Loan Consolidation - Repayment Terms |
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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.
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).
Eligible borrowers receive a 1% interest rate reduction after they make 36 consecutive on-time payments. Learn more.
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
LEARN MORE
- What is consolidation?
- What are the pros and cons of consolidating?
- Why choose VSAC?
- Should I apply during my grace period?
- Am I eligible?
- Other frequently asked questions
- Return to main Consolidation page
