Frequently Asked Questions

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Payment Info

Where should I mail my payments?

PO Box 245
Brattleboro, VT 05302-0245

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

PO Box 2000
Winooski VT 05404

How are payments applied?

Each payment is prorated (or distributed) based on the amount due for each loan group. Your payment is first applied to pay any interest that has accumulated since your last payment*. Once the interest is satisfied, the rest is used to pay down your principal. If your payment is late, the funds will be applied to the most past due loan group(s) first.  

To estimate how much loan interest has accumulated since your last payment, use this calculation:

(Interest Rate x Current Principal Balance/365.25)  X  (# of days since last payment)

Note: *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.

Learn more about how student loan interest works >

I currently have 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'll no longer receive the 0.25% interest rate reduction and will not have the ability to re-enroll in this program in the future.

If I pay more than the amount due, how is my payment applied?

If you send more than the amount due each month, the extra funds are first applied to any outstanding interest and the remaining amount goes directly toward paying down your principal.

And, each time you satisfy a monthly payment amount, we'll automatically advance your next payment due one month. If you don’t want your due date to advance, you can include a note with your payment or you can contact us. However, you can still send a payment every month, even if your due date advances and you receive a billing statement that shows $0.00 due. Continuing to pay, even when you aren’t due, will save you money in the long run!

Can I make payments with a credit or debit card?

No, we cannot accept credit card payments. You'll need to enter the bank routing and bank account number associated with a checking or savings account. You can then save this bank account information in order to complete future payment transactions quickly.

How do I have extra applied to a specific group?

If you're sending your payment through the mail, you can include a note with your payment as to how you'd like the extra applied.

If you made your payment online or by phone, you can call or email us to specify:

  • the approximate date you made/will make the payment,
  • the total payment amount, and
  • the specific amount you would like us to apply to each of your loan(s) or loan group(s).

Please be aware that you'll need to follow one of these processes each time you make an extra payment.  If you'll consistently be making extra payments, please contact us by phone to discuss how you'd like your payments applied.

How can I make payments on loans that I cosigned?
  1. Log in to your MyVSAC account (or register if you haven’t set up an account yet).
  2. Once logged in to a linked account, click on the “Loan Info & Make Payments” link.
  3. If you're a cosigner on multiple accounts, or if you also have loans in your own name, you need to select the account you wish to view or make payments. You can do this via the drop down box on the left side of your screen.
  4. Click the "Make a Payment" button.
  5. Click continue to LoanPay.
  6. Enter the amount you want to pay, along with the payment method, and click "continue." If you aren't using a saved payment profile you'll need to provide your banking information in the next screen. Please review your entry, because an incorrect routing or account number could result in cancelled payments. Once complete, click "continue."
  7. Review the information for accuracy and then click "Confirm" to submit your payment.
Can I request principal only payments?

No, interest must be satisfied first before payments can go towards principal. You can pay less interest over time by:

  • making payments, even when you aren’t due
  • paying more than your regular monthly payment
  • sending extra payments when you can
My bill says I'm past due, but I made a payment recently. Do I have a late fee?

VSAC does not currently charge late fees.

I just made a payment, but my account is still showing as past due- why?

If you sent the payment through the mail, please allow time for us to receive and process your payment.

If you made the payment online, it can take up to two business days to post to your account.