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Frequently Asked Questions

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General Questions
Financial Aid
Payment Info
Increased Payment
Loan Repayment
Vermont Higher Education Investment Plan
Education Tax Credits
Education Loan Interest Deductions
Web Browser Versions and Settings
How can I view information concerning my education loan accounts?

From the VSAC home page, click “myVSAC." From here registered users can log in to myVSAC and new users can create a myVSAC profile and link it to their VSAC loan account. Refer to recent loan documents or bill statements for the account number you will need to link your account to you myVSAC profile. When logged into myVSAC a window appears listing online services. Click “View Loan Info/Make a Payment" for information about your education loan accounts.

I have a question about my education loans and would like to speak with a counselor. How do I do that?
How can I update my address online?

Please log in or register for myVSAC to provide updated contact information. Submit your update by clicking the "myContactInfo" tab after accessing your online account.

Can I register online for a financial aid night?

Registration is not required for a financial aid night. View our calendar of events here.

Where can I find a financial calculator on your Web site?

The VSAC Web site provides several financial calculators. Visit the Pay for College or the Loan Repayment areas to choose the one you need.

Can I use Web chat to communicate with VSAC?

While this is a feature that VSAC hopes to provide in the future, at this time our Web site is not equipped with Web chat.

What grants can I apply for online?

Apply online for the Vermont State Grant.

What scholarships can I apply for online?

With VSAC’s online Unified Scholarship Application, you can complete one electronic form for all VSAC-assisted scholarships. The application, as well as additional documents that may be required for the scholarships you are applying to, can be filed online after January 1. 
Learn more.

I can’t download an application. What should I do?

You'll need Adobe Reader to download and view applications. Visit to download the free Adobe Reader software.

Do you accept electronic signatures on your applications?

VSAC requires a handwritten signature for all applications.

I have to borrow money to pay my college bills. Can I save any money by shopping around for loans? Are all loans the same?

All education loans are not the same. There are two types of education loans; federal and private. Congress sets the standard interest rates and fees for federal education loans. Private loans are offered by private lenders, including banks, credit unions, or organizations such as VSAC. Individual lenders determine the interest rates and fees for their private education loans.

Private education loans may be an option if grants, scholarships, and federal loans don’t cover all education costs or if a student’s family does not qualify for a federal PLUS loan. Eligibility for a private student loan often requires a credit check.

Federal education loans can be less expensive than private loans and have benefits that private student loans do not offer. Students should exhaust their eligibility for federal Stafford loans before choosing private student loans.

If I receive a scholarship, will it affect the amount of financial aid I receive from my college?

Scholarships are usually looked at in one of three ways: to fill "unmet need," meaning need for which you or your parents will have to borrow more money to reduce the amount of money you need to borrow to attend college; to reduce your college's grant assistance to you. Call your school's financial aid office for specific information on how your school treats scholarships.

I plan to go to school part-time. Can I get financial aid?

Almost all aid programs are available to students who attend school at least half-time. Some institutions give preference to full-time students. VSAC administers a Part-Time Grant Program for degree-students taking fewer than 12 credits of course work per semester.

I am not living with my parents, and receive no support from them. Can I file as a self-supporting student?

If you are under 24 years of age, you must file as a dependent student unless you meet certain criteria. Get a Free Application for Federal Student Aid (FAFSA) for detailed information. If you do not meet the criteria on the FAFSA, contact your school and VSAC directly to discuss your situation.

I'm a Vermont resident. Am I eligible for a VSAC grant if I go to a school outside Vermont?

Yes. VSAC grants are "portable," meaning they can be used at any approved school within or outside Vermont.

I'm having trouble meeting my monthly loan payments. What should I do?

Call VSAC. We can work with you to get your payments under control. Flexible repayment options include reducing or postponing payments, or combining several loans into one account with a more affordable payment. The worst thing to do is not to call. If you wait and hope things will get better by themselves, you will damage your credit history and could slip into default.

We're here to help! Please contact a VSAC customer relations counselor.

I have defaulted on a student loan. Am I eligible for additional financial aid so that I may return to school?

