Vermont Statutes Title 18 Sec. 39
Terms Used In Vermont Statutes Title 18 Sec. 39
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the Department of Health. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Person: means any individual, company, corporation, association, partnership, the U. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 39. Vermont Psychiatric Mental Health Nurse Practitioner 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 Psychiatric Mental Health Nurse Practitioner Forgivable Loan Incentive Program created under this section.
(b) The Vermont Psychiatric Mental Health Nurse Practitioner Forgivable Loan Incentive Program is created and shall be administered by the Corporation in collaboration with the Department of Health. The Program provides forgivable loans to students enrolled in a master’s program at an eligible school who commit to working as a psychiatric mental health nurse practitioner 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, whether through in- person or remote instruction, that leads to a master’s degree or specialty in psychiatric mental health;
(2) maintain good standing at the eligible school at which the individual is enrolled;
(3) agree to work as a psychiatric mental health nurse practitioner 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 (f) 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 the Free Application for Federal Student Aid (FAFSA), 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 psychiatric mental health nurse practitioner in this State in compliance with the Program 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. (Added 2023, No. 78, § F.3, eff. July 1, 2023.)