Yes indeed; you can always wear layers here. And like you said, a little internal heating goes a long way, especially compared with the struggle of cooling down a summer in Cyprus.
To be honest, the cold isn't what makes winters in the Northeast a hassle. Yes it will be Very Cold here, particularly in January and February (below 20, say). But again, you put on an extra scarf and walk through it. (now I bust out a graph: http://www.weather.com/weather/wxclimat ... undeclared)
What's a serious pain is the snow. It is unbelievably beautiful to have a winter wonderland here, but if you've never woken up 45 mins early to go shovel a driveway, three consecutive days...
But again, for a grad student, this amounts to what? You buy some nice boots, a scarf, make sure the place you live has heat and ask about the plowing during the winter. You won't have to/want to drive all that much in Burlington, so unless you plan on being a home and car owner right off, then I doubt it's that big of a concern.
The upshot is that it's very mild the rest of the year, perfectly gorgeous drives (even when there is a foot of snow on the ground, we get it off the roads quickly enough), and about one of three places in the US where you can find forest, mountains, and a lake all in one place. (wow, maybe I should work for the city....)