermonters achieve their educational goals and training after high school. VSAC serves students and their families in grades 7-12, as well as adults returning to school, by providing educational and career planning services, need-based grants, scholarships, and scholarships. student loans. VSAC has awarded more than $600 million in grants and scholarships to Vermont students and administers the Vermont 529 College Savings Plan. Learn more at www.vsac.org.
WINOOSKI, Vermont. — EVERY 8.11.2022