VSAC Law Loan – 2007-2008 Academic Year
For Loans Approved Before 5/19/08
The VSAC Law loan is a competitively priced private loan available to graduate students pursuing a law degree. It is available as a supplement to grants, scholarships, federal loans, and school aid.
VSAC also provides the VSAC Bar Loan for students who have completed law school and are now studying to take the bar exam.
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:
- 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 through VSAC
- credit-approved or applying with a credit-approved cosigner
- a Vermont resident or attending a Vermont school or already a VSAC loan customer
BORROWER BENEFITS*
VSAC Law loans approved before 5/19/08 automatically qualify!
Annual 1% Rebate
Throughout repayment, VSAC Law loans receive an annual interest rebate equivalent to 1% of the outstanding principal balance.
INTEREST RATES & FEES
| When you or your cosigner meet our best credit criteria... | When you meet our good credit criteria... |
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Origination Fee = 0% NO FEE! Interest Rate = LIBOR + 3.65% |
Origination Fee = 5% Interest Rate = LIBOR + 3.65% |
The interest rate is variable and changes quarterly. The rate 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 of 3.65%. Rates shown are effective 4/08–6/08 and the LIBOR for this period is 3.60%.
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 nine 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 EXAMPLES
| Credit | Fee | Interest Rate | APR | Payment Amount | |
| Student or cosigner | best | 0% | LIBOR + 3.65% | 7.00% | $169.22 |
| Student only | good | 5% | LIBOR + 3.65% | 7.55% | $169.22 |
APR & Repayment Example 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 42-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.
ADDITIONAL FINANCING OPTIONS
VSAC-Administered Scholarships
Interested in exploring additional financing options? Check out these additional sources of aid.
*Borrower benefits described are for VSAC Law loans approved before 5/19/08. VSAC evaluates borrower benefits each academic year and reserves the right to modify, terminate, or discontinue them at any time, at its sole discretion. Loans 180 or more days past due are not eligible for the annual rebate.
