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A new interest-free forgivable loan pays up to 100% toward training and certification in Vermont’s most in-demand careers.
Vermont Business Magazine The new Vermont Trade Scholarship forgivable loan program, introduced by Governor Scott to the Vermont Legislature and administered by the Vermont Student Assistance Corporation (VSAC), provides financial assistance to Vermont and non-Vermont residents for tuition, initial license fees and qualifying exam fees. Recipients enrolling in high-demand business training and certification programs.
Funding for the $3 million trade exchange scholarship program is part of the $84.5 million overall workforce and economic development initiative signed into law by Governor Scott in June.
The bill would provide state and federal American Recovery Plan Act (ARPA) funding to address Vermont’s workforce shortages and provide local businesses and municipalities with resources to grow in the coming years.
“Investing in business is a priority for my administration and this program will help address some of our region’s biggest challenges. It’s an opportunity to change our ways for the better, grow our workforce, and support the continued recovery and revitalization of our communities,” said Governor Scott.
The new program, open to Vermont and non-Vermont residents, will help meet Vermont’s growing need for more skilled workers in select construction, mechanical, industrial or medical trades. emergency services; Energy including clean energy, energy efficiency or climate; transportation; broadband; Robotics and other areas of high demand. Applications are accepted and reviewed on a wait-and-see basis until all funds are disbursed. Programs starting after September 1 are eligible.
“VSAC knows that the path to meaningful employment for every Vermonter is 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 students pursuing their dreams. VSAC is excited to offer this program to eligible students of all ages to cover the tuition, exam and licensing costs of the training they need to pursue their desired career. VSAC President and CEO Scott Giles said.
Funds will be awarded on a first-come, first-served basis to eligible applicants with financial need until all funds are exhausted. Applicants must register with the Vermont Department of Labor to receive appropriate job referrals if they are unemployed.
Awards are in the form of an interest-free loan and financial assistance for each year the recipient completes licensure or certification when the recipient signs a promissory note and completes at least one year of professional experience in Vermont.
Additional funding from the historic bill will provide scholarships and forgivable loans to qualified students pursuing careers in critical fields such as early childhood education, nursing, dentistry, mental health care and more.
The Legislature raised the family income eligibility threshold to $75,000 or less for the popular 802Opportunity program, which combines with other state and federal financial aid to provide free tuition at Vermont community colleges. In the first year of the 802 opportunity, nearly 2,000 students took advantage of CCV’s free tuition.
Eligible Vermonters can also take advantage of the VSAC Advancement Grant program, which provides financial assistance to train for a non-degree program or short-term training program that includes job skills to improve their employability.
“These investments in our workforce come at a time when Vermont employers are in high demand for talent,” said Labor Commissioner Michael Harrington. “This support will enable the Department of Labor to provide much-needed resources and information so employers can do a better job of filling open positions, as well as develop talent pipelines for sustained internal growth. We look forward to continuing to help connect Vermonters to 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: The Vermont Student Assistance Corporation is a public, nonprofit agency established by the Vermont Legislature in 1965 to help Vermonters achieve their educational and training goals after high school. VSAC serves students in grades 7-12 and their families, as well as adults returning to school, by providing education and career planning services, need-based grants, scholarships and student loans. VSAC has awarded more than $600 million in grants and scholarships to Vermont students and administers Vermont’s 529 College Savings Plan. Learn more at www.vsac.org.
Winooski, Vt. – Every 8.11.2022
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