Colleges

Vermont Graduates Can Get $5,000 to Repay Loans – If They Stay and​ Work in ​the‍ State

BURLINGTON, VT – A ​University of Vermont (UVM) program is offering a meaningful financial boost ⁤to recent graduates, providing a $5,000 stipend ​to those​ who commit to ⁤living and ‌working ⁢in Vermont for two years. The⁣ program,designed‍ to encourage ​talented individuals to remain in the state after graduation,is currently ⁢accepting applications for its third cohort.

The stipend is available⁢ to both‍ bachelor’s and master’s degree recipients who secure full-time employment at a Vermont-based institution – including self-employment and work with startups – and reside in the state for a consecutive ​two-year period.‌ Once eligibility requirements are met, the⁤ funds can be directly applied to student loan debt.

With funding⁤ available on a first-come, first-served basis, UVM is​ urging‍ interested‌ graduates to apply quickly. The application deadline‍ is December 1st.

“It’s been great to support Vermont alums’ ‌financial futures in a way that rewards ⁤their achievements after ​graduation,” ⁢said Michele Karode,manager of outreach operations with the Office of Engagement‌ and Leahy​ Institute for Rural Partnerships ⁢at UVM. “While ‍the program’s future ⁣hasn’t been⁢ determined, we currently have over⁤ 400 students taking part in this program, looking to put ⁣roots ⁤down in ​our brave little state.”

UVM data indicates a strong ​ripple effect: for every‍ Vermont resident who graduates from UVM ‌and stays in ​the state, two out-of-state graduates also choose⁣ to live and work in Vermont. Over the ⁤past five ‌years,⁢ more than 5,500 UVM graduates have opted to remain⁣ in Vermont and contribute to the state’s ​workforce.

Victoria Treto,a 2023 UVM graduate with⁤ a master’s degree in geology,is one beneficiary of ​the program. She is now an⁤ environmental ⁢health engineer with the Vermont Department of Health.

“The $5,000 loan repayment has ⁢been amazing,” Treto ⁤said. “It tackled ⁣about 10% of ‍my total student loan​ debt,which has made a real difference ​in my‌ financial peace‍ of mind.”

Treto ⁢emphasized the importance of such programs in attracting and retaining skilled workers in Vermont. “I plan to stay here for the‍ rest of my life,” she said.”I love⁤ Vermont… ​A program like this is so crucial because ⁢it makes people ⁣feel more ‍at ease and able to live where they want. Vermont ‌is not an easy place to live; ⁢it’s a high ⁣cost⁤ of living ‍area. These programs are really instrumental in keeping high-value ⁢workers here ​after⁢ college.”

This story was created by reporter Beth McDermott, bmcdermott1@gannett.com, with the assistance of Artificial‍ Intelligence (AI). Journalists were ​involved in every step of the information gathering, review, editing‍ and publishing process. Learn more ⁢at‌ cm.usatoday.com/ethical-conduct.