If you arrange a payment schedule with the holder of your defaulted loan and if you make the payments on time, you may regain eligibility for additional financial aid, which includes grants and loans. VSAC has three specialized programs for defaulted borrowers, one of which you may qualify for.

Interested borrowers should contact the Default Collections Department of VSAC using the Send a Message feature at the top of this page (please select "Defaulted loan repayment" in the "How can we help you?" field) to receive more information about these programs and their requirements.

We received the maximum HOPE credit of $1,500, but our family contribution went up. Are colleges taking the HOPE credit away from people by essentially considering it as income? (The HOPE credit is a federal credit to help families pay college costs.)

The FAFSA (Free Application for Federal Student Aid) asks for information on the HOPE credit so it knows to ignore that as part of your income for federal aid purposes. However, individual schools may decide, on their own, to count the credit as income since it does represent greater disposable income and therefore a greater ability to pay college bills.

My husband is currently going back to school. He's part-time at CCV (Community College of Vermont). He's thinking of transferring to another school in a few years. Must he resubmit paperwork?

Students must apply for financial aid every year they're in school, whether they transfer or not.

Are grant decisions based solely on income?

No. VSAC looks at income as well as assets, size of family, how many family members will be in college next year, the age of the older parent, the cost of the school the student is attending, and several other factors. Grades do not enter into grant decisions. For scholarships, grades may be a criterion, however. VSAC does administer about $2.3 million annually in scholarship aid.

Where Should I Mail my Payments?


PO Box 7501

Bennington, VT 05201-7501 


If your VSAC loan is in default, please send your payments to us at:

PO Box 2000
Winooski VT 05404

How Payments Are Applied

Every payment made*, regardless of method (check, online, etc.), is applied first to the most past due loan group(s) you have with VSAC. When all loan groups are current, payments are prorated based on the amount due for each group. You pay outstanding interest first; the remainder of your payment reduces your principal balance. The amount of interest you pay varies with each payment.

We calculate the interest using the following calculation:

(Interest Rate X Current Principal Balance)
365.25 X Number of days since last payment

If you pay more than the amount due, we apply extra toward future installments unless you instruct us otherwise.

*Loans in a collection status are subject to a fee. When a payment is applied to a collection account, fees are paid first, then interest and then principal. If you want a collection payment applied to just one specific loan in collections, please contact the collections department after processing your payment.

Setting Up to Pay Online
  1. If you have not yet set up your myVSAC profile, go to myVSAC, and click on “Register Now".
  2. Use your VSAC account number (refer to your bill statement for your VSAC account number), Social Security number, and date of birth to link your loan account information to your myVSAC profile.
  3. Under “Manage My Loans & Grants" on your myVSAC home page, select the link “Loan Info/Make a Payment".
  4. You’ll need to select “Make a Payment" once more to be routed to the LoanPAY ™ online payment system.
  5. Choose “Continue to LoanPAY".
Make a Payment Online
  1. Once in LoanPAY™, select “Make a Payment" from the option menu.
  2. You will be prompted to type in the payment amount before clicking “Continue".
  3. Enter banking account information. You can choose to name and save banking account information as a payment profile for future use.
  4. Review payment details. You cannot cancel a payment initiated using the “Make a Payment" function. If you need to cancel a payment you initiated using the “Make a Payment" function, contact VSAC for further information. If it is too late for VSAC to cancel the payment, you will need to work with your financial institution to prevent the debit from occurring prior to the transaction completing.
  5. Select “Confirm" to submit payment.
  6. You will receive a confirmation immediately after entering your payment, followed by an email. However, if a payment is rejected for any reason, it may be several days before you are notified by your bank. The rejected payment will also appear on your transaction history in LoanPAY™.
Set Up Scheduled Payments Series
  1. Once in LoanPAY™, select “Scheduled Payments", then select “Schedule New Payment Series" to set up a recurring debit.
  2. Provide your banking information. Please review your entry, as an incorrect routing or account number could result in cancelled payments.
  3. Choose the date of the debits. This will not change your regularly scheduled due date with VSAC. Payments take up to two business days to be applied to your VSAC loan.
  4. Select the payment amount and duration of the recurring debit payment series by selecting a number of payments, a date for payments to end, or the option to pay until further notice.
  5. You can review the status of debits you have scheduled by selecting “Currently Scheduled" under the option “Scheduled Payments".
Editing/Canceling Scheduled Payment Series
IMPORTANT: Anytime your payments change, it is your responsibility to adjust your recurring payment schedule accordingly.
Cancel an individual payment in a scheduled series: Select “Scheduled Payments" then select the Image removed. under the word “Actions" for the payment you wish to cancel. Payments may be cancelled up to 4:30pm ET on the scheduled payment date.
Cancel all payments in a schedule: Select “Scheduled Payments", “Currently Scheduled" and then select “Image removed." on the upper right of the series schedule.
Change the payment amount or date for the entire schedule: Cancel all payments in the schedule (see above) and create a new schedule with the new amount.
Change the bank account information for the entire schedule:
  • If you used a saved profile, you can update the “payment profile" used for the schedule.
  • If you did not use a saved profile, delete the schedule and re-create with the new bank account information.
Change the payment amount, date, or bank account for an individual payment in a schedule: Cancel the individual payment (see above) and make a one time payment with the different amount, method/account, or date.
Authorized Payers

