State officials have announced a new student loan repayment program that incentivizes graduates from Vermont colleges and universities to remain in the state and join its workforce.
Students who graduated in spring 2023, accepted a full-time job that requires a bachelor’s degree at a Vermont employer and plan to continue living in Vermont are currently eligible to apply for the initiative, called the Green Mountain Job and Retention Program.
Approved applicants would receive up to $5,000 in student loan repayment after working within the state for two years after graduating. Half would be paid after the graduate’s first year of employment, regardless of whether the full two years are ultimately completed.
Gov. Phil Scott signed the bill authorizing the program last year. The University of Vermont and Vermont Student Assistance Corporation were chosen to help roll out the program this spring.
“This program represents a tangible way that we can say to our young people, ‘we want you here in Vermont and we value your Vermont education,’” University of Vermont President Suresh Garimella said in a press release. “By starting their careers in Vermont, graduates can reduce their overall debt while getting valuable work experience. And of course, this program provides Vermont employers a competitive advantage for attracting talented and much-needed new members of the statewide workforce.”
Michele Karode, outreach professional at The University of Vermont, said the program’s goal is to offer economic incentives for graduates to remain in Vermont, contribute to the state’s economy, counteract the aging workforce and help recent graduates “start building their community and their career here.”
“I just really want to push the fact that we’re hoping that this is a statewide initiative for everyone, throughout all colleges and institutions (in Vermont),” Karode said. “We are really trying to hone in on the rural communities that are struggling to have students (stay) there.”
The program can accommodate about 400 applicants, she said.
When choosing which applicants will receive the loan repayment, Karode said The University of Vermont and the Vermont Student Assistance Corporation will prioritize geographic and professional diversity.
“We want not only the diversity of the different colleges and institutions, but we also want diversity in regards to employment and employer’s regions. I think that making it really known that we don’t want all of our applications to be from Chittenden County, for example, is really a high priority for us,” Karode said.
While those tasked with rolling out the program said they want it to be as accessible as possible, the program only applies to graduates taking jobs that require a bachelor’s degree, excluding recent graduates working jobs that do not.
“We did feel like a bachelor’s degree — a role with a bachelor’s degree — was important. We are now thinking, you know, if future funding becomes available … graduate degrees might need to be in the loop here, too,” Karode said.
While the online application specifies that students must have graduated between April and May of 2023 to be eligible, Karode said that there may be some flexibility there. For example, she encouraged the hundreds of students who graduated in February from Middlebury College as part of its annual February class to apply.
Interested students can apply at uvm.edu/engagement/greenmountainjobs. Applications will be accepted on a first come, first served basis through fall 2023, or until all funds have been allocated.