MONTPELIER — Treasurer Mike Pieciak awarded a record $3.4 million in funding for higher education, including scholarships for Vermont students from the Higher Education Endowment Trust Fund (HEETF). It marks the second straight year that the Fund has earned a record-breaking distribution — up from $2.6 million in FY25, according to a news release.
A total of $2.4 million of the funds will be made available for non-loan tuition assistance for Vermont students. The funding will be distributed through the University of Vermont (UVM), the Vermont State Colleges (VSC), and the Vermont Student Assistance Corporation (VSAC). The remaining funds will contribute to the endowments of UVM and VSC.
“The Higher Education Endowment Trust Fund is a direct investment in Vermont’s future, supporting life-changing opportunities for students and powering our economy by filling critical workforce gaps,” Pieciak said in a statement. “As other sources of financial aid dwindle, we must protect and invest in the Fund to keep higher education within reach for Vermonters.”
The Legislature established the HEETF in 1999 to make higher education more affordable for Vermonters and strengthen the state’s workforce. The annual distribution is based on investment earnings, which the Treasurer’s Office report annually. In FY26, the Fund earned a 14.6 percent return.
Pieciak said resources from the Fund play an important role in expanding access to higher education for students who might not otherwise be able to afford it. A recent study found that Vermonters pay more toward their student loans each month than borrowers in any other state.
In academic year 2025-26, HEETF earnings supported 1,227 scholarships for over 800 students, averaging nearly $1,900 per award. About 70 percent of scholarships were awarded to first generation college students, while 79 percent went to students who qualify for federal needs-based tuition assistance.
UVM President Marlene Tromp, Ph.D., said the resources will help more Vermonters reach their potential. “We in Vermont are so fortunate that the state continues to invest in the Higher Education Trust Fund. It benefits our students and institutions to empower learning and workforce development to literally change lives and make dreams a reality.”
Scott Giles, president and CEO at VSAC, further highlighted the critical role the Fund plays in creating opportunities for Vermont’s students. “Vermont’s high wage, high demand jobs require education or training after high school,” he said in a statement. “The higher education endowment trust fund scholarships open doors of opportunity to low and modest income students that would otherwise be closed to them. This is a huge win for these students and for Vermont’s workforce development strategy.”
The HEETF is also a long-term investment in Vermont’s economy, supporting the next generation of workers in fields like education, health care, behavioral sciences, and STEM.
“Our students go on to fill roles in education, nursing, business, manufacturing, and trades—where employers desperately seek skilled workers,” said VSC Chancellor Beth Mauch. “These scholarships will turn the dream of a good-paying job into a reality for many Vermont students at Community College of Vermont and Vermont State University. When we make higher education more accessible and affordable, our entire state benefits,”
