Stafford Loan – Frequently Asked Questions
- Why should I choose VSAC as my lender?
- When are my payments due?
- When does interest start accruing on the loan?
- Do I have to have good credit to get the loan?
- Can I get more loan money than the school awarded me?
- How do I change the amount of my loan?
- How do I change the disbursement dates?
Why should I choose VSAC as my lender?
VSAC's quality of service sets us apart from other lenders. Here are some good reasons to choose VSAC as your lender:
- Unparalleled Customer Service – Helpful, friendly, accessible; personalized service to meet your needs.
- Convenient Online Services – Apply for your loan, view your account and make payments online.
- Service over the life of your loan – VSAC isn’t in the business of selling loans.
Payments are due six months after you graduate or begin when less than half-time enrollment. Notification will be sent to you prior to the first due date.
When does interest start accruing on the loan?
Interest accrues differently depending upon the type of Stafford loan you borrow. If you borrow a subsidized Stafford loan, the federal government pays the interest while you are enrolled in school (at least half-time) and during grace and deferment periods. If you borrow an unsubsidized Stafford loan, the federal government does not pay the interest; you are responsible for all interest. Interest begins to accumulate immediately upon disbursement.
Do I have to have good credit to get the loan?
A credit review is not part of the Stafford loan application process; however, you are not eligible for federal aid if you have federal student loans in default.
Can I get more loan money than the school awarded me?
The Stafford loan has an annual loan limit that is based on your grade level, school, and dependency status. You are not able to borrower more than this annual loan limit.
If you are a dependent undergraduate student and your parent is denied a PLUS loan due to unresolved adverse credit you may be eligible for additional federal loan funds.
How do I change the amount of my loan?
Contact VSAC to change the loan amount if:
- VSAC hasn’t asked your school to certify your eligibility
- your loan has been approved by VSAC, but the funds have not been disbursed to the school
Otherwise contact your Financial Aid Office to change the amount.
How do I change the disbursement dates?
Your school’s Financial Aid Office sets the disbursement dates in accordance with federal regulations.
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