VSAC Vermont Loans, Grants, and Scholarships for College
The Vermont Student Assistance Corporation- VSAC - is your state's higher education agency, charged with overseeing Vermont financial aid.
They originated and serviced federal student loans under the Federal Family Education Loan Program (FFELP).
Now that the FFELP has ended and all federal loans are made under the federal Direct student loans program, VSAC is offering new, fixed-rate private student loans for the 2010-2011 school year.
These loans may only be applied for by students who have reached their maximum federal student loan limits. These are the:
Advantage, Bar, and Residency Loans
Eligibility for these loans requires that you
be a resident of Vermont or attend a Vermont school or already a borrower of one of these loans
have a credit-approved cosigner
have filled out your FAFSA and are receiving the maximum Stafford amount
are enrolled at least half-time
Fees on the Advantage loans depend on the cosigner's credit rating:
Excellent- 0% fee
Better- 3% fee
Satisfactory- 5% fee
Interest rates depend on which repayment plan the student chooses:
Principal and interest payments while in school- 7.50%
Interest only payments while in school- 7.90%
All payments deferred while in school- 8.50%
(These have gone up about 0.55% in the last two years.)
The Bar loan has an interest rate of the LIBOR + 6%.
The Residency Loan has an interest rate of the LIBOR + 5%.
Vermont Grants, Scholarships for College
Vermont Incentive Grant
- for full time undergraduates (except for grads enrolled in the University of Vermont College of Medicine or a Doctor of Veterinary medicine program)
need-based grants for students whose individual or family contribution does not exceed $21,750
awards range from $700 to $11,200
can be used for schools within Vermont or out-of-state
Vermont Part-Time Grants
- for part-time undergraduates (less than 12 credits) enrolled or accepted in a B.A. or certificate program
amounts vary depending on the number of credit-hours
Vermont Non-Degree Grants
- for Vermont citizens taking non-degree courses that will lead to better employment or further study.
based on financial need and cost of the course
2 grants per financial aid school year
up to 6 grants maximum
Vermont Incentive grants have easier income guidelines than do Pell grant qualifications.
VSAC administers 116 different scholarship programs. These are mostly not state-funded, but the agency lists the criteria, creates the forms, collects the data and submits student applications to the groups who fund the scholarships.
Some of these programs only distribute 1 award per year; others do as many as 95. These are easy scholarships to apply for. You will need to:
complete your FAFSA if financial need is part of the criteria
submit the Unified Scholarship Application (USA) (only once, even if you are apply for several scholarships)
get your high school (or home school) to file the Academic Certification (Att A) for any academic-based awards for high school students
round up your scholarship letters of recommendation (You will need 1 or 2, usually.)
write a scholarship essay (or 2 or 3)
get an official transcript from any schools you've attended
send copies of federal income tax returns (you and/or your parents) for any financial need programs
You cannot apply online for these scholarships- they must be mailed. You can download the forms along with a list of scholarships including descriptions, number of awards available and estimates of the number of applicants for each.
(There is also a drawing for 3 $1,000 scholarships for students who get their applications in by Feb. 12, 2010.)
All student loan repayment funds through these programs are taxable and paid directly to the lender.
Vermont Teacher Diversity Scholarship Program
- for students from racially diverse ethnic backgrounds who agree to become teachers in Vermont public schools
- agreement is to teach for at least one year- can be used for up to three years of cancellation at the rate of $4,000 per year
Vermont Educational Loan Repayment Program for Primary Care Practitioners
- Vermont residents who are:
primary care physicians
psychiatrists
advanced practice registered nurses
certified nurse midwives
physician assistants
can receive up to $20,000 of loan payments per year (up to 6 years) for a commitment to work at the rate of one year for each year of payment.
Vermont Educational Loan Repayment Program for Dentists
- same as Primary Care only for dentists
Vermont Educational Loan Repayment Program for Nurses
- Vermont resident nurses (LPNs or RNs) can receive up to $10,000 of loan payments per year (up to 4 years) for a commitment to work at the rate of one year for each year of payment.
Vermont Educational Loan Repayment Program for Nurse Educators/Faculty
- Vermont nurses employed as nurse educator/faculty (including adjunct faculty) in nursing at Castleton State College, Norwich University, Vermont Technical College, Southern Vermont College, or the University of Vermont, can receive up to $20,000 of loan payments per year (up to 6 years) for a commitment to work at the rate of one year for each year of payment.
Freeman Educational Loan Repayment for Physicians
- Physicians who are eligible for the Primary Care Practitioners loan repayment will automatically be considered for this program too.
- Vermont physicians who are not practicing primary care specialties should apply under this program for loan repayment. They can receive up to $20,000 of loan payments per year (up to 10 years) for a commitment to work at the rate of one year for each year of payment.
More information on financial aid topics mentioned:
VSAC oversees many different programs for college financing for Vermont citizens. There are a number of ways for students to supplement their federal aid through generous state programs.
VSAC- Vermont Student Assistance Corporation 10 East Allen Street P.O. Box 2000 Winooski, VT 05404-2601 Phone: (802) 655-9602 Toll-Free: (800) 642-3177 Email: info@vsac.org