An authorized payer is someone you add to the online payment system (LoanPAY™) to allow them access to make online payments on your account.

Set Up Authorized Payer

  1. Login to your LoanPAY™ account.
  2. From the left navigation choices, select “Authorize Payers".
  3. On the Authorized Payers screen, click the “Add New" button.
  4. Follow instructions on the Add Authorized Payer screen. Note that the login name and password you create must be at least 6 characters using only letters and numbers.
  5. Your authorized payer will be sent an email instructing him/her to contact you to obtain the password you’ve assigned.

Change Password for Authorized Payer

  1. Click on the “Edit" icon for the authorized payer whose password you need to update.
  2. Click on the “Reset Password" button.
  3. Your authorized payer will be sent a temporary password via email to enable them to login and to change their password.

Authorized Payer Login

Set Up Paperless Billing & Email Notifications
  1. Sign into myVSAC
  2. Click: 'Loan Information/Make a Payment'
  3. Click the link: 'Choose Paperless Statements and Go Green!'
  4. From your myVSAC profile, click 'Make Payment' to enter LoanPAY™.
  5. Once in LoanPAY™, click 'User Preferences' in the navigation column on the left.
I requested to go paperless, why am I getting statements?

If your account is delinquent VSAC resumes sending paper statements. Once your account is current we will stop sending paper statements again.

The LoanPAY™ transaction history shows I made a payment on Tuesday, but in myVSAC account it shows as Wednesday. Why are the dates different?

Your transaction history in LoanPAY™ accurately reflects the day you initiated your payment online. Your myVSAC account will reflect the effective date of the payment which is the date when the funds are debited from your bank account. This is the next business day if you made the payment before 6pm ET Monday-Friday, or the second business day for payments made Monday-Friday after 6 pm, or on a weekend.

I have set up a payment schedule and was recently approved for a deferment. Will my scheduled payments be cancelled or do I need to do this?

Anytime your payments change, you must adjust your recurring payment schedule accordingly.

I currently am having payments debited through Elect Pay. If I switch to scheduled (recurring) payments through LoanPAY™, will I continue to receive the interest rate reduction?

You can schedule recurring payments through LoanPAY™ in addition to your Elect Pay debits. If you wish to cancel your Elect Pay automatic debits, you must contact us to make this request. Once Elect Pay is cancelled, you will no longer receive the 0.25% interest rate reduction and will not have the ability to re-enroll in this program in the future.

Can I use my debit card to make online payments?

Yes, however, you will need to select the eCheck option and enter the bank routing number and bank account number associated with your debit card. You can then save this bank account information to complete future payment transactions quickly.

Is my transaction secure?

To find information about infiNET's (LoanPAY™) privacy and security policies, sign on to the infiNET website and read their Privacy Policy. The policy will give you information on their information collection and use and security measures.

Why can't I see the full bank account number I entered?

Only the last four digits are viewable as a safety measure, similar to why password fields fill in with asterisks.

Why did my payments increase now?

Because variable interest rates on student loans have been rising, VSAC determined it was important to evaluate our customers’ monthly loan payments to be sure their loans will pay off in the remaining term.

