Frequently Asked Questions

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Increased Payment

Why did my payments increase?

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

If you're in a graduated repayment plan, your payments will increase every 24 months until the loan is paid in full. For details—including payment amounts and the corresponding date of the increase—please refer to the disclosure statement that was sent to you when you first entered the plan.

If you have a variable interest rate, payments may also need to increase if your variable interest rate increases.

VSAC reviews and adjusts our customers’ monthly loan payments to be sure their loans will pay off in the remaining term.

Could my payments increase in the future?

Yes, they could increase. VSAC will periodically review your monthly loan payments and adjust them as needed to make sure 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?

Various repayment options may be able to help you if you need to reduce your monthly loan payment. Learn more about student loan repayment options >

Can I get a fixed interest rate?

If your federal education loans have a variable interest rate, you can get a fixed interest rate by combining 1 or more of your education loans into a loan consolidation with the Department of Education’s Direct Loan Program. Learn more about loan consolidation and forgiveness >

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

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

I'm 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. Learn more about deferment and forbearance >

I'm 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. Learn more about deferment and forbearance >

I'm in a graduated repayment plan. Will I receive more information about my repayment schedule?

When you initially enter the graduated repayment plan, you'll be sent a disclosure statement that outlines your payment schedule, including payment amounts and the corresponding date of the increase. Your billing statements will also reflect the payment amount you're due for. Please pay careful attention to your monthly statements.

If your payments need to be adjusted due to use of repayment options or frequency of payments, you'll receive an updated disclosure statement that will reflect the new payment amounts and corresponding dates.

I currently have payments autodebited through the online LoanPay system. Will my payments automatically adjust to the new amount?

No, you'll need to delete your existing payment series and create a new one with the new payment amount.

Follow these steps to make the changes:

  1. Log in to your MyVSAC account.
  2. Click the "Loan Info & Make Payments" button.
  3. Click the “Make a Payment” button.
  4. Click continue to LoanPay.