The rising cost of higher education means higher student loan debt for many Vermonters. The financial challenges brought on by this debt can be eased with a new loan repayment award program developed by the Vermont State Employees Credit Union (VSECU).
VSECU has developed Student Loan Independence for Today (LIFT), where for three people, the credit union will pay $5,000 in monthly student loan payments, totaling $15,000 in repayment awards.
“Soaring student debt, coupled with the difficulty of finding a reasonably paid job after college, can bring financial challenges to the basic living needs of an individual on a month to month basis,” said Steve Post, VSECU's chief executive officer. “With our Student LIFT program, VSECU will make the monthly student loan payment directly to the lender for the awarded recipients.”
Post said that for a person with a monthly student loan payment of $350, the $5,000 award will cover about a year of repayments on the college loan, giving the student or graduate time to find a job, build an emergency fund or take care of other financial responsibilities.
The program is available to any Vermonter that has evidence of student debt. There is one $5,000 award for each of three categories, Financial Need, Service to Vermonters, and Financial Literacy. Each category has different requirements offering opportunities to applicants with diverse interests and talents.
To apply for Student LIFT, you must be a VSECU member and currently live or work in Vermont. Anyone who lives or works in Vermont is eligible to become a member of the credit union. Applications must be received by VSECU by Sept. 4, and the three award recipients will be announced on Nov. 15.
VSECU is a not-for-profit, member-owned financial institution. Membership is open to everyone who lives or works in Vermont. For more information, visit VSECU's website at www.vsecu.com.