VSAC Provides Update on Financing for Private Student Loan (letter to editor)
In early July, VSAC announced that we would offer a fixed-rate private education loan, the Vermont Advantage loan, for the 2010-11 academic year. Since then, we’ve fielded questions about whether we would be able to secure adequate funding for these loans in light of the tight credit market.
We’re pleased to report that our bond sale took place without a hitch on July 19 and that we will have more than $22 million, including $19 million from new bonds and $3 million from existing resources, to lend out in private loans. We are also thrilled that the underwriters sold all of the bonds to Vermont investors.
We recently updated our Web site, vsac.org, with details on Vermont Advantage loan interest rates, fees, eligibility, and repayment options. Three very competitive interest rates are available based on the repayment option chosen by the borrower. Fees depend on the cosigner’s credit rating, with a no-fee option available to those with excellent credit.
Interested borrowers may contact us at firstname.lastname@example.org to get on a list to be notified once our online loan application is ready.
Director of Public Affairs
Vermont Student Assistance Corporation