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finder.com’s rating: 4.0 / 5.0
★★★★★
3.99% to 6.58%
APR
Good to excelent credit
Min. Credit Score
Product Name | Vermont Student Advantage Loan |
---|---|
Minimum Loan Amount | $500 |
APR | 3.99% to 6.58% |
Interest Rate Type | Fixed |
Minimum Loan Term | 10 years |
Maximum Loan Term | 15 years |
Requirements | Vermont resident or attending school in Vermont, creditworthy cosigner, undergrad or grad student enrolled at least half time at eligible school, US citizen or eligible nonresident, eligible for federal student aid, no defaults on other education loans |
Review by
Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.
In terms of competitive rates and minimal fees, VSAC brings a lot to the table for residents of Vermont and those attending school in the state — especially if you already have a cosigner with good to excellent credit.
But it doesn’t have the most generous grace period or stellar customer reviews. And unlike many other private student loan providers, VSAC doesn’t offer an interest rate discount for signing up for autopay.
Not sure VSAC is right for you? Compare your other options for borrowing for school.
VSAC student loans are only available if you meet the following eligibility criteria:
As a direct student loan provider, VSAC allows you to borrow as little as $500 all the way up to the full cost of attendance with its Vermont Student Advantage Loan. Loans under $10,000 have terms of 120, while loans over that amount come with terms of 180. Interest rates are fixed and vary depending on the repayment plan you choose.
While you can apply completely online in just a few minutes, VSAC is slower than many other providers — it may take two or more weeks to fully process and disburse the funds to your school. You’ll also need to have a cosigner with good to excellent credit to qualify.
Yes, VSAC also offers Vermont Parent Advantage Loans to parents looking to finance their child’s education. Aside from your child meeting VSAC’s eligibility requirements, you must also meet the following criteria:
VSAC’s parent loans are available in the same amounts and terms as its traditional student loans, though APRs run slightly higher depending on your repayment plan.
VSAC Vermont Student Advantage Loans | Federal Direct Subsidized and Unsubsidized Loans | |
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Annual loan amounts | $500 up to the total cost of attendance |
|
Repayment options | Immediate, interest-only, deferred | Immediate, interest-only, deferred, graduated, extended, income-based |
Interest rates | 6.58% |
|
Origination fee | 0% to 5% | 1.062% |
Repayment terms | 120 or 180 | 10 to 25 years |
Cosigner required? | Yes | No |
Your VSAC student loan’s APR depends on the repayment plan you select and your cosigner’s credit.
All APRs are fixed and include an origination fee between 0% and 5%, depending on the creditworthiness of your cosigner. However, there are no prepayment penalties for paying off your loan early, nor are there any late fees.
Unlike other private student loan providers, VSAC doesn’t offer any special interest rate discounts for signing up for autopay.
VSAC has three repayment options for its Vermont Student Advantage Loans. And once you select one, you’ll be stuck with it for the duration of your term.
Yes. VSAC offers up to 24 months of hardship forbearance, though it doesn’t list any details of what might qualify as hardship on its website. Interest accrues during this period, making your loan even more expensive in the long run.
From its competitive terms to its wide range of loan amounts, here are a few perks of taking out a Vermont Student Advantage Loan:
Consider these potential drawbacks before borrowing from VSAC:
BBB accredited | No |
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BBB rating | A+ |
BBB customer reviews | 3 out of 5 stars, based on 2 customer reviews |
Customer reviews verified as of | 16 October 2020 |
After confirming you qualify, follow these steps to apply for a Vermont Student Advantage Loan online:
It may take two or more weeks for VSAC to process your application and send your loan funds to your school. Be sure you apply early to avoid missing any payment deadlines.
VSAC services its own student loans. This means you’ll be making payments directly to VSAC through your online account, where you can set up autopay to make repayments that much easier.
The Vermont Student Assistance Corporation was created in 1965 to help students and families save and pay for college. It offers loans to all students of Vermont — and those coming to Vermont to study — to pick up the slack when federal loans fall short. It even worked as a federal student loan servicer up until 2016. When it discontinued this service, all borrower accounts were transferred to Nelnet.
Not sure VSAC is right for you? Compare your other options with our comprehensive guide to student loans.
★★★★★ — Excellent
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★★★★★ — Subpar
★★★★★ — Poor
We rate student loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.