26
Jun

VSAC makes over $1.3 million in loan rebates to borrowers

‘Borrower benefits’ program has saved borrowers $181 million since 1995

WINOOSKI (June 26, 2019)— Vermont Student Assistance Corp. is giving over $1.3 million in interest rebates to borrowers this year, part of its “borrower benefits” program that has saved students $181 million in loan costs since 1995.

“There’s no question that Vermonters need to continue their education and career training after high school, and most students will need to borrow to make it happen,” said Scott Giles, VSAC president and CEO.

“At VSAC we understand that college and career training can be expensive. But it’s also a very good investment. Research shows that people with more education experience have more job opportunities, greater job satisfaction, higher salaries and lifetime earnings. That is why we are so focused on programs and services to help more Vermonters plan, save and pay for their postsecondary education.

Taking a loan is a commitment and borrowers must choose wisely, Giles said. “You are making a promise to repay what you borrowed, plus interest. When you choose a loan from VSAC, we make a promise to you, too.”

VSAC understands that student loans can be confusing and overwhelming for some families.  That’s why they offer programs and services to help students and families learn how to compare loans so that they can borrow more confidently.

VSAC’s website offers loan basics for borrowers to understand the different types of loans – they are not created equal -- and ways to compare loans to really make sense of what the choice of interest rate and repayment options can mean in real dollars in the short and long term.  VSAC also publishes a “must-read” guide, My Education Loans, that spells out the do’s and don’ts in financing education and career training programs. 

“We want you to know more so you borrow less,” Giles said. “It’s worth putting in the time now to make a good choice about a loan that may be with you for 10 or 15 years. Our goal: To help you borrow only what you need and minimize your cost of borrowing, reducing the total amount you'll ultimately have to repay.”

VSAC makes loans with money borrowed in the tax-exempt bond market, which reduces borrowing costs and allowing VSAC to offer lower interest rates than many for-profit lenders. And this year, VSAC student and parent loans are as low as 4.79% -- the lowest fixed rate ever -- and lower than the federal PLUS.

When students borrow with VSAC, the benefits extend beyond low rates. VSAC also provides free, in-depth personalized education debt counseling for students as they begin repayment and have financial aid counselors ready to answer their questions along the way.

About VSAC – Changing Lives through Education and Training since 1965

Vermont Student Assistance Corporation is a public, nonprofit agency established by the Vermont Legislature in 1965 to help Vermonters achieve their education and training goals after high school. VSAC serves students and their families in grades 7-12, as well as adults returning to school, by providing education and career planning services, need-based grants, scholarships and education loans. VSAC has awarded more than $600 million in grants and scholarships for Vermont students, and also administers Vermont’s 529 college savings plan. Share your VSAC story by email to vsacstudents@gmail.com or submit a video to YouTube. Find us at www.vsac.org or check in on Facebook and Twitter. #changing lives