Section 34 - Vermont Nursing 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) "Program" means the Vermont Nursing Forgivable Loan Incentive Program created under this section.(b) The Vermont Nursing Forgivable Loan Incentive 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 nurse 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 a nursing program at an eligible school;(2) maintain good standing at the eligible school at which the individual is enrolled;(3) agree to work as a nurse in Vermont employed directly by a Vermont health care provider 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 (g) of this section, if the individual fails to complete the period of service required in 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)(1) First priority for forgivable loan funds shall be given to students pursuing a practical nursing certificate who will be eligible to sit for the NCLEX-PN examination upon completion of the certificate.(2) Second priority for forgivable loan funds shall be given to students pursuing an associate's degree in nursing who will be eligible to sit for the NCLEX-RN examination upon graduation.(3) Third priority for forgivable loan funds shall be given to students pursuing a bachelor of science degree in nursing.(4) Fourth priority shall be given to students pursuing graduate nursing education.(f) In addition to the priorities established in subsection (e) of this section, students attending an eligible school in Vermont shall receive first priority for forgivable loans.(g)(1) If an eligible individual fails to serve as a nurse 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 credit agreement or promissory note signed by the individual at the time of entering the Program.(2) Employment as a traveling nurse shall not be construed to satisfy the service commitment required for a forgivable loan under this section.(h) There shall be no deadline to apply for a forgivable loan under this section. Forgivable loans shall be awarded on a rolling basis as long as funds are available, and any funds remaining at the end of a fiscal year shall roll over 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.(i) The Corporation shall adopt policies, procedures, and guidelines necessary to implement the provisions of this section, including maximum forgivable loan amounts.(j) 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. Amended by 2024 , No. 113, § E.311, eff. 7/1/2024.Added by 2022 , No. 183, § 23, eff. 7/1/2022.