2013 Vermont Statutes
Title 16 Education
Chapter 87 GRANTS, SCHOLARSHIP, AND EDUCATION LOAN PROGRAMS
§ 2856 Educational assistance; interest free loans

2856. Educational assistance; interest free loans

(a) An active member of the Vermont National Guard may be eligible for an interest-free loan in an academic year for financial assistance to pay for tuition and fees for courses taken at a Vermont college, university, regional technical center, or other programs approved pursuant to policies adopted in accordance with subsection (f) of this section.

(b) To be eligible for an educational loan under this section, a person shall:

(1) be an active member in good standing of a federally recognized unit of the Vermont National Guard;

(2) have successfully completed basic training or commissioning; and

(3) be enrolled in a program that leads to a postsecondary degree, diploma or be studying for relevant continuing education purposes.

(c) A loan made under this section shall be interest free and may be partially or completely cancelled and forgiven for a person who:

(1) submits certification that the person has successfully completed the course; and

(2) submits certification that the person has completed two years of national guard service for each full academic year award. Service requirements for less than a full academic year award shall be proportionate to the amount of the award. The board shall determine the amount of loan to be cancelled for each completed year of service. The amount cancelled for each year of service shall not exceed 50 percent of the loan.

(d) The adjutant general shall provide documentation of eligibility for educational assistance under this section for each academic period.

(e) The loan of a person who loses eligibility under this section while enrolled in a course shall go into repayment pursuant to the terms of the loan, and the person shall be ineligible for further assistance under this section until the loan is repaid in full.

(f) The board, in consultation with the office of the adjutant general, shall adopt policies, procedures, and guidelines necessary to implement the provisions of this section, which shall include application requirements, annual loan requirements, loan forgiveness requirements, and annual loan amounts based on available funds. The policies, procedures, and guidelines shall include definitions of "successful completion of a course," "relevant continuing education courses" and what constitutes an "academic year." Rules adopted by the Vermont State Colleges under section 2183 of this title, prior to its repeal, shall remain valid under this section and shall be administered by the corporation.

(g) [Repealed.]

(h) The availability of loans made under this subchapter is subject to funds appropriated to the Vermont National Guard for that purpose. (Added 1999, No. 62, 61; amended 2003, No. 39, 1; 2003, No. 86 (Adj. Sess.), 21; 2007, No. 46, 5, eff. May 23, 2007; 2007, No. 154 (Adj. Sess.), 6; 2009, No. 4, 86, eff. April 24, 2009; 2011, No. 149 (Adj. Sess.), 8.)