I have a fixed interest rate. Why did my payment increase?

Frequency of payments and/or the frequency of repayment options could impact your monthly payment amount.

Is it possible for my payment to increase in the future?

Yes. VSAC will periodically re-evaluate your monthly loan payment to ensure your loan(s) will pay off in the remaining term.

Is this a penalty?

No. Payment increases are a result of determining the payment amount that will pay your loan(s) off in full within the remaining term of your loan(s).

Is there a way to lower my monthly loan payment?

Yes. There are various repayment options that can assist you if you need to temporarily reduce your monthly loan payment. To learn more, go to our home page at and click on "Loan Repayment."

Can I lock into a fixed interest rate?

If your federal education loans have a variable interest rate, you may lock in a fixed interest rate by combining one or more of your education loans into a Loan Consolidation with the Department of Education’s Direct Loan Program.

I am in a reduced payment plan. When will I be billed for my new payment amount?

If you are currently approved to temporarily make reduced payments, your new payment amount will be billed after your reduced payment plan ends.

I am in a deferment. When will I be billed for my new payment amount?

If your loan(s) is in an approved deferment, your new payment amount will be billed after your deferment ends.

I am in forbearance. When will I be billed for my new payment amount?

If your loan(s) is in an approved forbearance, your new payment amount will be billed after your forbearance ends.

I am in a Graduated Repayment Schedule. Will I receive more information about my repayment schedule?

VSAC will mail you additional information regarding the repayment schedule of your loan(s).

I am currently enrolled in the VSAC Elect Pay program. When will my new payment amount be debited?

Your new payment amount will automatically debit and you will be notified by your bill statement. Please pay careful attention to your monthly statements.

Federal Loan Provisions from the College Cost Reduction and Access Act of 2007 (CCRAA)

Changes to the Federal Program based on recent legislation

The College Cost Reduction and Access Act of 2007 (CCRAA) changed some of the terms of Federal Stafford, PLUS, and Consolidation Loans made under the Federal Family Education Loan Program (FFELP). As a result, certain terms of the loan(s) you received under your Federal Stafford or Federal PLUS Loan Master Promissory Note (MPN) or your Federal Consolidation Application/Promissory Note now differ from other terms found in your Promissory Note(s) and Borrower’s Rights and Responsibilities Statement(s).

The following changes may affect some of your loans:

Income-Based Payments: Effective July 1, 2009, an income-based repayment plan will be available for Federal PLUS loans made to graduate or professional student borrowers and for Stafford loans. Under this plan, the required monthly payment amount will be based on a borrower’s income during any period when the borrower has a partial financial hardship. The maximum repayment period under the plan may exceed 10 years. Eligible borrowers who meet certain requirements over a specified period of time may qualify for cancellation of any outstanding balance on their loans.

Military Deferment: Effective July 1, 2006, a deferment is available for a period during which a borrower is serving on active duty during a war or other military operation or national emergency, or performing qualifying National Guard duty during a war or other military operation or national emergency, and if a borrower is serving on or after October 1, 2007, for the 180-day period following the demobilization date for the qualifying service.  Effective October 1, 2007, a borrower who is a member of the National Guard or other reserve component of the U. S. Armed Forces (current or retired) and who is called or ordered to active duty while enrolled at an eligible school, or within 6 months after having been enrolled, is eligible for a deferment during the 13 months following the conclusion of the active duty service, or until the date the borrower returns to enrolled student status, whichever is earlier.

Public Service Loan Forgiveness: Effective July 1, 2008, a borrower may consolidate or re-consolidate his or her FFELP loans into the William D. Ford Federal Direct Loan (Direct Loan) Program to take advantage of the public service loan forgiveness program.  This program provides for the cancellation of the remaining balance due on eligible Direct Loan Program loans after the borrower has made 120 payments (after October 1, 2007) on those Direct Loans under certain repayment plans while the borrower is employed in certain public service jobs.

What should I do if I'm having trouble making my monthly payments?

