For Immediate Release
For further information, contact:
Yvonne Garand, Senior VP Marketing & Business Development
Ygarand@vsecu.com / 802-371-5197
VSECU Announces Student Debt Relief for Three Vermonters
MONTPELIER, Vt., August 2, 2013— VSECU has awarded $15,000 in student loan debt repayment during the second year of their unique member award program, Student LIFT.
Student Loan Independence for Today (LIFT) is a program where the credit union eases the burden of monthly student loan payments for three recipients of $5,000 each, totaling $15,000 in repayment awards. This year the Student LIFT program added a new category recognizing those who were the first in their family to attend college. 2013 applicants were able to apply for one of the following awards: Financial Literacy, Service to Vermonters or First Generation. Each category has different requirements, offering award opportunities for applicants with diverse interests and talents.
“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, VSECU’s chief executive officer. “With our Student LIFT program, VSECU makes the monthly student loan payment directly to the lender for the award recipients. For a person with a monthly student loan payment of $350, the $5,000 award will cover about a year of repayments. This year VSECU will be making a student loan payment for one of our award recipients for 38 consecutive months.”
Sally Blanchard of Burlington, Sheryl Rapée-Adams of Rutland, and Amy Burns of Montpelier were each awarded $5,000 in debt relief through Student LIFT. All three recipients were present for an award ceremony on Monday, July 22 at the Montpelier branch. Demonstrating the positive financial impact this award has brought to these three Vermonters, Burns 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.”
For details of the program, including the Student LIFT application and guidelines, please visit VSECU’s website at www.vsecu.com.
VSECU is a not for profit banking alternative for all Vermonters, which offers a full range of affordable financial products and services to its member owners. People eligible to join the credit union include everybody who lives or works in Vermont. For more information about VSECU, call 802/800 371-5162 or visit www.vsecu.com.