VSAC Private Loan Auto Debit Interest Rate Discount Benefit

Terms & Conditions

Description

• VSAC will reduce your interest rate by 0.25% on eligible loans when you sign up for auto debit and paperless statements, and you make timely payments.

Eligible Loans

• This interest rate discount is for VSAC Student, VSAC Parent, and VSAC Choice loans with credit approved on or after May 11, 2023, for the 2023–2024 loan product year.

Eligible Loan Status

• All of your VSAC loans (not just those eligible for this benefit) must be 15 or less days past due to receive the interest rate discount.
• Eligible loans must be in repayment or reduced payment status. This means eligible loans in enrolled status, interest only payment status, delayed repayment, or forbearance, for example, will not receive the interest rate discount.

Enrollment and Application of Interest Rate Discount

• Your loan must have an active auto debit recurring payment series set up in LoanPay. To enroll in auto debit, enter LoanPay through your MyVSAC account and follow the instructions to set up a recurring payment series. 
• You must be enrolled in paperless statements for your VSAC loans. To ensure that you are enrolled in paperless statements, log into your MyVSAC account and click on “Choose Paperless Statements and Go Green!”.  You're also encouraged to request e-mail notification when a statement is ready to view.
• The interest rate discount will begin the day after you meet all eligibility requirements.

Suspension of Benefit
The interest rate discount will be suspended if:

• your eligible loans enter interest-only repayment, delayed repayment, or no-pay forbearance status; or
• any of your VSAC loans fall more than fifteen days past due; or
• you no longer have an active auto debit recurring payment series set up in LoanPay; or 
• you cancel paperless statements.

Resumption of Benefit
The interest rate discount will resume when you meet all eligibility criteria:  

• your eligible loans are in repayment or reduced payment status; and
• all of your VSAC loans are 15 or less days past due; and
• your loan has an active auto debit recurring payment series set up in LoanPay; and
• you are enrolled in paperless statements.

Disclaimer
The interest rate discount benefit is for VSAC Student, VSAC Parent, and VSAC Choice loans with credit approved on or after May 11, 2023, for the 2023–2024 loan product year. The discount applies during active repayment when you make full or agreed upon reduced payments, as long as: (1) Your monthly payment is successfully withdrawn from the authorized bank account each month; (2) All your VSAC loans are 15 days or less past due; and (3) You agree to receive paperless statements. The interest rate discount is suspended during no-pay forbearance, after 3 consecutive failed payments, or if you cancel paperless statements or auto debit. The interest rate discount will not be reflected in the credit agreement, or disclosures you receive. Your loan must be enrolled in VSAC’s auto debit through LoanPay when your loan enters repayment. 

VSAC reserves the right to modify, terminate, or discontinue borrower benefits at any time, at its sole discretion.