If your payments are set up under the standard repayment plan and you're in a situation where you anticipate continual problems making your monthly payments under this plan (for example, you've just started working in your chosen career), you may want to consider one of three alternative repayment plans:

  • Graduated repayment plan — You start with a lower monthly payment at the beginning of your repayment period, then gradually increase over the course of the repayment period.
  • Income-sensitive repayment plan — You make a monthly payment based on a percentage of your monthly gross income.
  • Income-Based repayment — Your monthly loan payments are limited to a percentage of your income (includes spouse’s income, if applicable). Monthly payments are adjusted annually based on changes in income and family size. Income-Based repayment will also forgive remaining debt, if any, after 25 years of qualifying payments..
  • Extended repayment plan — You extend payments for a lengthened repayment term of up to 25 years. (This alternative is available only to borrowers who received their first loan on or after Oct. 7, 1998, and have more than $30,000 in outstanding principal and interest through the Federal Family Education Loan Program [FFELP].)

You can contact VSAC toll-free at 800-798-8722 to discuss an alternative repayment plan.

If your loans are in a default status, please contact the Collections Department at 800-642-3177 ext 6605.

What is a deferment?

A deferment is a specific period of time during which you are approved to cease making payments of the principal on your loan.

Normally you may qualify for a deferment of your loan payments only after your repayment period begins. In other words, your grace period must have expired. However, you may request that the grace period be waived or shortened in order to be eligible for a deferment. The types of deferments for which you are eligible are specified by the terms of your loan(s). The criteria by which you may be granted a deferment are based on federal regulations. Deferments are not granted automatically — you must request a deferment.  Loans in a default status are not eligible for this option. 

If your loan(s) is a subsidized Stafford loan, the federal government will pay the interest that accrues during the deferment period. If your loan(s) is unsubsidized, you are responsible for the interest that accrues during the deferment period.

More information on how to request a deferment

What is a forbearance?

A forbearance is a short-term, temporary suspension of your payments or a reduction of your payment amount. Forbearance is intended to help you if you're having financial difficulties and do not qualify for a deferment.

If VSAC agrees to grant a forbearance, you are responsible for the interest that accrues on your loan(s) during the period of forbearance. Normally, VSAC will ask you to pay the interest during the forbearance, but in some circumstances, VSAC may allow you to add the interest to your balance at the end of the forbearance period. Keep in mind that if you add the interest to your principal balance, you will pay more interest in the long run. Loans in a default status are not eligible for this option. 

More information on how to request a forbearance

Which is the better choice — a deferment or a forbearance?

The choice depends on individual circumstances. But a deferment is usually the better choice because, with subsidized Stafford loans, the federal government will pay the interest that accrues during the deferment period.

Keep in mind that one of the major differences between a deferment and a forbearance is that a deferment is automatically granted (if you qualify), whereas a forbearance is granted at the lender's discretion.

More information on how to request a deferment or forbearance

Why do I need to get a deferment request certified?

Rules governing the Federal Family Education Loan Program (FFELP) require certification for certain deferments.

Do I have to continue making loan payments while I'm waiting to get a deferment request certified?

Yes, you must continue to make your payments unless you have applied for and been granted a forbearance to cover the payments that will come due while you're awaiting certification. You will need to do so in order to protect your credit. VSAC will notify you when your request has been approved.

What if my loan(s) is in deferment and my situation changes?

Contact VSAC toll-free at 800-798-8722 to re-evaluate your options.

How do I renew a deferment or forbearance?

To determine if you are eligible to renew your deferment or forbearance, contact VSAC toll-free at 800-798-8722 for assistance.

What happens to the interest on my loan(s) during a deferment or forbearance?

If your loan(s) is a subsidized Stafford loan, the federal government will pay the interest that accrues during the deferment period. If your loan(s) is unsubsidized, you are responsible for the interest that accrues during the deferment period.

If VSAC agrees to grant a forbearance, you are responsible for the interest that accrues on your loan(s) during the period of forbearance. Normally, VSAC will ask you to pay the interest that accrues during forbearance; but in some circumstances, VSAC may allow you to add the interest to your loan balance at the end of the forbearance period. Keep in mind that if you add the interest, your principal balance increases and you'll pay more interest in the long run.

Is my credit rating affected while my loan(s) is in a deferment or forbearance?

