Vermont § 37 - Nurse Faculty Loan Repayment Program

§ 37. Nurse Faculty Loan Repayment Program

• (a) As used in this section: (1) “AHEC” means the Vermont Area Health Education Centers program. (2) “Eligible individual” means an individual who satisfies the eligibility requirements
  under this section for loan repayment. (3) “Eligible school” means an approved postsecondary education institution, as defined
  under 16 V.S.A. § 2822. (4) “Loan repayment” means the repayment of loans under this section. (5) “Loans” means education loans guaranteed, made, financed, serviced, or otherwise administered
  by an accredited educational lender for attendance at an eligible school. (6) “Nurse faculty member” or “member of the nurse faculty” means a nurse with a master’s
  or doctoral degree that qualifies the individual to teach at a nursing school in this
  State. (7) “Program” means the Nurse Faculty Loan Repayment Program created under this section. (b) The Nurse Faculty Loan Repayment Program is created and shall be administered by the
  Department of Health in collaboration with AHEC. The Program provides loan repayment
  on behalf of individuals who work as nurse faculty members at a nursing school in
  this State and who meet the eligibility requirements in subsection (d) of this section. (c) The loan repayment benefits provided under the Program shall be paid on behalf of
  the eligible individual by AHEC, subject to the appropriation of funds by the General
  Assembly for this purpose. (d) To be eligible for loan repayment under the Program, an individual shall satisfy all
  of the following requirements: (1) graduated from an eligible school where the individual was awarded a graduate degree
  in nursing; (2) work as a member of the nurse faculty at a nursing school in this State; and (3) be a resident of Vermont. (e) An eligible individual shall be entitled to an amount of loan repayment under this
  section for a defined service obligation of not less than one year at a Vermont nursing
  school. (f) Loan repayment 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 AHEC in the following fiscal year to
  award additional loan repayment as set forth in this section. (Added 2021, No. 183 (Adj. Sess.), § 29a, eff. July 1, 2022; amended 2023, No. 113 (Adj. Sess.), § E.311, eff. July 1, 2024.)