The Vermont Student Assistance Corporation (VSAC) is a non-profit company who says that they’re trying to help make college dreams a reality for Vermonters of all ages.Founded in 1965, VSAC serviced federal student loans until August 2016, when they decided to discontinue their servicing contract with the federal government. At that point, all federal loans were transferred to Nelnet.VSAC now focuses on their community outreach programs and their VSAC Advantage Student Loans for Vermont students. They help students look for and apply for financial aid, including grants, scholarships, and loans. They even offer their own 529 plan for saving for college.
Overall, borrowers who have had VSAC as their servicer haven’t been too unhappy — or at least not unhappy enough to flood the internet with complaints.There was a relatively low volume of complaints publicly filed with the Consumer Financial Protection Bureau and Better Business Bureau. But the ones that are out there might hint at more general problems with VSAC loan servicing practices. Below we cover the top problems that borrowers have reported in regards to their VSAC student loans.If you’re not quite sure how to fix your VSAC student loan problems, consider hiring a CFA to help you with your student loans. We recommend The Student Loan Planner to help you put together a solid financial plan for your student loan debt. Check out The Student Loan Planner here.
You can reach out to VSAC customer service through the following:Phone number: 800-642-3177Hours of operation: 8-4:30 p.m Mon-Fri (ET)General mailing address:VSACPO Box 999Winooski, VT 05404Address for sending payments:VSACPO Box 7501Bennington, VT 05201-7501Email/online contact form: [email protected]
First, if your payments are too high, look into consolidating or enrolling in one of the many income-driven repayment plans. You’ll pay your loans longer, and you’ll pay more in the end, but the monthly payments may fit your budget better. In an IDR, your payments will be capped at a percentage of your discretionary income, and any balance remaining after 20–25 years will be forgiven.Second, if VSAC customer service is refusing to address your issues, you can file complaints with various government agencies including:
If VSAC is your servicer, you likely have private loans. The only way to lower private loan payments or transfer them to a different servicer is through refinancing.Refinancing will get you a new loan with different terms and interest rate. Consider the pros and cons carefully before going through with a refinance. And do your homework to choose the best refi company to work with.If you’re not quite sure how to fix your VSAC problem, consider hiring a CFA to help you with your student loans. We recommend The Student Loan Planner to help you put together a solid financial plan for your student loan debt. Check out here.