Loan Consolidation - Repayment Terms

payment amount

You can choose from several repayment schedules and can change your schedule at any time. The most common repayment schedule is a “level” schedule — you pay the same amount each month. All available repayment schedules.

Use VSAC's loan calculator to estimate the amount of your monthly "level" payment amount.

Loan Calculator

Calculator Instructions:

Select loan type "other."
Enter your total education loan balance. (see below)
Enter your estimated weighted average interest rate. (see below)
Enter your estimated repayment period, in months. (see below)

INTEREST RATE

Your interest rate will be a fixed rate, no higher than 8.25%. The rate is determined by calculating a weighted average of your current interest rates and rounding up to the nearest 1/8th percent. Estimate your weighted average interest rate by entering your current loan balance(s) and current interest rate(s). VSAC can help you determine your current loan balance(s) or interest rate(s).

REPAYMENT PERIOD

Use the table below to determine your maximum repayment period; repayment periods vary based on the total amount of your education debt.

If your total education debt is:*	Your maximum repayment period is:
Less than $7,500	10 years = 120 months
$7,500-$9,999	12 years = 144 months
$10,000-$19,999	15 years = 180 months
$20,000-$39,999	20 years = 240 months
$40,000-$59,999	25 years = 300 months
Over $60,000	30 years = 360 months

*Your total education debt is the sum of all loans you plan to include in the consolidation plus the total, up to the balance you plan to consolidate, of all education loans not included and/or not eligible for consolidation.

SAVE MONEY

Always choose the shortest term possible. The cost savings may surprise you. Here’s an example:

Loan Amount: $40,000

Interest Rate: 6.5%

If you take 25 years to repay, you'll pay $40,616 in interest.

If you take 10 years to repay, you'll pay $14,464 in interest.

YOUR SAVINGS: $26,152

Loan Repayment & Consolidation