VSAC Law Loan 08-09

VSAC Law Loan – 2008-2009 Academic Year

For Loans Approved On or After 5/19/08

Need a private education loan for law school? VSAC has a solution.

VSAC strongly recommends that you consider a Grad PLUS loan before any private education loan. If you are unable to qualify for a Grad PLUS loan, we have a competitively priced private loan available to graduate students pursuing a law degree.

The VSAC Difference!

Competitive Interest Rates & Fees – VSAC is committed to providing the lowest-cost education loans possible.
Flexible Repayment Terms – Extended repayment periods available; no payments due until 9 months after you graduate or are enrolled less than half-time.
Unparalleled Customer Service – Helpful, friendly, accessible; personalized service to meet your needs.
Convenient Online Services – Credit pre-approval, account access, loan payments.
Count On Us To Be There – VSAC isn’t in the business of selling loans.

Loan Amounts
Repayment
APR & Repayment Examples

Financial Aid Officers - Certification and Disbursement Information

HOW TO APPLY

Request Online Credit Pre-approval
The VSAC Law loan is a credit-based loan; we must review your credit. You may request a loan application during the online credit pre-approval process. We will mail you a loan application once you are pre-approved.
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.
Wait for instructions from VSAC and your school regarding next steps.

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ELIGIBILITY

The VSAC Law loan is available as a supplement to grants, scholarships, federal loans, and school aid.

You may be eligible if you are:

enrolled or enrolling at least half-time at a VSAC-approved, ABA-accredited law school
eligible for federal student aid (have you completed the FAFSA?)
borrowing your maximum Stafford loan
credit-approved or applying with a credit-approved cosigner
a Vermont resident or attending a Vermont school or already a VSAC loan customer

VSAC also provides the VSAC Bar loan for students who have completed law school and are now studying to take the bar exam.

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INTEREST RATES & FEES

Credit Criteria	Interest Rate* (Effective 4/08-6/08)	Fees
Borrower or Cosigner who meets Excellent credit criteria	7.60%	0%
Borrower meets Good credit criteria	7.60%	5% Origination Fee

* Interest rates are variable; updated quarterly and determined using the average of the three-month LIBOR rate (London Inter-bank Offered Rate), plus a margin. There is no maximum rate. Rates shown are effective 4/08–6/08 and the LIBOR for this period is 3.60%.For additional information, check out VSAC APR and Repayment Examples .

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LOAN AMOUNTS

Minimum: $200
Maximum: Up to the cost of your education, less any other aid, as determined by your financial aid office.

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REPAYMENT

No payments due until nine months after you graduate or are enrolled less than half-time. Notification will be sent to you prior to your 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.
Temporary payment postponement and reduced payment options are available.

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APR & REPAYMENT EXAMPLES

Credit Criteria	Fee	Interest Rate	APR	Finance Charge	Payment Schedule
Borrower or Cosigner with Excellent credit	0%	LIBOR+4.00%	7.33%	$16,401.20	179 payments of $174.46 Final payments of $172.86
Borrower only with Good credit	5%	LIBOR+4.00%	7.88%	$17,151.20	179 payments of $174.46 Final payments of $172.86

Assumptions:

Origination fees, when applicable, are deducted from the loan disbursement(s).
APR (annual percentage rate) and payment amount examples assume a constant LIBOR, $15,000.00 loan amount, a 41-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 4/1/08-6/30/08 and the LIBOR for this period is 3.60%.

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COSIGNER

A cosigner is the co-borrower of the loan and is jointly and severally liable for repayment of the loan.

*You need a cosigner if…*	You don’t meet our credit criteria.
*Consider obtaining a cosigner to…*	Save on fees - No fee if you, or a cosigner you choose, meet VSAC’s excellent credit criteria.
*Cosigner’s responsibilities are to…*	Make payments, including any late or collection fees if the primary borrower is unable to pay. Sign all paperwork along with the primary borrower.
*As a cosigner expect to…*	Receive a bill statement for the loan each month along with the primary borrower. Have the loan’s payment status be reported to the national credit bureaus for both you and the primary borrower.
*Once a cosigner always a cosigner unless…*	Cosigner release is available upon request to qualified borrowers; borrowers must meet VSAC’s credit criteria after 48 months of active repayment.