Vermont Law School is hoping to borrow $15 million from the federal government to help restructure its debts and take advantage of lower interest rates.
VLS officials said the school has put the worst of its financial woes behind it, and the proposal would fund a land-lease transaction involving its 15-acre South Royalton campus.
“It means significant operating savings for VLS,” said Lorraine Atwood, vice president of finance at the school, which she said currently spends about $1.2 million annually to service about $13.5 million in debt.
The school, which has an annual budget of $28 million, is hosting a public information meeting at 5 p.m. Thursday at Oakes Hall about the plan, which would create a land-lease agreement with a separate entity, VLS Campus Holdings LLC.
The law school would continue to own its land and 22 buildings, which have a combined net book value of $22 million, according to Atwood.