reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 16 - Education › Chapter 83 - New England Higher Education Compact › § 2693. When operative—Article III

§ 2693. When operative—Article III
This compact shall become operative immediately as to those states executing it whenever any two or more of the states of Maine, Vermont, New Hampshire, Massachusetts, Rhode Island and Connecticut have executed it in the form which is in accordance with the laws of the respective compacting states.
2023 Vermont Statutes › Title 16 - Education › Chapter 83 - New England Higher Education Compact › § 2695. General powers of board; contracts—Article V

§ 2695. General powers of board; contracts—Article V
The board shall have the power to: (1) collect, correlate, and evaluate data in the fields of its interest under this compact; to publish reports, bulletins and other documents making available the results of its research; and, in its discretion, to charge fees for said reports, bulletins and documents; (2) enter into such contractual agreements or arrangements with any of the compacting states or agencies thereof and with educational institutions and agencies as may be required in the judgment of the board to provide adequate services and facilities in educational fields covered by this compact; provided, that it shall be the policy of the board in the negotiation of its agreements to serve increased numbers of students from the compacting states through arrangements with then existing institutions, whenever in the judgment of the board adequate service can be so secured in the New England region. Each of the compacting states shall contribute funds to carry out the contracts of the board on the basis of the number of students from such state for whom the board may contract. Contributions shall be at the rate determined by the board in each educational field. Except in those instances where the board by specific action allocates funds available to it under Article VII hereof, the board’s authority to enter into such contracts shall be only upon appropriation of funds by the compacting states. Any contract entered into shall be in accordance with rules and regulations promulgated by the board and in accordance with the laws of the compacting states.
2023 Vermont Statutes › Title 16 - Education › Chapter 83 - New England Higher Education Compact › § 2696. Availability of funds—Article VI

§ 2696. Availability of funds—Article VI
Each state agrees that, when authorized by the legislature pursuant to the constitutional processes, it will from time to time make available to the board such funds as may be required for the expenses of the board as authorized under the terms of this compact. The contribution of each state for this purpose shall be in the proportion that its population bears to the total combined population of the states who are parties hereto as shown from time to time by the most recent official published report of the Bureau of the Census of the United States of America, unless the board shall adopt another basis in making its recommendation for appropriation to the compacting states.
2023 Vermont Statutes › Title 16 - Education › Chapter 83 - New England Higher Education Compact › § 2697. Power of board as to grants, devises, gifts and bequests—Article VII

§ 2697. Power of board as to grants, devises, gifts and bequests—Article VII
The board for the purposes of this compact is hereby empowered to receive grants, devises, gifts and bequests which the board may agree to accept and administer. The board shall administer property held in accordance with special trusts, grants and bequests, and shall also administer grants and devises of land and gifts or bequests of personal property made to the board for special uses, and shall execute said trusts, investing the proceeds thereof in notes or bonds secured by sufficient mortgages or other securities.
2023 Vermont Statutes › Title 16 - Education › Chapter 83 - New England Higher Education Compact › § 2698. Separability—Article VIII

§ 2698. Separability—Article VIII
The provisions of this compact shall be severable, and if any phrase, clause, sentence or provision of this compact is declared to be contrary to the Constitution of any compacting state or of the United States the validity of the remainder of this compact and the applicability thereof to any government, agency, person or circumstance shall not be affected thereby; provided, that if this compact is held to be contrary to the constitution of any compacting state the compact shall remain in full force and effect as to all other compacting states.
2023 Vermont Statutes › Title 16 - Education › Chapter 83 - New England Higher Education Compact › § 2699. Period of existence; withdrawal; reinstatement—Article IX

§ 2699. Period of existence; withdrawal; reinstatement—Article IX
This compact shall continue in force and remain binding upon a compacting state until the legislature or the governor of such state, as the laws of such state shall provide, takes action to withdraw therefrom. Such action shall not be effective until two years after notice thereof has been sent by the governor of the state desiring to withdraw to the governors of all other states then parties to the compact. Such withdrawal shall not relieve the withdrawing state from its obligations accruing hereunder prior to the effective date of withdrawal. Any state so withdrawing, unless reinstated, shall cease to have any claim to or ownership of any of the property held by or vested in the board or to any of the funds of the board held under the terms of the compact. Thereafter, the withdrawing state may be reinstated by application after appropriate legislation is enacted by such state, upon approval by a majority vote of the board.
2023 Vermont Statutes › Title 16 - Education › Chapter 83 - New England Higher Education Compact › § 2700. Default by compacting state—Article X