VSAC reports your loans to national credit bureaus every month regardless of the status of your loan(s). Keep in mind that a loan that is past due is reported as past due regardless of a pending deferment or forbearance. Therefore, you should continue to make payments on your loan(s) until VSAC notifies you that your request has been approved.

A completed application does not alter the historical record of payments reported to the credit bureaus. For more information about credit bureau reporting or how to request a copy of your credit report, click here.

I'm already past due on my loan(s). Can I still apply for a deferment or forbearance? What should I do?

Yes, you can still apply for a deferment or forbearance unless you are in default.

What is default?

Default typically occurs when you (the borrower) consistently fail to make your installment payments for a specified period of time during the repayment period. But VSAC may also declare your loan(s) to be in default if you fail to meet other terms of your promissory note or other written agreement(s) with VSAC. If your loan(s) is declared to be in default, VSAC will transfer your loan(s) to the guaranty agency that issued your loan. Contact VSAC to see what guaranty agency issued your loans.

Why do I want to avoid being in default?

If you default on your VSAC loan(s), it’s transferred to VSAC’s Claims & Collections Department for collection. VSAC can:

  • add a fee of up to 24 percent to your loan balance
  • order your employer to send part of your paycheck to VSAC
  • order your federal and state tax refunds, and other payments made to you by the federal government, sent to VSAC
  • assign your loan to the federal government for litigation against you
  • report your default to national credit bureaus
Whom do I contact if I have a question?

Contact our loan counselors with questions or for help with your individual situation — before you borrow as well as during repayment.

What is Outreach?

VSAC Outreach provides career and postsecondary information and counseling services to Vermonters who are planning for their future.

Why offer Outreach services?

VSAC’s mission is to make sure Vermonters not only have the financial aid they need to pursue education or training beyond high school, but also that they get the information and advice needed to make education or career plans.

When was the Outreach program established?

Outreach was created in 1969 to help disadvantaged young people pursue education or training beyond high school. Funded by the Higher Education Act of 1965 as part of President Johnson’s “War on Poverty," Talent Search (as it is known nationally) was part of a trio of programs that included Upward Bound and Student Support Services. Both the Outreach Program and the federal TRIO programs have expanded over the years to offer a range of services to students of all ages.

Who receives Outreach services?

Outreach serves any Vermonter who would like information about career planning, education and training beyond high school, and the financial aid process, including early college planning. In addition, with the support of federal grants, Outreach offers intensive assistance to middle school students, high school students, and adults who meet income and other criteria. Eligible students are served through Talent Search and GEAR UP(grades 6 through 12); adults are served through a TRIO program called the Educational Opportunity Center Program. Outreach provides services to schools interesting in developing or enhancing a comprehensive career development system for their students.

What services are provided?

General Population: Workshops presented for middle school students help them think about the future, enhance their awareness of careers and postsecondary education, and provide information about high school course selection, postsecondary options, and financial aid. Presentations for high school students cover career decision-making, college awareness, and the financial aid process. High school students can also attend VSAC-sponsored college and career fairs and get help with financial aid forms. Adults receive assistance, individually or in groups, with career decision-making, education planning, college selection, and financial aid. Schools receive intensive consultation on the development of career systems that are embedded into the existing curriculum.

Talent Search and GEAR UP: Ongoing individual and group counseling sessions build students’ self-awareness and help them improve decision-making and academic skills, select courses, explore career and college options, and learn about the financial aid process. Participants also visit college campuses, receive academic help and referrals to special programs, and get assistance with college and financial aid applications. Parent involvement is a critical component of the program.

Educational Opportunity Center Program: As is the case with the general adult population, clients eligible for this program receive assistance with career decision-making, education planning, college selection, and financial aid. Help is provided on an individual basis or through workshops. Appointments may be arranged through VSAC’s toll-free number.

Where are services provided?

Direct service to participants is provided by more than 50 counselors who live in the communities they serve. Services are offered to every public middle school and high school. Adult participants are seen at regional offices of the state Department of Labor (DOL), many of the state’s vocational-technical centers, all sites of the Community College of Vermont (CCV), Department of Social Welfare offices, Vocational-Rehabilitation offices, parent-child centers, and correctional facilities. Outreach maintains an administrative office at the VSAC office in Winooski.

