Vermont § 36 - Nurse Faculty Forgivable Loan Incentive Program

§ 36. Nurse Faculty Forgivable Loan Incentive Program

• (a) As used in this section: (1) “Corporation” means the Vermont Student Assistance Corporation established in 16 V.S.A. § 2821. (2) “Eligible individual” means an individual who satisfies the eligibility requirements
  under this section for a forgivable loan. (3) “Eligible school” means an approved postsecondary education institution, as defined
  under 16 V.S.A. § 2822. (4) “Forgivable loan” means a loan awarded under this section covering tuition, which
  may also cover room, board, and the cost of required books and supplies for up to
  full-time attendance at an eligible school. (5) “Nurse faculty member” or “member of the nurse faculty” means an individual with a
  master’s or doctoral degree that qualifies the individual to teach at a nursing school
  in this State. (6) “Program” means the Nurse Faculty Forgivable Loan Program created under this section. (b) The Nurse Faculty Forgivable Loan Program is created and shall be administered by
  the Department of Health in collaboration with the Corporation. The Program provides
  forgivable loans to students enrolled in an eligible school who commit to working
  as a member of the nurse faculty at a nursing school in this State and who meet the
  eligibility requirements in subsection (d) of this section. (c) The Corporation shall disburse forgivable loan funds under the Program on behalf of
  eligible individuals, subject to the appropriation of funds by the General Assembly
  for this purpose. (d) To be eligible for a forgivable loan under the Program, an individual, whether a resident
  or nonresident, shall satisfy all of the following requirements: (1) be enrolled at an eligible school in a program that leads to a graduate degree in
  nursing; (2) maintain good standing at the eligible school at which the individual is enrolled; (3) agree to work as a member of the nurse faculty at a nursing school in Vermont for
  a minimum of one year following licensure for each year of forgivable loan awarded; (4) have executed a credit agreement or promissory note that will reduce the individual’s
  forgivable loan benefit, in whole or in part, pursuant to subsection (e) of this section
  if the individual fails to complete the period of service required in subdivision
  (3) of this subsection; (5) have completed the Program’s application form and such financial aid forms as the
  Corporation deems necessary, in accordance with a schedule determined by the Corporation;
  and (6) have provided such other documentation as the Corporation may require. (e) If an eligible individual fails to serve as a nurse faculty member at a nursing school
  in this State for a period that would entitle the individual to the full forgivable
  loan benefit received by the individual, other than for good cause as determined by
  the Corporation in consultation with the Vermont Department of Health, then the individual
  shall receive only partial loan forgiveness for a pro rata portion of the loan pursuant
  to the terms of the interest-free reimbursement promissory note signed by the individual
  at the time of entering the Program. (f) The Corporation shall adopt policies, procedures, and guidelines necessary to implement
  the provisions of this section, including maximum forgivable loan amounts. (g) Forgivable loans shall be awarded on a rolling basis, provided funds are available,
  and any funds remaining at the end of a fiscal year shall carry forward and shall
  be available to the Department of Health and the Corporation in the following fiscal
  year to award additional forgivable loans as set forth in this section. (Added 2021, No. 183 (Adj. Sess.), § 28, eff. July 1, 2022; amended 2023, No. 113 (Adj. Sess.), § E.311, eff. July 1, 2024.)