§ 2700. Default by compacting state—Article X
If any compacting state shall at any time default in the performance of any of its obligations assumed or imposed in accordance with the provisions of this compact, all rights and privileges and benefits conferred by this compact or agreement hereunder shall be suspended from the effective date of such default as fixed by the board. Unless such default shall be remedied within a period of two years following the effective date of such default, this compact may be terminated with respect to such defaulting state by affirmative vote of three-fourths of the other member states. Any such defaulting state may be reinstated by (a) performing all acts and obligations upon which it has heretofore defaulted, and (b) application to and approval by a majority vote of the board.
2023 Vermont Statutes › Title 16 - Education › Chapter 83 - New England Higher Education Compact › § 2731. Appointment of State members of board

§ 2731. Appointment of State members of board
Eight persons shall represent the State as members of the board. One board member shall be a member of the Senate, appointed by the President of the Senate; one shall be a Representative, appointed by the Speaker of the House of Representatives; one board member shall be appointed by the Vermont Council on Higher Education, Inc.; and three shall be appointed by the Governor. Each of the board members appointed under this section shall serve for a term of six years. However, not more than two board members’ terms shall expire in any year, and appointments for terms of less than six years may be made as necessary for this purpose. A board member may be appointed to fill the unexpired term of a member who dies, resigns, or becomes disqualified to serve. The President of the University of Vermont and State Agricultural College and the presiding officer of the Vermont State Colleges Corporation shall be ex officio members of the board. (Amended 1969, No. 55, § 3.)
2023 Vermont Statutes › Title 16 - Education › Chapter 83 - New England Higher Education Compact › § 2732. Compensation of members

§ 2732. Compensation of members
The appointed members of the board shall receive $ 30.00 a day for the time actually spent in the performance of their duties, and all members of the board shall receive their actual and necessary expenses when away from home upon their official duties. (Amended 1964, No. 22 (Sp. Sess.), § 2, eff. March 11, 1964; 1973, No. 92, eff. April 24, 1973.)
2023 Vermont Statutes › Title 16 - Education › Chapter 86 - Educational Television › § 2801. Gifts

§ 2801. Gifts
The trustees of the University of Vermont and State Agricultural College may accept any gift of money or real or personal property from any source whatever and grants in aid from the federal government to assist in carrying out the purposes of this chapter. (Added 1966, No. 23 (Sp. Sess.), § 4, eff. March 10, 1966.)
2023 Vermont Statutes › Title 16 - Education › Chapter 86 - Educational Television › § 2802. Construction

§ 2802. Construction
The University of Vermont and State Agricultural College may acquire real estate; construct, operate, manage, and equip television broadcast stations and related auxiliary broadcast stations, including microwave facilities; and may interconnect with any other television station or network for the purpose of providing a statewide education television network for the transmission of programs to students in schools, colleges, and universities in Vermont, as well as to the public generally throughout the State; and may enter into any contract considered necessary to carry out the purposes of this chapter. Title to the facilities created under this chapter shall be held in the name of the University of Vermont and State Agricultural College. (Added 1966, No. 23 (Sp. Sess.), § 5, eff. March 10, 1966.)
2023 Vermont Statutes › Title 16 - Education › Chapter 86 - Educational Television › § 2803. Purposes

§ 2803. Purposes
The action of the University of Vermont and State Agricultural College in applying for construction permits and federal matching funds in connection with educational television in Vermont is expressly ratified and confirmed. The University of Vermont and State Agricultural College may hold all necessary governmental authorizations for all facilities contemplated by this chapter, and shall take all acts necessary for the efficient and economical operation of those facilities according to good educational and engineering practices, all in accordance with applicable law, rules, and regulations. (Added 1966, No. 23 (Sp. Sess.), § 6, eff. March 10, 1966.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2821. Student Assistance Corporation; purpose

§ 2821. Student Assistance Corporation; purpose
(a) There is hereby established a nonprofit public corporation to be known as the Vermont Student Assistance Corporation whose purpose shall be:
(1) to provide opportunities for persons who are residents of Vermont to attend colleges or other postsecondary education institutions by awarding grants, guaranteeing, making, financing, and servicing loans of funds to students qualifying under the terms and conditions set forth in this chapter;
(2) to provide career, educational, and financial aid counseling and information services; and
(3) for such other purposes not inconsistent therewith.
(b) The Corporation and its existence shall continue as long as it shall have notes, bonds, or other obligations outstanding, including notes, bonds, or other obligations hereafter issued or incurred, and until its existence is terminated by law. The net earnings of the Corporation, beyond that necessary for retirement of its notes, bonds, or other obligations or to implement the public purposes and programs authorized in this chapter shall not inure to the benefit of any person other than the State. Upon termination of the existence of the Corporation, title to all of the property owned by the Corporation, including any net earnings of the Corporation, shall vest in the State. The State reserves the right at any time to alter, amend, repeal, or otherwise change the structure, organization, programs, or activities of the Corporation, including the power to terminate the Corporation, subject to any limitation on the impairment of the obligations of any contract or contracts entered into by the corporation.
(c) Notwithstanding any general or special law to the contrary, the provisions of 8 V.S.A. chapter 73 shall not apply to the Corporation or to any loan made or serviced by the Corporation in accordance with this title. (Added 1965, No. 198, § 1(a); amended 1975, No. 170 (Adj. Sess.), § 1; 1981, No. 174 (Adj. Sess.), § 1, eff. April 20, 1982; 1993, No. 147 (Adj. Sess.), § 1; 2003, No. 86 (Adj. Sess.), § 2; 2009, No. 96 (Adj. Sess.), § 3, eff. January 1, 2011; 2017, No. 22, § 30, eff. Jan. 1, 2011; 2019, No. 131 (Adj. Sess.), § 97.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2823. Powers of Corporation

§ 2823. Powers of Corporation
(a) The Corporation may acquire by gift or otherwise, hold, and dispose of property in fee or in trust, or any other estate, for the purposes set forth in this chapter and shall be an instrumentality of the State. The State shall support and maintain the Corporation.
(b) The Corporation has the general powers provided to Vermont nonprofit corporations.
(c) The Corporation is hereby designated as the state agency to receive federal funds assigned to the State of Vermont for student financial aid programs.
(d) The Corporation is authorized to make and finance the making of education loans and to issue its debt obligations for the purpose of acquiring funds therefor. No resolution or other action of the Corporation providing for the issuance of such debt obligations may be effective without the approval in writing of the Governor.
(e) The Corporation is authorized to develop and implement loan programs, including programs for the guaranteeing, servicing, originating, and financing of education loans for borrowers and lenders located both within and outside the State, including the federal Direct Loan Program and other education loans made pursuant to federal law. The Corporation is authorized to make loans to residents and nonresidents.
(f) The Corporation is authorized to borrow money and issue its debt obligations to further the governmental and public purposes set forth in this chapter, including the purchase, construction, renovation, reconstruction, rehabilitation, improvement, furnishing, and equipping of office or other business space to be owned or leased by the Corporation for use by the Corporation to further the governmental and public purposes set forth in this chapter. Notwithstanding subsection 2868(i) of this chapter, notes, bonds, or other obligations issued under this section may be direct and general obligations of the Corporation, and may be otherwise secured as the Corporation shall determine, including by a mortgage. No debt obligation issued under this subsection may be effective without the approval in writing of the Governor. Such obligations shall not be deemed to constitute a debt or liability or obligation of the State of Vermont or of any political subdivision of it, nor shall they be deemed to constitute a pledge of the faith and credit of the State or of any political subdivision thereof. Each obligation issued by the Corporation under this section shall contain on its face a statement to the effect that neither the faith and credit nor the taxing power of the State of Vermont or any political subdivision of it is pledged to the payment of the principal or the interest on these obligations. (Added 1965, No. 198, § 1(b), (c); amended 1967, No. 131, § 1; 1975, No. 170 (Adj. Sess.), § 3; 1981, No. 174 (Adj. Sess.), § 2, eff. April 20, 1982; 1993, No. 147 (Adj. Sess.), § 3; 2001, No. 58, § 6, eff. June 16, 2001; 2003, No. 86 (Adj. Sess.), § 4.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2825. Tax exemptions

§ 2825. Tax exemptions
All real and personal property of the Corporation is exempt from taxation. All bonds, notes, and other obligations issued pursuant to this chapter are issued by a body corporate and public of this State and for an essential public and governmental purpose and those bonds, notes, and other obligations, and the interest on and income from them, except as otherwise provided by resolution of the Corporation authorizing the issuance of taxable debt pursuant to section 2868 of this title, and all activities of the Corporation and fees, charges, funds, revenues, incomes, and other monies of the Corporation whether or not pledged or available to secure the payment of these bonds, notes, or other obligations, or interest thereon, are exempt from all taxation, franchise taxes, fees, or special assessments of whatever kind except for transfer, inheritance, and estate taxes. (Added 1965, No. 198, § 9; amended 1981, No. 174 (Adj. Sess.), § 3, eff. April 20, 1982; 2003, No. 86 (Adj. Sess.), § 5; 2019, No. 131 (Adj. Sess.), § 99.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2826. Statutory purposes