How are services funded?

Services are funded through a combination of federal and private money. Federal grants for the TRIO and GEAR UP programs, funded under Title IV of the Higher Education Act, expire every five to six years and are renewed following a competitive process.

Is Outreach involved in other collaborations?

Yes. Outreach works closely with DOL and CCV to serve adults seeking higher education or training. In Rutland, Outreach has established an Educational Information Center in the DOL Career Resource Center. The GEAR UP School Improvement Alliance consists of multiple state partners who serve in an advisory role, including UVM, VSC, Vermont Principals Association and the VT Department of Education. Outreach has an active partnership with the Department of Children and Families in order to identify and serve more students in foster care.

Info about Vermont Higher Education Investment Plan
Information on the Hope and Lifetime Learning credits
How does the deduction work?

You may be able to claim an education loan interest deduction if you meet income and other eligibility guidelines. This deduction is an adjustment to income, so, if you qualify, you can claim it even if you do not itemize your deductions on Schedule A (Form 1040).

Where can I get more information about education loan interest deductions?

You may find it helpful to complete the education loan interest deduction worksheet contained in the instruction booklet for Form 1040 or 1040A. In addition, you may consult:

  • IRS Publication 970, Tax Benefits for Higher Education
  • IRS Web site for online copies of Publication 970 and other useful information
  • IRS by telephone at 800-829-3676 for publications and forms, or 800-829-1040 for questions
  • a tax professional, such as an accountant, tax preparer, or tax lawyer

Please do not contact VSAC for explanations of the requirements for, or instructions on how to calculate, any allowable deduction for the interest paid.

Which VSAC loan types are qualified education loans for purposes of the Taxpayer Relief Act?

Refer to the How Student Loan Interest Deduction Works page for a list of VSAC student loans that qualify for a tax deduction.

How will the interest be reported to me?

VSAC will send IRS Form 1098-E to you on or before February 1, 2017, if you have qualified VSAC education loans. Form 1098-E reports the amount of interest paid during 2016 for all qualified loans you have with VSAC. If your education loan is not a qualified loan type, you will not receive Form 1098-E.

Does the amount of interest reported in Box 1 include all possible amounts that may be deducted for loans made on or after September 1, 2004?

The amount of interest reported in Box 1 of Form 1098-E for calendar year 2016 includes payments attributable to loan origination fees and/or capitalized interest received on qualified education loans made on or after September 1, 2004. If your loan was made before September 1, 2004 you may be able to deduct additional loan origination fees and capitalized interest not otherwise included or reported in Box 1. For further information, see IRS Publication 970.

Do I need to file Form 1098-E with my federal tax return?

No. VSAC also reports the interest amount to the IRS.

I am also repaying other (non-VSAC) student loans. Will that interest be reported to me?

You should receive Form 1098-E for qualified education loans from each of your other lenders. For the Federal Perkins Loan, you should receive one from either your school or the Perkins Loan servicer. If you paid less than $600 in interest in 2016 on a qualifying loan, the lender is not required to send you Form 1098-E; however, you may still be able to deduct this interest. If you have any questions about non-VSAC education loans, please contact the organizations that service those loans.

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  3. Set the "Security Level" to the default setting of "Medium"
Enable Cookies
  1. Within the Internet Options controller select the "Privacy" tab
  2. Set the "Privacy Setting" to no higher than "Medium High"
Enable SSL
(Secure Socket Layer)
  1. Within the Internet Options select the "Advanced" tab then scroll down to the "Security" section
  2. Make certain the check boxes for the following options are checked:
    • Use SSL 2.0
    • Use SSL 3.0
    • Use TLS 1.0 (optional)
Enable HTTP 1.1
  1. Within the Internet Options controller select the "Advanced" tab then scroll down to the "HTTP 1.1 settings" section
  2. Make certain the check boxes for the following options are checked:
    • Use HTTP 1.1
    • Use HTTP 1.1 through proxy connections (optional)


Mozilla Firefox

Select menu bar "Tools" then "Options".

