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Suggested Lender Comparison Information
Vermont Student EdAmerica Wachovia Education
Lender Assistance Corp. Finance
(VSAC) Main Location:
Knoxville, TN Main Location:
Main location: Rancho Cordova, CA
Winooski, Vermont
Upfront Fees/Percentage of Available to in-state and Available to in-state and Available to in-state and
Borrowers Receiving the Benefit out-of state students and out-of state students and out-of state students and
parents parents parents
Subsidized Stafford 0% origination fee; 100% of 1% origination fee. 1% origination fee.
borrowers qualify.
0% default fee based on the 0% default fee based on the
0% default fee; 100% of school’s selection of the school’s selection of the
borrowers qualify. guarantor; 100% of guarantor; 100% of
borrowers qualify. borrowers qualify.
Unsubsidized Stafford 0% origination fee; 100% of 1% origination fee. 1% origination fee.
borrowers qualify
0% default fee based on the 0% default fee based on the
0% default fee; 100% of school’s selection of the school’s selection of the
borrowers qualify guarantor; 100% of guarantor; 100% of
borrowers qualify borrowers l qualify
PLUS 3% origination fee is not 3% origination fee is not 3% origination fee is not
allowed to be waived per allowed to be waived per allowed to be waived per
federal government federal government federal government
regulations. regulations. regulation.
1 % default fee is waived by 1 % default fee is waived 1 % default fee is waived
VSAC; 100% of borrowers based on school’s selection based on school’s selection
qualify. of guarantor; 100% of of guarantor; 100% of
borrowers qualify. borrowers qualify.
Graduate Student PLUS 3% origination fee is not 3% origination fee is not 3% origination fee is not
allowed be waived per allowed be waived per allowed be waived per
federal government federal government federal government
regulations. regulations. regulations.
1 % default fee is waived by 1 % default fee is waived 1 % default fee is waived
VSAC; 100% of borrowers based on school’s selection based on school’s selection
qualify. of guarantor; 100% of of guarantor; 100% of
borrowers qualify. borrowers qualify.
Other Borrower 1% interest rate reduction For loans paid via ACH 1% principal reduction
Benefits/Percentage of Borrowers for on-time payments (auto payment): 0.25% at disbursement but
Receiving the Benefit** effective upon entering interest rate reduction for benefit is taken away
repayment Stafford loans with 5% of (money is added back
65% of borrowers will borrowers choosing this to your principal
qualify for the benefit payment option, 0.25% balance) if you miss
interest rate reduction for any of your first 12 on
PLUS and Grad PLUS with time payments/ 30 % of
10% of borrowers choosing borrowers will keep the
this payment option benefit
0.25% interest rate
reduction for use of
ACH (auto
payment)/10% of
borrowers use this
payment method
These benefits may
vary depending on the
type of loan.
Disqualifying Features Stafford and PLUS: If more Interest rate reduction only Benefit is reversed if you
than 21 days late benefit is if you use automatic miss any of your first 12 on
lost but can be regained payment deduction; can be time payments but can be
after making any 12 regained for Stafford, not regained if you complete a
consecutive on time for PLUS or Grad PLUS financial literacy tutorial
payments at any point and make the remainder of
during loan repayment your first 12 payments on
time
Estimated Savings on 10 year Stafford: $794 Stafford: $311 Stafford: 527
repayment for $10,000
PLUS: $743 PLUS: $347 PLUS: 619
Grad PLUS:$743 Grad PLUS: $374 Grad PLUS: 568
Non-Profit Yes Yes No
Customer Service Options E-sign for promissory E-sign for promissory E-sign for promissory
note note note
24/7 on-line account 24/7 on-line account 24/7 on-line account
access access access
Extended toll-free Toll free customer Toll free customer
phone and walk-in service line service line
customer service hours Students deal with one
Students deal with one organization, one phone
organization, one phone number and one
number and one website for the life of
website for the life of the loan
the loan
Sell Your Loan to another Lender No No Generally no
Services Your Loan Yes Yes, using a partner agency Generally services loans
during the in-school period
and transfer them to a third-
party servicer when they
enter repayment.
** Please check the lender’s website for specifics concerning the borrower benefits. The
above information is for loans borrowed during the 2008-2009 academic year.
You are not limited to selecting from the suggested lenders. You have the right to select
any lender you choose and that will not cause unnecessary certification delays. Simply
provide the lender identification number, name and address to our office.