§ 2826. Statutory purposes
(a) The statutory purpose of the exemption for interest income from Vermont Student Assistance Corporation bonds in section 2825 of this title is to lower the cost of borrowing in order to finance education loan programs.
(b) The statutory purpose of the exemption for Vermont Student Assistance Corporation property tax in section 2825 of this title is to allow State instrumentalities that provide financial and information resources for postsecondary education and training to use all of their resources for those purposes. (Added 2013, No. 200 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2827. Confidentiality of personally identifying information

§ 2827. Confidentiality of personally identifying information
Except as otherwise provided by law, or by consent of the individual identified in the record, information that directly or indirectly identifies applicants, recipients, beneficiaries, or participants in programs administered by the Corporation, including grant, loan, scholarship, outreach, or investment plan programs, is exempt from public inspection and copying under the Public Records Act and shall be kept confidential. (Added 2015, No. 29, § 4.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2831. Membership; vacancies

§ 2831. Membership; vacancies
The Corporation shall be governed and all of its powers exercised by a Board of Directors consisting of 11 members. The Governor shall appoint five members as follows: one person to be the financial aid officer of an institution of postsecondary education in the State of Vermont; one person to be a guidance counselor from a Vermont secondary school; and three members representing the general public. In making the appointments of the members representing the general public, the Governor shall give due consideration to the Board’s needs for expertise and experience in the management of a financial institution. The State Treasurer or his or her designee shall be a member. The Speaker of the Vermont House of Representatives and the Committee on Committees of the Vermont Senate shall each appoint one member from their respective legislative bodies to serve on the Board. The Board shall elect three additional members. All members shall be of full age, citizens of the United States, and residents of Vermont. All appointments shall be for terms of six years with the exception of legislative members whose terms shall expire at the end of six years or when their service in the Vermont General Assembly is completed, whichever shall first occur. The date of the expiration of the term of appointment in each case shall be June 30. Vacancies that may occur by reason of death or resignation shall be filled in the same manner as original appointments. (Added 1965, No. 198, § 4(a), (b), (i); amended 1967, No. 131, § 2; 1989, No. 283 (Adj. Sess.), § 1; 2003, No. 86 (Adj. Sess.), § 6; 2011, No. 40, § 54, eff. May 20, 2011; 2019, No. 131 (Adj. Sess.), § 100.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2832. Organization and compensation

§ 2832. Organization and compensation
(a) The Board, with the advice and consent of the Governor, shall elect from its members a chair. The Board shall also elect from its members a vice chair and secretary. Each of the officers shall hold office for two years and shall be eligible for reelection.
(b) The Board shall serve without compensation except for expenses actually and necessarily incurred by them in the performance of their duties under this chapter.
(c) The Board shall adopt bylaws for the Corporation and may appoint a president and determine the president’s compensation and duties. The Chair annually shall notify the Governor, the Speaker of the House of Representatives, and the President Pro Tempore of the Senate of the president’s compensation.
(d) The Board may elect an executive committee to serve in the interval between meetings to transact such business of the Corporation as provided in the bylaws. (Added 1965, No. 198, § 4(c), (d), (f), (g); amended 1967, No. 131, § 3; 1989, No. 283 (Adj. Sess.), § 2; 2003, No. 86 (Adj. Sess.), § 7; 2013, No. 92 (Adj. Sess.), § 185, eff. Feb. 14, 2014.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2833. Meetings; quorum

§ 2833. Meetings; quorum
The Board shall hold regular meetings and such special meetings as it deems necessary. A majority of the directors shall constitute a quorum for the transaction of any business unless the bylaws of the Corporation require a larger number. (Added 1965, No. 198, § 4(e); amended 2003, No. 86 (Adj. Sess.), § 8.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2834. Powers and duties

§ 2834. Powers and duties
(a) The Board has the power to adopt rules, regulations, policies, and procedures not inconsistent with law, governing the application for and the origination, servicing, and repayment of loans, the awarding of grants to students, and the Corporation’s other activities and programs.
(b) [Repealed.] (Added 1965, No. 198, § 4(h), (j); amended 1967, No. 131, § 4; 2003, No. 86 (Adj. Sess.), § 9; 2013, No. 56, § 15, eff. May 30, 2013.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2835. Controls, audits, and reports

