Learn more about the limited time waiver for the Public Service Loan Forgiveness (PSLF) program.
Learn more about the Department of Education's recent announcement about Income-Driven Repayment Account Adjustments.
Learn more about the limited time waiver for the Public Service Loan Forgiveness (PSLF) program.
Learn more about the Department of Education's recent announcement about Income-Driven Repayment Account Adjustments.
A fixed-rate loan for students who need additional financing for undergraduate or graduate education.
Review the details in the tabs below and begin your application when you're ready.
If you’re a parent and you’d like to consider a loan only in your name, you may want to learn about VSAC’s student loan for parents.
Call 800-226-1029 to speak with one of our Vermont-based student financial aid experts. We're open Monday–Friday 8:00 am to 4:30 pm.
To apply for VSAC's Student Loan, the student borrower must be:
and:
and:
Start your secure application through MyVSAC.
A cosigner … | is a U.S. citizen or eligible non-citizen (frequently the student applicant’s parent or guardian) who is equally responsible for repaying the loan. |
A cosigner who meets our excellent credit criteria will … |
enable the student applicant to get a 0% fee loan. |
A cosigner who is able to make payments while the student is enrolled will … | enable the student applicant to select the immediate repayment option, which has the lowest interest rate. |
Cosigner’s responsibilities include … |
(1) making payments, including any late or collection fees if the student borrower is unable to pay. (2) signing all paperwork along with the student borrower. |
As a cosigner, expect to … | (1) receive the same monthly bill statement for the loan that the student borrower receives. (2) have the loan’s payment status reported to national credit bureaus. |
Cosigner release may be available … | upon request from borrowers who meet VSAC's credit criteria after 48 months of active repayment. |
Loan debt is cancelled completely … | if the student dies or becomes totally and permanently disabled. If the cosigner dies or becomes totally and permanently disabled, the cosigner is removed from the loan, which remains in the student’s name. |
For your application as a cosigner on a student loan, you'll need … |
|
Start your secure application through MyVSAC.
With the VSAC Student Loan, you choose your interest rate, based on the repayment option that works best for you. The information below is for loans for the 2022–2023 school year:
You may not change your repayment option once you submit your loan application. After your interest rate is set, VSAC cannot alter your loan terms.
Tip: You'll pay less over the life of your loan if you pay as you go—full or interest payments can go a long way in reducing the overall amount you pay back.
Start your secure application through MyVSAC.
With the VSAC Student Loan, you choose the amount you want to borrow for each academic year. Your school will certify your eligibility and schedule disbursements based on your enrollment period.
Applying for financing for the full academic year has benefits:
The amount you’ll pay each month—and over the life of the student loan—will vary based on your cosigner's credit history, the repayment option you choose (which determines your interest rate), and the amount of your loan. The rate is fixed for the life of the loan and will not vary according to market conditions.
To give you an idea of monthly—and lifetime—payments, here are examples of interest rates, fees, and APR for a $10,000 VSAC Student Loan for the 2022-2023 school year.
Repayment Option* |
Interest Rate |
Fee |
APR |
Finance Charge |
Monthly Interest Only Payments |
Monthly Full Payments |
Total Amount Paid |
Principal and Interest Payments while enrolled with: |
|||||||
Excellent Credit |
4.99% |
0% |
4.99% |
$4,344.20 |
n/a |
180 @ $79.69 |
$14,344.20 |
Better Credit |
3% |
5.43% |
$4,774.40 |
180 @ $82.08 |
$14,774.40 |
||
Good Credit |
5% |
5.72% |
$5,060.60 |
180 @ $83.67 |
$15,060.60 |
||
Interest Only Payments while enrolled with: |
|||||||
Excellent Credit |
6.60% |
0% |
6.60% |
$8,176.74 |
40 @ $55.58 |
180 @ $88.63 |
$18,176.74 |
Better Credit |
3% |
6.96% |
$8,722.24 |
40 @ $57.25 |
180 @ $91.29 |
$18,722.24 |
|
Good Credit |
5% |
7.20% |
$9,085.30 |
40 @ $58.36 |
180 @ $93.06 |
$19,085.30 |
|
Deferred Payments while enrolled with: |
|||||||
Excellent Credit |
7.40% |
0% |
7.11% |
$10,874.60 |
n/a |
180 @ $115.97 |
$20,874.60 |
Better Credit |
3% |
7.41% |
$11,501.00 |
180 @ $119.45 |
$21,501.00 |
||
Good Credit |
5% |
7.61% |
$11,918.60 |
180 @ $121.77 |
$21,918.60 |
If you have additional questions on loan amounts and payments, call your VSAC Loan Coach at 800-226-1029 (Monday–Friday 8:00 am to 4:30 pm).
*The deferred repayment option is subject to fund availability. Funds will be awarded on a first-come, first-served basis. Interest rates for interest-only payment and deferred repayment loans are higher than interest rates on immediate repayment loans and result in a higher cost of borrowing. Interest begins accruing after each loan disbursement. Loans made under the deferred repayment option will remain deferred as long as the student remains enrolled in at least half-time status at an eligible school.
Start your secure application through MyVSAC.
Students, taking out a loan in your name? You'll need: