On October 2, Treasurer Mike Piesiak announced $1.7 million to the University of Vermont (UVM), Vermont State College (VSC), and Vermont Student Assistance Corporation (VSAC) to support Vermonters seeking higher education degrees. announced that it would be distributed. The money comes from investment income in the state’s Higher Education Trust Fund, which is administered by the Department of the Treasury and provides grants to Vermonters pursuing degrees at local universities.
“The best thing we can do to grow our economy and move our state forward is to invest in Vermont. Too many Vermonters cannot afford higher education, and many are burdened with student debt. This is a drag on the workforce and the economy,” Treasurer Pieciak said. “The Higher Education Trust Fund helps Vermonters make higher education more affordable and serves as a long-term investment in our state’s future. With this year’s significant gains, our office received the largest distribution in history.
Established by the Vermont Legislature in 1999, the fund’s annual distributions are determined by investment performance reported to Congress by September 30 of each year by the Treasury Department. The distribution will be split equally among Vermont’s other institutions of higher education through UVM, VSC, and VSAC. .
In fiscal year 2024, the Fund recorded a 10.2% return with total distributions available of $1,702,704. Therefore, UVM, VSC, and VSAC will each receive $567,568 in nonloan tuition assistance for Vermont students this year.
Since its inception, the Higher Education Trust Fund has generated more than $30 million in revenue, all of which is reinvested or distributed to support higher education degree completion in Vermont. The fund balance currently stands at $35,054,943.
“The Higher Education Trust Fund is a government committed to demonstrating that effectively investing taxpayer dollars can generate long-term returns. I want to thank Congress for its foresight in creating a fund that will invest taxpayer dollars to help people reach their full potential.”