§ 2835. Controls, audits, and reports
(a) Control of funds appropriated and all procedures incident to the carrying out of the purposes of this chapter shall be vested in the Board.
(b) The books of account of the Corporation shall be audited annually by an independent public accounting firm registered in the State of Vermont in accordance with government auditing standards issued by the U.S. Government Accountability Office (GAO) and the resulting audit report filed with the Secretary of Administration not later than November 1 each year.
(c) Biennially, the Board shall report to the General Assembly on its activities during the preceding biennium. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the report to be made under this subsection. (Added 1965, No. 198, § 8; amended 2003, No. 86 (Adj. Sess.), § 10; 2007, No. 121 (Adj. Sess.), § 5; 2013, No. 142 (Adj. Sess.), § 29; 2019, No. 104 (Adj. Sess.), § 5.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2841. Establishment; rules

§ 2841. Establishment; rules
A need-based grant program is hereby established to aid students who need financial assistance and are pursuing undergraduate studies and give promise of completing satisfactorily a degree program or who have been accepted for admission to an approved postsecondary education institution for undergraduate studies. The Board may establish rules, regulations, and standards for the awards under this subchapter. (Added 1965, No. 198, § 5(a); amended 2003, No. 86 (Adj. Sess.), § 11.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2842. Eligibility

§ 2842. Eligibility
(a) To qualify for an incentive grant for the first year of undergraduate study, a student must be in attendance at an approved postsecondary education institution or be accepted for admission and be enrolled as a full-time or part-time student at such an institution. For each year following the first year of undergraduate study, the student must have been certified by the institution attended to be in good standing and to give promise of satisfactory completion of a course of study leading to a degree or diploma.
(b) Any qualified person may apply for an incentive grant in addition to any other scholarship aid. (Added 1965, No. 198, § 5(b), (g); amended 1967, No. 371 (Adj. Sess.), § 2, eff. March 27, 1968; 2003, No. 86 (Adj. Sess.), § 12.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2843. Applications, certificates, and reports

§ 2843. Applications, certificates, and reports
(a) The recipient must apply for an incentive grant at least annually. Grants may be for a maximum of five full-time equivalent school years.
(b) Each applicant for an incentive grant shall furnish a certificate of income with the application. Attached to the certificate shall be a form of consent, executed by the student and any other required persons, granting permission to the Vermont Commissioner of Taxes to disclose the income tax information required by subsection (c) of this section.
(c) The Vermont Commissioner of Taxes, when requested by the Corporation, shall compare any certificate filed pursuant to this subchapter with the State income tax returns filed by the persons making such certificate and shall report any instances of discrepancy to the Corporation.
(d) [Repealed.] (Added 1965, No. 198, § 5(b), (d), (e), (f); amended 1967, No. 131, § 5; 1967, No. 371 (Adj. Sess.), § 3, eff. March 27, 1968; 2003, No. 86 (Adj. Sess.), § 13; 2015, No. 29, § 5.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2844. Amount received; proration

§ 2844. Amount received; proration
(a) Each undergraduate student who qualifies for an incentive grant shall apply on forms provided by the Corporation. The Corporation may consider the student for an incentive grant if the student meets the need-based eligibility standards established by the Board. These standards shall give due consideration to all relevant factors affecting the student’s need, including the adjusted gross income and other sources of income of the student’s parents; the adjusted gross income and other sources of income of a nondependent student; the assets of parents and students; the number of a parent’s or nondependent student’s children who are students enrolled in approved postsecondary education institutions at the same time; and any unusual circumstances that affect the family financial strength. Incentive grants shall be awarded on a rolling basis to eligible applicants based upon established need, and in total amount shall not exceed the funds made available from legislative appropriation or other sources. In no case shall a student’s award be larger than that needed to attend the approved postsecondary education institution of the student’s choice.
(b) The Corporation may prorate incentive grants on the basis of semesters, other recognized portions of a school year, or course load.
(c) Vermont resident students enrolled at the Medical College of the University of Vermont or enrolled in a program leading to the degree of Doctor of Veterinary Medicine shall be eligible to apply for an incentive grant and shall be subject to the provisions of subsection (b) of this section. In addition, veterinary students shall be eligible for grants not to exceed twice the amount of the average grant award made to full-time undergraduate students in the previous year under subsection (a) of this section. (Added 1965, No. 198, § 5(c), (h); amended 1967, No. 131,§§ 6, 7; 1967, No. 371 (Adj. Sess.), § 4, eff. March 27, 1968; 1969, No. 89; 1971, No. 175 (Adj. Sess.), § 2, eff. March 28, 1972; 1975, No. 155 (Adj. Sess.); 1995, No. 63, § 188; 2003, No. 86 (Adj. Sess.), § 14; 2013, No. 92 (Adj. Sess.), § 186, eff. Feb. 14, 2014.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2846. Advancement grants

