VSAC newsline

WINOOSKI — The Vermont Student Assistance Corporation (VSAC) will go to the bond market within the next two weeks to raise capital to finance about $23 million in private student loans for the 2010-11 academic year.

For many years, VSAC offered both federal education loans for students and parents and private student loans to supplement federal borrowing. As of July 1, federal loans are available only through the government, while private loans remain the purview of financial institutions and nonprofits like VSAC.

“Given the demand, VSAC is very happy to be able to offer a private student loan this year,” said Don Vickers, VSAC president and CEO. “We are especially pleased that our private student loan will carry a lower interest rate than the federal PLUS loan for parents and grad students.” The PLUS loan for 2010-11 has a fixed interest rate of 7.9 percent and a 4 percent fee.

VSAC’s private student loan, the Vermont Advantage Loan, will offer a fixed interest rate that varies according to the repayment option chosen. Options are paying principal and interest while enrolled, paying only the interest while enrolled, or deferring payment until leaving school. Fees range from zero to 5 percent, based on the credit rating of the student and his or her cosigner.

Students eligible to borrow from VSAC are Vermont residents attending any college, nonresidents attending Vermont institutions, and previous VSAC borrowers.

VSAC expects to have the Vermont Advantage Loan application available later in July. Students or families who want to be notified when the application is ready may e-mail VSAC at privateloaninfo@vsac.org. Periodic updates will also be available on the VSAC Web site at www.vsac.org.

WINOOSKI — The Vermont Student Assistance Corporation office building, completed in 2005 as a key element of Winooski’s downtown revitalization, has earned the prestigious ENERGY STAR given to facilities ranking in the top 25 percent nationally for energy efficiency.

The VSAC building uses sensors to measure natural light and minimize use of electrical lighting; high-efficiency heating, cooling, and ventilating systems; and equipment and appliance shutdown policies that limit energy use during non-business hours. VSAC was assisted in its efforts by the staff of Hallam-ICS of South Burlington and Efficiency Vermont.

The ENERGY STAR rating is conferred by the U.S. Environmental Protection Agency. Buildings earning the rating use an average of 35 percent less energy, and release 35 percent less carbon dioxide into the atmosphere, than typical buildings.

energy-star-press-release (Word doc)

U.S. Senator Pat Leahy of Vermont wrote the chair of his chamber’s education committee, urging a stronger role for nonprofits like VSAC in pending federal student loan legislation.

pat-leahy-letter-2-10 (PDF)

VSAC Hosts College Planning Day for Students & Parents

WINOOSKI — Registration is under way for the Vermont Student Assistance Corporation’s 9th annual College Pathways program, a free day of college planning workshops for high school sophomores and juniors and their parents.

In order to accommodate as many families as possible, VSAC hosts College Pathways in three locations on the following Saturdays:
• March 13 at Saint Michael’s College in Colchester
• March 27 at Castleton State College in Castleton
• April 10 at Lyndon State College in Lyndonville

The program enables each student and parent to choose up to five workshop topics from more than a dozen available, and includes a free bag lunch. Topics include how to find the right college, applying to college, college application essay writing, paying for college, scholarship search, two-year college options, resources for students with learning disabilities, playing intercollegiate sports, and admission to highly selective schools.

The event begins with registration at 8:30 a.m. and concludes at 3 p.m. Families are encouraged to register early, because workshops fill fast. For more information or to register, visit www.vsac.org.

U.S. Rep. Peter Welch of Vermont added his own stories to the “VSAC Voices” campaign on Jan. 25, when VSAC delivered more than 1,100 customer testimonials to the Vermont congressional delegation.

peter-welch-letter-1-10 (PDF)