Winooski, Vermont - June 17, 2011
The Vermont Student Assistance Cooperation wants people to know it's offering fixed-rate private education loans.
The Vermont Advantage Loan offers three repayment options with different interest rates for immediate repayment, interest-only payments, and deferred payment. The rates range from 7.5 percent to 8.5 percent.
This year VSAC estimates it will provide about $23 million in private loans.
The program was created after VSAC stopped administering federal loans.
"It's been a major challenge. What the federal legislation did was all but destroy the existing business model as an organization, so we have had to remake our business model, we have had to make severe cuts in our operating budget," said Donald Vickers of VSAC.
Vermont residents attending college in state or out-of-state students attending school in Vermont are eligible for the program.
Keith McGilvery - WCAX News