§ 2846. Advancement grants
(a) The Corporation may establish an advancement grant program for residents pursuing nondegree education and training opportunities who do not meet the definition of student in subdivision 2822(3) of this title, and who may not meet the requirements of this subchapter.
(b) Advancement grants may be used at institutions that are not approved postsecondary education institutions.
(c) The Corporation may adopt rules or establish policies, procedures, standards, and forms for advancement grants, including the requirements for applying for and using the grants and the eligibility requirements for the institutions where the grants may be used. (Added 2003, No. 86 (Adj. Sess.), § 15; amended 2019, No. 80, § 4.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2851. Establishment

§ 2851. Establishment
Vermont Honor Scholarships are hereby established for secondary school seniors who plan to attend an approved postsecondary education institution. (Added 1965, No. 198, § 6(a); amended 1999, No. 24, § 2, eff. May 19, 1999; 2003, No. 86 (Adj. Sess.), § 17.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2852. Eligibility

§ 2852. Eligibility
(a) All resident, qualified secondary school seniors are eligible to be nominated by their secondary school for a Vermont Honor Scholarship.
(b) Vermont Honor Scholarships shall be awarded on the basis of merit as demonstrated by scholastic excellence and participation in extracurricular and community service activities to be determined by such criteria as the Board shall prescribe. (Added 1965, No. 198, § 6(b), (c); amended 1999, No. 24, § 3, eff. May 19, 1999; 2003, No. 86 (Adj. Sess.), § 18.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2853. Application

§ 2853. Application
A qualified student may be awarded an Honor Scholarship without affecting eligibility for an incentive grant. The Honor Scholarship amount shall not be considered in determining the calculation of the initial amount of the grant, unless the student’s total grant and scholarship assistance from all sources exceeds the cost of attendance as defined under the Higher Education Act. (Added 1965, No. 198, § 6(f); amended 2003, No. 86 (Adj. Sess.), § 19.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2854. Amount; number; disbursement

§ 2854. Amount; number; disbursement
(a) Each Vermont Honor Scholarship shall be an equal amount and no less than $1,000.00 as determined by the Board.
(b) Each secondary school, or a border school serving Vermont secondary school students, may nominate a senior for a Vermont Honor Scholarship.
(c) The Scholarship shall be disbursed to the approved postsecondary education institution at which the recipient enrolls. (Added 1965, No. 198, § 6(d), (e); amended 1999, No. 24, § 4, eff. May 19, 1999; 2003, No. 86 (Adj. Sess.), § 20.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, 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; repealed on July 1, 2022 by 2018, No. 11 (Sp. Sess.), § E.215.2.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2861. Establishment

§ 2861. Establishment
There is hereby created an Education Loan Program for the purpose of assisting qualified students to pursue schooling beyond the secondary level. It is the intention of the Legislature in establishing the Education Loan Program under this subchapter to serve Vermont resident students and their families throughout their educational careers; and to serve nonresident students attending Vermont postsecondary institutions and the families of those students throughout their educational careers. It is also the intention of the Legislature that education loans made under this subchapter not be collateralized at the time of their origination. (Added 1965, No. 198, § 7(a); amended 2003, No. 86 (Adj. Sess.), § 23.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2862. Rules and regulations

§ 2862. Rules and regulations
(a) The Board shall adopt rules and regulations and establish policies and procedures that it deems necessary to carry out the purpose of this subchapter. The rules and regulations so adopted shall include provisions relating to borrower eligibility, maximum loan amounts, interest rates, and other charges.
(b) In the case of loans reinsured under the Higher Education Act, the rules and regulations shall conform to the requirements of that act.
(c) Education loans guaranteed, made, financed, serviced, or otherwise administered by the Corporation are exempt from the interest rate and charges limitations of 9 V.S.A. §§ 41a and 42, but those rates and charges shall reflect the Corporation’s costs of funds, its costs of education loan financing and servicing, and the risks associated with different types of education loans.
(d) Loans made pursuant to the Higher Education Act by institutions doing business in Vermont shall be made pursuant to this chapter. (Added 1965, No. 198, § 7(b); amended 1967, No. 131, § 8; 1967, No. 371 (Adj. Sess.), § 5, eff. March 27, 1968; 1969, No. 83, § 1, eff. April 18, 1969; 1973, No. 51; 1983, No. 76, § 2; 1987, No. 79, § 2, eff. June 9, 1987; 2003, No. 86 (Adj. Sess.), § 24.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2863. Guarantee

