You must meet certain eligibility criteria to apply for the Vermont Advantage loan, including applying with a credit-eligible cosigner. Find out more about cosigner requirements and responsibilities.

 

Once the loan application is received, VSAC evaluates the cosigner's credit. Both the cosigner and the student borrower will be notified of the credit results. If there are any credit issues, VSAC will communicate directly with the cosigner. If the cosigner is not approved, the student borrower will need to submit a new loan application with a different cosigner.

 

Your paper application may have been incomplete. Carefully read the cover page and all pages of the Vermont Advantage loan application and fill out all required information.

After you completely fill out the application, make a copy for your records and mail the original to:
VSAC, 10 East Allen Street, PO Box 999, Winooski, VT 05404

You may also complete the application on line.

Note: Faxes, photocopies, and e-mail attachments can not be accepted.

 

New federal regulations for private education loans have added steps to the process that have lengthened the amount of time it takes until the loan funds can be disbursed to your school. These steps include additional disclosures and a federally mandated "right to cancel" period. Funds can not be disbursed to your school until these steps are completed, per federal law.

 

Watch for communications from VSAC:

• The Approval Disclosure
  Once the cosigner’s credit is approved and the credit agreement is complete, VSAC will provide the student borrower with an Approval Disclosure and specific instructions on how to accept the loan terms. The student borrower MUST actively accept the loan terms in order to keep the loan moving forward.

• The Final Disclosure
  VSAC provides this document to the student borrower once all the required information is received from the student and from the school.
  The final disclosure gives the student:
• an estimated repayment schedule and loan terms
• details about the student's "right to cancel"

 

Federal regulations require a "Right to Cancel" period for all private student loans. VSAC is able to disburse funds to the school only after this "right to cancel" period has passed. Funds are disbursed directly to the school, based on the amounts and dates certified by the financial aid office.