Home » Financial Aid » Student Loans » Vermont Student Loans

Vermont Student Loans

As a resident of the state of Vermont, you have probably checked into the cost of attending college in state and found that you still cannot afford to pay your own way. You may have received a few small grants and scholarships but still come up short when you work out your budget. Did you know that Vermont student loans are available to residents, aiding in your ability to attend an institute of higher learning without overtaxing your budget?

The Vermont Student Assistance Corporation is charged with the task of helping students in the state determine the best way to fund their education. This agency has been working with students and parents for over four decades to achieve their goals of financing a college degree and has a number of options for students and their families.

The flagship student loan offered by the state agency is the VSAC Advantage Loan, offering eligibility to a wide variety of individuals with interest rates that are comparatively low based on some of the programs offered. Eligible parties are pursuing an undergraduate or graduate degree or a certificate program and must apply for federal funding first, using the Advantage Loan to fill the gap. Monies lent can be used for payment of tuition and can be in sums that are up to the remaining cost of tuition after federal funding is applied.

Students must be state residents attending school in or out of state or out of state residents planning to attend a Vermont college or university. While in school and up to six months after completion, students are typically required to make interest-only payments. After this grace period ends, students are expected to begin payment in full, with terms calling for 15 to 30 year lending options.

Students may also receive specialty state loans for programs toward professions that take a relatively long time to complete, including the Law Loan and Bar Loan for legal students (the latter to assist students who have completed school but are still studying for the Bar Exam), as well as the Medical Loan for healthcare students. The Residency Loan is also applicable to assist in covering the cost of tuition while students complete their residency.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.