§ 2863. Guarantee
The Corporation is authorized to guarantee that any education loan notes properly executed shall be repaid according to their tenor and, if guaranteed under the Higher Education Act, to the extent authorized under that act, provided, that in the event of default, the holder has complied with the rules, regulations, and procedures of the Corporation, and with the Act and the regulations promulgated under the Act, regarding the making, servicing, and diligent collection of education loans until assigned to the Corporation as provided in this chapter. The Corporation may make loans that have no guarantee. (Added 1965, No. 198, § 7(c); amended 1975, No. 170 (Adj. Sess.), § 4; 1993, No. 147 (Adj. Sess.), § 4; 2003, No. 86 (Adj. Sess.), § 25; 2019, No. 131 (Adj. Sess.), § 102.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2864. Reserve fund

§ 2864. Reserve fund
(a) The Corporation shall establish and maintain an allowance for loans not covered by a federal or other guaranty or insurance, using historical loan delinquency and default rates and other relevant information. To the extent the reserve fund contains any monies appropriated by the State, such reserve funds shall be held and administered in accordance with 32 V.S.A. § 432 and 433. Any such allowance may not be funded from monies appropriated by the General Assembly to the Corporation unless specifically appropriated for such purposes.
(b) The Corporation is authorized to negotiate and enter into agreement with the U.S. Secretary of Education to reinsure its guarantee of any loans made under this chapter, and to amend such agreements, consistent with this chapter. (Added 1965, No. 198, § 7(d); amended 1969, No. 83, § 2, eff. April 18, 1969; 1981, No. 174 (Adj. Sess.), § 4, eff. April 20, 1982; 1993, No. 147 (Adj. Sess.), § 5; 2003, No. 86 (Adj. Sess.), § 26.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2865. Default

§ 2865. Default
A holder of a loan guaranteed pursuant to this chapter may submit a default claim to the Corporation for payment when a borrower has failed to make an installment payment of principal or interest or both when due or to comply with other terms of the note or other written evidence of agreement, which persists beyond the delinquency period provided in the Higher Education Act. Upon the holder’s compliance with the servicing and the default claim filing requirements specified in section 2863 of this chapter, the Corporation shall pay the holder the amount due as described in section 2863 of this title. Upon reimbursement, the holder shall assign the note to the Corporation, but such assignment may be without representation or warranty, expressed or implied, and without recourse. (Added 1965, No. 198, § 7(e); amended 1969, No. 83, § 3, eff. April 18, 1969; 1975, No. 170 (Adj. Sess.), § 5; 1993, No. 147 (Adj. Sess.), § 6; 2003, No. 86 (Adj. Sess.), § 27.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2866. Rights of minors

§ 2866. Rights of minors
A person under 18 years of age shall not be disqualified or lack capacity by reason of the person’s minority, but shall have the rights, powers, privileges, and obligations of a person of full age with respect to executing instruments under this subchapter. (1965, No. 198, § 7(f); amended 2003, No. 86 (Adj. Sess.), § 28.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2869. Loan cancellation; mathematics, science, and computer science teachers

§ 2869. Loan cancellation; mathematics, science, and computer science teachers
(a) Loans obtained under this subchapter may be partially or completely cancelled and forgiven for a borrower who is employed for a complete academic school year as a full-time licensed teacher:
(1) in a Vermont elementary or secondary school that is approved by the State Board; and
(2) in the subject area of mathematics, science, or computer science during a year when there is a critical shortage of licensed teachers in that area.
(b) Annually, the Board of the Corporation shall determine, after consultation with the Secretary, whether a critical shortage of licensed teachers exists in each of the subject areas of mathematics, science, and computer science.
(c) The Board shall determine the amount of loan to be cancelled for each complete academic year of teaching service. The amount cancelled for each year shall not exceed 25 percent of the original principal amount plus any accrued interest.
(d) This section is subject to the availability of funds specifically appropriated for loan cancellations under this section. (Added 1983, No. 76, § 1; amended 1989, No. 118, § 3; 2003, No. 86 (Adj. Sess.), § 29; 2013, No. 92 (Adj. Sess.), § 188, eff. Feb. 14, 2014.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2875. Findings and intent

