The Association of Vermont Independent Colleges has announced a new exchange program between 14 of the colleges that will allow students to spend a semester at one of the other private schools.

The association held a Statehouse news conference on Friday to announce the new program and the results of a study that has found that Vermont’s 19 independent colleges attract 14,000 out-of-state students and pump $1.4 billion a year into the state’s economy.

The study also found that the private schools provide about 6,300 jobs that account for $314 million in wages and benefits.

The semester exchange program will start in January of 2012 with 14 schools participating.

There are no extra tuition costs but students must pay the difference in room and board between the two schools.