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VSAC Advantage Loan – 2009-2010 Academic Year

For Loans Approved by 12/30/09*


Need additional financing? VSAC has options.

Students should always start with a federal Stafford loan. For undergraduate students who need additional financing beyond the Stafford loan limit, VSAC strongly recommends that families consider a parent PLUS loan rather than a private loan in the student’s name.

If the Parent or Grad PLUS loan is not an option, VSAC offers a competitively priced private loan to undergraduate and graduate/professional students with a credit approved cosigner. Always consider grants, scholarships and federal loans before applying for a VSAC Advantage loan.

*Funds for VSAC private loans are limited. All funds could be expended before 12/30/09. VSAC cannot guarantee availability of funds until final loan approval.


The VSAC Difference!


GET THE FACTS

Financial Aid Officers – Certification and Disbursement Information


ELIGIBILITY

To be eligible for a VSAC loan, you must be one of the following:

The VSAC Advantage loan is available as a supplement to grants, scholarships, federal loans, and school aid. You may be eligible for this loan if you are:

HOW TO APPLY


  1. 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.

  2. VSAC Advantage loans require a credit eligible cosigner. Your cosigner can obtain credit pre-approval and request an application online.
  3. Both you and your cosigner must complete an application:
    • We will mail your cosigner a packet with both forms if they request an application as part of their online credit pre-approval.
    • You may also obtain an application by contacting us at info@vsac.org or by calling us at 800-226-1029 or 802-655-4050.
    • Mail your completed cosigner and borrower applications to:
      VSAC
      PO Box 999
      Winooski VT 05404
  4. VSAC will notify you of your application status once we receive completed credit agreements/applications from both you and your cosigner.

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INTEREST RATES & FEES


Credit Criteria Cosigner
Required		 Current
Interest Rate*
(Effective 10/09-12/09)		 Fees
with Cosigner who meets Exceptional credit criteria Yes 4.71% 0%
with Cosigner who meets Excellent credit criteria Yes 5.71% 0%
with Cosigner who meets Better credit criteria Yes 6.46% 2% Origination Fee
with Cosigner who meets Good credit criteria Yes 7.21% 3% Origination Fee
with Cosigner who meets Satisfactory credit criteria Yes 7.71% 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 10/09–12/09 and the LIBOR for this period is 0.46%.

 

LOAN AMOUNTS


Minimum: $200

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

 

REPAYMENT


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APR & REPAYMENT EXAMPLE


Credit Criteria Fee Interest Rate APR Finance
Charge		 Payment Schedule
With cosigner who meets
Exceptional credit criteria		 0% LIBOR+ 4.25% 4.56% $6,593.40 179 payments of
$92.19
Final payment of
$91.39
With cosigner who meets
Excellent credit criteria		 0% LIBOR+ 5.25% 5.50% $8,313.04 179 payments of
$101.74
Final payment of
$101.58
With cosigner who meets
Better credit criteria		 2% LIBOR+ 6.00% 6.38% $9,880.84 179 payments of
$109.34
Final payment of
$108.98
With cosigner who meets
Good credit criteria		 3% LIBOR+ 6.75% 7.17% $11,416.93 179 payments of
$117.32
Final payment of
$116.65
With cosigner who meets
Satisfactory credit criteria		 5% LIBOR+ 7.25% 7.83% $12,612.13 179 payments of
$122.86
Final payment of
$120.19

Assumptions:

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COSIGNER


VSAC requires a credit eligible cosigner for all VSAC Advantage loans.

You need a cosigner to… Apply for a VSAC Advantage loan.
A cosigner with Exceptional credit will… Enable you to get the best interest rate and a zero fee loan.
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 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.

 

COMPARE VSAC ADVANTAGE AND FEDERAL PLUS LOANS


A federal PLUS loan has benefits not available with most private education loans. VSAC recommends that you consider borrowing a PLUS loan before any private loan, including the VSAC Advantage loan.

 

ADDITIONAL FINANCING OPTIONS


Undergraduate Students

Graduate/Professional Students

Interested in exploring additional financing options?
Check out these additional sources of aid.


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FUNDING SOURCES
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