Section 37 - Nurse Faculty Loan Repayment Program(a) As used in this section:(1) "AHEC" means the Vermont Area Health Education Centers program.(2) "Eligible individual" means an individual who satisfies the eligibility requirements under this section for loan repayment.(3) "Eligible school" means an approved postsecondary education institution, as defined under 16 V.S.A. § 2822.(4) "Loan repayment" means the repayment of loans under this section.(5) "Loans" means education loans guaranteed, made, financed, serviced, or otherwise administered by an accredited educational lender for attendance at an eligible school.(6) "Nurse faculty member" or "member of the nurse faculty" means a nurse with a master's or doctoral degree that qualifies the individual to teach at a nursing school in this State.(7) "Program" means the Nurse Faculty Loan Repayment Program created under this section.(b) The Nurse Faculty Loan Repayment Program is created and shall be administered by the Department of Health in collaboration with AHEC. The Program provides loan repayment on behalf of individuals who work as nurse faculty members at a nursing school in this State and who meet the eligibility requirements in subsection (d) of this section.(c) The loan repayment benefits provided under the Program shall be paid on behalf of the eligible individual by AHEC, subject to the appropriation of funds by the General Assembly for this purpose.(d) To be eligible for loan repayment under the Program, an individual shall satisfy all of the following requirements:(1) graduated from an eligible school where the individual was awarded a graduate degree in nursing;(2) work as a member of the nurse faculty at a nursing school in this State; and(3) be a resident of Vermont.(e) An eligible individual shall be entitled to an amount of loan repayment under this section e for a defined service obligation of not less than one year at a Vermont nursing school.(f) Loan repayment shall be awarded on a rolling basis, provided funds are available, and any funds remaining at the end of a fiscal year shall carry forward and shall be available to the Department of Health and AHEC in the following fiscal year to award additional loan repayment as set forth in this section. Amended by 2024 , No. 113, § E.311, eff. 7/1/2024.Added by 2022 , No. 183, § 29a, eff. 7/1/2022.