VSAC Medical Loan – Frequently Asked Questions
GETTING A VSAC MEDICAL LOAN
Q: I need more money; can I get a VSAC Medical Loan?
A: Yes, if you are eligible for financial aid and unable to cover your remaining cost of attendance you can apply for a VSAC Medical Loan. Keep in mind:
- Your school’s financial aid office determines your eligibility for financial aid.
- You should only use the VSAC Medical Loan after using all available school, state, and federal aid.
- All of your financial aid, including education loans, can not exceed your cost of attendance (as certified by your school’s financial aid office).
- VSAC will evaluate your credit to determine whether you meet our credit criteria; VSAC must also ensure that you meet our VSAC Medical Loan eligibility requirements.
Q: How much money can I get?
A: You’ll need to contact your school’s financial aid office to determine how much additional loan money you can take out.
Q: What if I have bad credit?
A: You can still apply. If you do not meet VSAC’s credit criteria, you and a friend or relative may jointly apply for the loan (i.e., you will be the borrower and they will be the cosigner); your friend or relative must meet our credit criteria.
Q: Can the loan money be sent to me at home?
A: No. Loan money is sent directly to the school. If the loan money is more than the balance you owe the school, your school may issue you a refund. You may use this refund check to cover other education-related expenses.
Q: How do I change the amount of the loan?
A: You can contact VSAC to decrease a loan that has not yet been disbursed to your school. To request an increased amount you must complete a new loan application.
Q: How do I change the disbursement dates?
A: Your school's financial aid office determines the scheduled disbursement dates.
Q: I am a parent; can I take this loan for my son/daughter?
A: The student must apply for the Medical Loan. You may cosign the loan, but your son/daughter is the primary borrower. As a cosigner, you will be equally liable for repayment of the debt.
REPAYING A VSAC MEDICAL LOAN
Q: When do I have to begin repaying this loan?
A: You will begin repaying your loan nine months after you graduate. If you participate in a residency program, you also have the option to postpone payments for the length of your residency program; to qualify, you must enter the program before your grace period ends. Once you enter repayment, you will receive a monthly bill statement; your first bill statement will be sent to you approximately 25 days prior to your first due date.
Q: Does interest accrue while I am in school?
A: Yes. Interest begins to accrue as soon as VSAC disburses the money to your school. You are not required to make interest or principal payments while you are enrolled at least half-time in school.
Q: I am going back to school, will I still have to make payments on my loan?
A: As long as you return to school (in an at least half-time status) before your one-time nine-month grace period ends (and your school notifies VSAC that you have re-enrolled) your VSAC Medical Loan will go back into school status and will not be due for payment. If you return to school after your one-time nine-month grace period ends, your loan will remain due for payment.
Q: What are my options if I have difficulty repaying my loan?
A: Some private loan borrowers are eligible to temporarily suspend or lower their monthly payments (generally for about three to six months) at the discretion of the lender (VSAC). Eligibility is limited and is based on individual circumstances. Contact VSAC if you’re having difficulty repaying your loan. (Note: Unlike federal loans, private loans do not include loan deferment entitlements; deferments entitle the borrower to suspend their payments when they meet certain eligibility criteria.)
Q: I want to include my Medical Loan in my Consolidation Loan, can I?
A: No. Private education loans, such as the Medical Loan, can not be included in a Federal Consolidation Loan. You can simplify repayment of your VSAC loans by making sure all of your payments are due on the same day of the month. Contact us if you’d like us to change one or all of your due dates.
Q: Can I lock into a fixed interest rate?
A: Federal Consolidation is currently the only way to lock in a fixed interest rate on your VSAC loan. Your private education loans are not eligible for Federal Consolidation and thus can not be locked into a fixed interest rate. The VSAC Medical Loan has a variable interest rate; it is adjusted quarterly.
Q: My cosigner no longer wants to be a cosigner, can I take his name off of my Medical Loan?
A: Cosigner release is available upon request to qualified borrowers; borrowers must meet VSAC’s credit criteria after 48 months of active repayment. Contact us if you would like to learn more.
