VSAC newsline

Irene Racz, VSAC's director of public affairs

… where you can find background information about VSAC, our press releases, annual reports, FAQs, research reports, and schedule of board meetings. The site also includes links to articles of interest about VSAC or higher education topics.

Fast facts about recent news involving VSAC:

The proposal to replace local education lending with federal direct lending  is stalled in Congress behind health care reform, leaving state-based nonprofit lenders like VSAC in limbo. VSAC has been advocating for an extension of ECASLA — the Ensuring Continued Access to Student Loans Act — while Congress works through the thorny health care debate. Extending ECASLA would give Congress more time to enact student loan reform in a thoughtful way while offering colleges and students assurance that loan needs for the 2010-11 academic year will be met. Students beginning college in the fall are starting to receive acceptance letters and financial aid awards; they, along with continuing students, need to know very soon where they will get their loans. If all colleges in the U.S. are forced to switch to direct lending this year, they will be hard-pressed to make needed system changes. At the same time, the U.S. Department of Education will be forced to deal with a surge in direct loan volume, uncharted territory for the department.

As the direct lending debate unfolds, VSAC continues to pursue its important work in college planning and finance.

• In the fall, VSAC renewed TIAA-CREF’s contract to manage the Vermont Higher Education Investment Plan, Vermont’s official 529 college savings plan. The new arrangement includes more investment options and better pricing. VSAC continues to promote the plan as an affordable, easy way to save for college. State and federal tax benefits, including a Vermont income tax credit on contributions to the plan, provide an incentive for families to save.
• VSAC recently handed over to the Vermont congressional delegation the more than 1,100 customer e-mails and letters we received as part of our VSAC Voices project. By an overwhelming margin, customers writing in said they appreciated the many kinds of assistance they had received from VSAC — services that are at risk if Congress approves direct lending without a role for nonprofits.
• Following a logjam at the federal level, VSAC launched an online forum for Vermont veterans seeking to understand and be able to access their education benefits. Here’s the link: http://bit.ly/9JG2zO.
• VSAC again will be hosting College Pathways at three locations in Vermont. This free day of college planning workshops is offered annually to high school sophomores, juniors, and parents. Information is available at www.vsac.org.
• The Vermont Commision on Higher Education Funding, of which VSAC is a member, has renewed its commitment to improving college access in Vermont. VSAC offers a variety of college access services on both an individual and group basis. Among our services is the award-winning Start Where You Are program, which recently received a boost with upgrades to Web tools for professionals who assist students with career planning. Visit www.startwhereyouarevtpro.org to access the site.