VSECU, the only statewide credit union in Vermont, has awarded $30,000 to members repaying student loan debt in a very unique way.
Staying true to their brand promise of helping improve the quality of life for Vermonters, VSECU developed the Student LIFT program to help unburden individuals trying to manage their student loan debt.� Student Lift is not a scholarship or grant, but instead a student loan repayment award with the goal of bringing Loan Independence for Today (LIFT).� Each year three members are selected by the VSECU Contributions Committee through an application process to receive a $5,000 award each. VSECU then makes the recipients monthly student loan payments for them until the $5,000 is exhausted. In 2013 this resulted in 38 consecutive months of student loan debt freedom for one member.
In 2013 the categories for application submission were Financial Literacy, Service to Vermonters and First Generation. �Creative entries demonstrating financial literacy have ranged from songwriting to online site development.� The Service to Vermonters category rewards members who give back to their communities through volunteerism.� And new in 2013 was the First Generation category supporting the first family member seeking higher education.
The loan repayments are not just for current students and recent graduates.� Any applicant who is in a loan repayment situation is eligible to apply even if it has been years since receiving a degree or attending school. �"The ability to make monthly student loan payments, coupled with the difficulty of finding a job , paying for other expenses or taking care of dependents, can be financially challenging for recent and not so recent graduates," said Steve Post, VSECUs chief executive officer.
An award recipient thanked the Selection Committee stating, "I feel such a tremendous sense of joy and relief to have received a Student LIFT award. The award gives my husband and I the financial breathing room we need to feel secure over the next two years, while nearly halving the time it will take to pay off my student loan."
In 2012 the recipient in the Financial Literacy category authored and illustrated a childrens book, Funny Money a story about saving, as her submission to demonstrate her financial literacy. VSECU helped the young author publish her book and then purchased a copy for every elementary school library in Vermont. The book can be found at the
Amazon store. The author and the Student LIFT program were highlighted on the local news. The Student LIFT program also won categories best at the CUNA Marketing and Business Development conference in the Community/PR Program category for 2012.