§ 2875. Findings and intent
(a) The general welfare and well-being of the State are directly related to the educational levels and skills of its citizens.
(b) It is the policy of the State to advance postsecondary education opportunities by using the State’s limited resources in an effective, efficient, and equitable manner.
(c) Given the cost of postsecondary education to students, families, and the taxpayers of the State, it is in the public interest of the State to support supplemental means that enable its citizens to pursue their educational aspirations.
(d) It is a valid and vital public purpose to create a means of encouraging the savings and investing of funds for future postsecondary education, in compliance with the Internal Revenue Code of 1986, as amended.
(e) The implementation of the Vermont Higher Education Investment Plan as provided by this subchapter furthers this public purpose. (Added 1997, No. 79 (Adj. Sess.), § 1, eff. July 1, 1997; amended 2001, No. 58, § 4, eff. June 16, 2001; 2013, No. 92 (Adj. Sess.), § 189, eff. Feb. 14, 2014.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2876. Definitions

§ 2876. Definitions
As used in this subchapter, except where the context clearly requires another interpretation:
(1) “Beneficiary” means any individual designated by a participation agreement to benefit from payments for qualified postsecondary education costs.
(2) “Benefits” means the payment of qualified postsecondary education costs on behalf of a beneficiary from a participant’s investment plan account.
(3) “Corporation” means Vermont Student Assistance Corporation.
(4) “Internal Revenue Code” means the federal Internal Revenue Code of 1986, as amended, together with the regulations promulgated pursuant to that Code.
(5) “Qualified postsecondary education costs” means the costs of tuition and fees for attendance at an approved postsecondary education institution, and other qualified higher education expenses as provided under 26 U.S.C. § 529.
(6) “Approved postsecondary education institution” means a postsecondary education institution as defined in section 2822 of this title.
(7) “Vermont Higher Education Investment Plan” or “Investment Plan” means one or more plans created pursuant to this subchapter.
(8) “Participant” means a person who has entered into a participation agreement pursuant to this subchapter intended for the payment of qualified postsecondary education costs on behalf of a beneficiary.
(9) “Participation agreement” means an agreement between a participant and the Corporation, pursuant to and conforming with the requirements of this subchapter. (Added 1997, No. 79 (Adj. Sess.), § 1, eff. July 1, 1997; amended 2001, No. 58, § 4, eff. June 16, 2001; 2019, No. 51, § 16, eff. Jan. 1, 2019; 2019, No. 154 (Adj. Sess.), § E.605.4, eff. Oct. 2, 2020.)
2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2878. Participation agreements for Investment Plan

§ 2878. Participation agreements for Investment Plan
The Corporation shall have the authority to enter into Investment Plan participation agreements with participants pursuant to the provisions of this subchapter, including the following terms and agreements:
(1) A participation agreement shall stipulate the terms and conditions of the Investment Plan to which the participant makes contributions.
(2) A participation agreement shall clearly specify the method for calculating the return on the various investment options available and shall reference the relevant expenses and other pertinent information about the account.
(3) The execution of a participation agreement by the Corporation shall not guarantee in any way that postsecondary education costs will be equal to projections and estimates provided by the Corporation or that the beneficiary named in any participation agreement will be admitted to an institution of postsecondary education.
(4) A participation agreement shall clearly and prominently disclose to participants the risks associated with the various investment options available under the applicable Investment Plan.
(5) Participation agreements shall be organized and presented in a way and with language that is easily understandable by the general public. A participation agreement shall clearly and prominently disclose to participants that the Corporation, the State, and any other governmental entity are not liable for, nor guarantee the return of or on the participant’s contributions to an Investment Plan. A participation agreement shall also clearly and prominently disclose to participants the existence of any load charge or similar charge assessed against the accounts of the participants for administration, operation, or services. No fee or similar charge may be imposed with regard to an investment managed by the Corporation. Any fee, load, or similar charge with regard to any investment not managed by the Corporation shall be no greater than the cost determined by the Corporation to be required to administer the investment. The cost of originating and servicing any education loans made or acquired pursuant to participation agreements shall not be considered as load charges or similar charges.
(6) Any investment advisory or management contract used with respect to a participation agreement shall be competitively bid pursuant to guidelines established by the Secretary of Administration. (Added 1997, No. 79 (Adj. Sess.), § 1, eff. July 1, 1997; amended 2001, No. 58, § 4, eff. June 16, 2001; 2019, No. 154 (Adj. Sess.), § E.605.4, eff. Oct. 2, 2020.)