MONTPELIER, Vt. (8/6/13)--Vermont State Employees CU (VSECU) in Montpelier has a program called Loan Independence for Today (LIFT) that provides some lucky Vermont residents with relief from student-loan debt.
The Student LIFT program this year added a new category to recognize individuals who are the first in their family to attend college. So this year, there are three categories with one award provided in each: Financial Literacy, Service To Vermonters and First Generation (The Times Argus Aug. 3).
Each of the three categories has different qualification requirements and offer $5,000 annual awards to applicants with diverse interests and talents, VSCU told the paper.
The award program is open to any VSECU member who is Vermont resident and is paying off a student loan debt.
Graduates can be financially challenged by making student loan payments, along with paying for other expenses and providing for dependents, while going through the often-difficult process of finding a job, Steve Post, VSECU CEO, told the paper.
The Credit Union National Association has formed a student loan working group to explore current issues related to credit unions' offering private student loans to members, CUNA's Regulatory Advocacy Report informed readers last month (News Now July 16).
The group's focus will be to develop best practices for credit union student loans and to monitor related regulatory activity at the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration.