Why Get a Student Loan from VSAC?
There are a few good reasons why it might be worth considering a student loan with VSAC.
For example, APRs start from just 3.99% for those with an excellent credit rating. In addition, VSAC provides loans to cover the entire cost of study, minus any aid received from alternate sources. So, even students in expensive study fields like medicine or law won’t miss out. This isn’t always the case with competitors in the student loan industry.
What Student Loans does VSAC offer?
There are two types of student loans available. Note that in all cases, applicants must be a resident of Vermont, or coming to study in Vermont in order to be eligible.
Student Loans
Key information:
- A credit-approved cosigner is required with no exceptions
- Repayment terms can’t be extended
- Origination fees apply in some circumstances (Contact VSAC directly)
Loan amounts | $500 - No maximum |
Terms | 10 or 15 years |
APRs | 3.99% to 6.58% depending on repayment option |
Prepayment penalties | $0 |
Student Loans for Parents
Key information:
- For parents to fund their child’s education
- A credit check will be undertaken with no exceptions (minimum credit rating required unspecified)
- Repayment terms can’t be extended
- Origination fees apply in some circumstances
Loan amounts | $500 - No maximum |
Terms | 10 or 15 years |
APRs | 3.99% to 6.92% depending on repayment option |
Prepayment penalties | $0 |
Repayment Options
For Student Loans
Students have three choices.
- Immediate - Begin payments straight away, with APRs from 3.99% to 4.7%. The first payment must be made within 45 days of the school receiving funds from VSAC. This is the cheapest option overall.
- Interest-only - Only pay monthly interest while enrolled in school, with APRs from 5.10% to 5.66%. Again, payments must begin within 45 days of VSAC providing funds to the school.
- Deferred - Don’t pay anything until completing the study period, with APRs from 6.30% to 6.58%. Payments must begin within 45 days of enrolment ending. It’ll be by far the most expensive option overall.
For Parent Loans
Parents have two choices.
- Immediate - The same conditions for the student loan are applied.
- Delayed - First payment due within 12 months and 46 days of the final VSAC payment to the school, with APRs of 6.27% to 6.92%. In the long term, this is by far the most expensive option.