Enable JavaScript
  1. Within the Options controller select the "Content" button
  2. Make certain the check boxes for the following features are checked:
    • Enable JavaScript
    • Enable Java
Enable Cookies

Cookies are enabled by default in Firefox.
Mozilla support resource: Enable and disable cookies in Firefox

Enable SSL
(Secure Socket Layer)
  1. Within the Options controller select the "Advanced" button
  2. Select the tab labeled "Encryption"
  3. Make certain the check boxes for the following features are checked:
    • Use SSL 3.0
    • Use TLS 1.0


Google Chrome

Select "Customize and control Google Chrome" button (button in upper right with 3 horizontal bars) then "Settings" and "Show advanced settings" at the bottom of the page.

Enable JavaScript
  1. In the "Privacy" section, select the "Content settings..." button.
  2. In the JavaScript section, select "Allow all sites to run JavaScript (recommended)".
Enable Cookies
  1. In the "Privacy" section, select the "Content settings..." button.
  2. In the "Cookies" section, select "Allow local data to be set (recommended)".
Enable SSL
(Secure Socket Layer)
  1. In the "Network" section, select the "Change proxy settings..." button.
  2. In the "Internet Properties" window, select the "Advanced" tab, scroll down to "Security".
  3. Make certian the following features are checked:
    • Use SSL 3.0
    • Use TLS 1.0


Apple Safari

Select "Safari settings" button (gear shape in upper right) then Preferences.

Enable JavaScript
  1. Select the "Security" button.
  2. In the "Web Content" section, make certain the check boxes for the following features are checked:
    • Enable Java
    • Enable JavaScript
Enable Cookies
  1. Select the "Privacy" button.
  2. In the "Block cookies" section, select the radio button for either of the following features:
    • Never
Enable SSL (Secure Socket Layer)

Safari uses SSL encryption by default and there is no setting to enable.



Document reader software information

Some larger documents (such as our brochures, reports and publications) posted on our Web site are stored as "PDF" (portable document files). Links to these documents are noted with (PDF).

To access and view these documents you'll need a recent version of Adobe Reader. This program is available as a free download from Adobe Systems Inc. at Links to download Adobe Reader are also provided on most of our Web pages that include links to PDF documents. If you already have Adobe Reader installed on your computer, simply select the link to the document, and the publication will begin downloading.

How do I determine my browser name and version (example: Internet Explorer, Firefox, etc.)
  1. Open your Web browser.
  2. From the browser’s menu bar for IE, FireFox, and Safari , select "Help". For Chrome select the "Customize and control Google Chrome" button (button in upper right with 3 horizontal bars).
  3. Then select "About..." to display a screen which shows your browser name and the current version.
How do I clear my browser cache and temporary internet files?

Internet Explorer

  1. Open Internet Explorer
  2. Select Tools (gear shaped icon in upper right corner), click Safety and then Delete Browsing History.
  3. Select the check box next to each category of information you want to delete.
  4. Select the Preserve Favorites website data check box if you do not want to delete the cookies and files associated with websites in your Favorites list.
  5. Click Delete. (This could take awhile if you have a lot of files and history.)

Additional Microsoft Help

Mozilla Firefox

  1. Open Firefox
  2. Select Menu (three horizontal lines in upper right corner), choose Options.
  3. Click the Advanced then Network tab.
  4. In the Cached Web Content section, click the Clear Now button.

Additional Mozilla Help

Google Chrome

  1. Open Chrome
  2. Select the Chrome menu (three horizontal lines in upper right corner).
  3. Select Tools then Clear browsing data.
  4. In the dialog that appears, select the checkboxes for the types of information that you want to remove.
  5. Use the menu at the top to select the amount of data that you want to delete. Select beginning of time to delete everything.
  6. Click Clear browsing data.

Additional Chrome Help

Apple Safari

  1. Open Safari
  2. Choose Edit from the top navigation bar.
  3. Select Empty Cache, then Empty.

Additional Safari Help

What browsers are supported?

If you have a question about compatibility for your specific computer, please check the original documentation for your computer or check with the manufacturer.

If you aren't currently using one of these browsers, you can download one by selecting on the appropriate icon below.

Internet Explorer.JPG        Firefox Image.JPG     Chrome Image.JPG     Safari Image.JPG