VSAC Advantage Loan – 2007-2008 Academic Year
For Loans Approved Before 5/19/08
The VSAC Advantage loan is a competitively priced private loan available to undergraduate and graduate/professional students. It is available as a supplement to grants, scholarships, federal loans, and school aid.
Law students – Check out our private loan for law students.
Medical students – Check out our private loan for medical students.
GET THE FACTS
Financial Aid Officers – Certification and Disbursement Information
HOW TO APPLY
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If you need a loan for the 2007-2008 school year please call 800-226-1029 to speak with a VSAC Counselor.
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Indicate that VSAC is your Lender
When you accept your school’s financial aid award package, indicate that you will be borrowing a VSAC private loan (VSAC Lender Code: 830075).TIP: Use the financial aid award package to determine how much to borrow. You are eligible to borrow up to the total cost of your education less any financial aid. However, only borrow what you need and what you will comfortably be able to repay.
ELIGIBILITY
You may be eligible if you are:
- an undergraduate or graduate/professional student
- eligible for federal student aid (have you completed the FAFSA?)
- borrowing your maximum Stafford loan
- enrolled/enrolling at least half-time at an eligible postsecondary school
- credit-approved or applying with a credit-approved cosigner
- a Vermont resident or attending a Vermont school or already a VSAC loan customer
INTEREST RATES & FEES
| Borrowing with a cosigner... | Borrowing without a cosigner... |
...who meets our best credit criteria
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...and borrower meets our good credit criteria*
*Students borrowing a VSAC Advantage loan will generally not meet our good credit criteria and will require a credit-approved cosigner. |
...who meets our good credit criteria
|
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The interest rate is variable and changes quarterly. It is based on the average of the three-month LIBOR rates (London Inter-bank Offered Rate) published on the first business day of each month of the preceding quarter, plus a margin based on whether you obtained a cosigner and the strength of your credit/your cosigner’s credit. Rates shown are effective 4/08–6/08 and the LIBOR for this period is 3.60%.
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See APR and Repayment Examples for additional information.
LOAN AMOUNTS
Minimum: $200
Maximum: Up to the cost of your education, less any other aid, as determined by your financial aid office.
REPAYMENT
- No payments due until six months after you graduate or are enrolled less than half-time. Notification will be sent to you prior to the first due date.
- Payments are due each month on the same day.
- The standard repayment period is 15 years; you may extend your repayment period up to 30 years.
- There are no prepayment penalties.
- Limited temporary payment postponement and reduced payment options available.
APR & REPAYMENT EXAMPLE
| Credit | Fee | Interest Rate | APR | Payment Amount | |
| Student with cosigner | best | 0% | LIBOR + 3.00% | 6.32% | $110.80 |
| Student with cosigner | good | 0% | LIBOR + 3.50% | 6.77% | $116.13 |
| Student only | good | 5% | LIBOR + 4.50% | 8.19% | $127.29 |
APR & Repayment Assumptions:
- Origination fees, when applicable, are deducted from the loan disbursement(s).
- APR (annual percentage rate) and payment amount examples assume a constant LIBOR, $10,000.00 loan amount, a 51-month interim period prior to repayment, a repayment period of 180 monthly payments. The examples shown are estimates only.
- This is a variable rate loan. APR and interest rates may increase or decrease during the loan term. Rates shown are effective 4/08–6/08 and the LIBOR for this period is 3.60%.
COSIGNER
- Obtaining a cosigner is optional when you meet our credit criteria; if you don’t meet our credit criteria, a cosigner is required.
- A cosigner is the co-borrower of the loan and is jointly and severally liable for repayment of the loan.
- If the primary borrower is unable to pay, the cosigner is expected to make payments, including any late or collection fees.
- Each month, both the borrower and cosigner receive a bill statement and the payment status is reported to the national credit bureaus for both individuals.
- Both borrower and cosigner must sign all paperwork.
- Cosigner release is available upon request to qualified borrowers; borrowers must meet VSAC’s credit criteria after 48 months of active repayment.
VSAC ADVANTAGE VS. PLUS LOAN
A federal PLUS loan has benefits not available with most private education loans. VSAC recommends that you consider borrowing a PLUS loan before a private loan, including the VSAC Advantage loan.
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Undergraduate Students & Parents: Compare the VSAC Advantage loan to the Parent PLUS loan (PDF)
ADDITIONAL FINANCING OPTIONS
Undergraduate Students
Graduate/Professional Students
Interested in exploring additional financing options? Check out these additional sources of aid.
