VSAC Borrower Benefits for Undergraduate Students
2008-2009 Academic Year*Easy to Get; Easy to Keep
Borrow a VSAC Stafford loan and automatically qualify for VSAC's great borrower benefits.
NO FEES*
VSAC Stafford loans are not charged any origination or default fees; VSAC pays the fees on your behalf!
INTEREST RATE REDUCTION*
VSAC Stafford loans automatically receive a 1% interest rate reduction upon entering repayment.
VSAC Makes It Easy…- Keep the lower interest rate as long as you make your payments within 21 days of your due date.
- If you make a late payment; get the lower interest rate back by making 12 consecutive on-time payments.
- You won’t lose your interest rate reduction during periods of deferment and forbearance.
- Make your payments online; VSAC provides an online payment service which allows you to avoid postal delays.
SAVINGS**
Check out how VSAC’s borrower benefits reduce your overall cost of borrowing.
| Loan Type | Total Borrowed1 | Total Cost without VSAC Benefits2 | Total Cost with VSAC Benefits2 | Total Savings with VSAC Benefits2 |
|---|---|---|---|---|
| Subsidized Stafford | $15,000 | $20,264 | $18,830 | $1,434 |
| $35,000 | $47,313 | $43,957 | $3,356 | |
| Unsubsidized Stafford | $15,000 | $24,648 | $22,923 | $1,725 |
| $35,000 | $57,546 | $53,511 | $4,035 |
2Cost & Savings are based on a 10 year repayment term, with loans entering repayment after 4 years of enrollment plus a 6 month grace period. Interest begins accruing at disbursement for Unsubsidized Stafford loans and is added to principal when the loans enter repayment.
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*Borrower benefits described are for loans with a first disbursement on or after 7/1/08. VSAC evaluates borrower benefits each academic year and reserves the right to modify, terminate, or discontinue them at any time, at its sole discretion.
**Estimated savings based on loan type, loan terms as of 7/01/08, and 10-year repayment period.
